CenterPoint Energy to redeem $0.334 million 6.25% convertibles Aug. 1

By Jennifer Chiou

New York, July 1 -CenterPoint Energy Resources Corp. plans to redeem all the outstanding $0.334 million 6.25% convertible trust preferred securities of its wholly owned subsidiary, NorAm Financing I, on Aug. 1.

The redemption price will be $50.00 per trust preferred security plus accrued interest up to the redemption date.

Each trust preferred may be converted at any time before the close of business on July 29 into $33.62 of cash and 2.34 shares of parent company CenterPoint Energy, Inc. common stock.

Dividends declared on the common stock prior to Aug. 1 will be payable to holders who convert the trust preferreds on or before the record date.

Investors may convert their notes at The Bank of New York.

Parent company CenterPoint Energy, an energy delivery company, has headquarters in Houston.

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