CenterPoint Energy calls 3.75% convertibles due 2023

By Laura Lutz

Des Moines, April 16 - CenterPoint Energy, Inc. said it will redeem all of its outstanding 3.75% convertible senior notes due 2023 and 3.75% convertible senior notes, series B, due 2023 at par plus accrued interest.

The redemption date is May 30.

Each $1,000 principal amount of notes is convertible into 89.4381 shares of common stock, equivalent to a conversion price of $11.18 per share. They will continue to be convertible until 5 p.m. ET on May 30.

CenterPoint's stock gained 12 cents, or 0.8%, to close at $15.26 on April 15 (NYSE: CNP).

For the series B notes, the company said it will deliver shares only to satisfy any amount by which the conversion obligation exceeds the principal amount being converted; the rest will be paid in cash.

The other notes are convertible into common stock only.

Notes held to the redemption date will receive regular interest of $1.56 per $1,000 principal amount. Contingent interest, if any, will also be paid. The amount of contingent interest that will be payable will be determined based on the averaged trading price of the notes for the five business days ending May 13.

Regular interest of $18.75 will be paid to all holders of record as of 5 p.m. ET on May 1.

CenterPoint is a Houston-based energy 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.