CenterPoint plans exchange for 3.75% convertibles

New York, March 8 - CenterPoint Energy, Inc. said it plans an offer to exchange its $575 million of 3.75% convertible senior notes due 2023 for series B convertibles with net share settlement.

On conversion, the principal amount of the new notes will be paid in cash with the remainder in cash, stock or a combination.

Apart from the net share settlement, the new convertibles will be identical to the existing securities.

CenterPoint is also offering an exchange fee of $1.50 per $1,000 principal amount.

Timing for the offer has not yet been fixed.

Banc of America Securities LLC will be dealer manager for the transaction.

CenterPoint is a Houston-based electricity and natural gas delivery company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.