CenterPoint Energy, Inc.
CenterPoint Energy Transition Bond Co IV, LLC (Form: 10-D, Received: 10/23/2015 16:18:20)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-D

 

 

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the semi-annual distribution period from April 15, 2015 to October 15, 2015

Commission File Number of issuing entity: 333-177662-01

 

 

CENTERPOINT ENERGY TRANSITION BOND COMPANY IV, LLC

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 1-3187

CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC

(Exact name of depositor and sponsor as specified in its charter)

 

 

Delaware

(State or other jurisdiction of incorporation or organization of the issuing entity)

45-3687039

(I.R.S. Employer Identification No.)

 

1111 Louisiana

Suite 4664B

Houston, Texas

  77002
(Address of principal executive offices of the issuing entity)   (Zip Code)

(713) 207-5776

(Issuing entity’s telephone number, including area code)

Registered/reporting pursuant to (check one)

 

 

 

Title of Class

  

Section 12(b)

  

Section 12(g)

  

Section 15(d)

  

Name of
exchange
(If Section 12(b))

2012 Senior Secured Transition Bonds, Tranche A-1

         X   

2012 Senior Secured Transition Bonds, Tranche A-2

         X   

2012 Senior Secured Transition Bonds, Tranche A-3

         X   

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes     X             No           

 

 

 


PART I - DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

The response to Item 1 is set forth in part herein and in part in Exhibit 99.1.

The record date for distributions (i.e., the interest and scheduled principal payments) described in Exhibit 99.1 is October 14, 2015.

Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus Supplement relating to the 2012 Senior Secured Transition Bonds (the “2012 Transition Bonds”), dated January 11, 2012, and related Prospectus, dated January 3, 2012, of CenterPoint Energy Transition Bond Company IV, LLC (the “Issuing Entity”) filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(2) of the Securities Act of 1933, as amended, on January 12, 2012.

As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the 2012 Transition Bonds have been made with respect to the October 15, 2015 distribution date.

PART II - OTHER INFORMATION

Item 2. Legal Proceedings.

None.

Item 3. Sales of Securities and Use of Proceeds.

None.

Item 4. Defaults Upon Senior Securities.

Omitted pursuant to General Instruction C of Form 10-D.

Item 5. Submission of Matters to a Vote of Security Holders.

Omitted pursuant to General Instruction C of Form 10-D.

Item 6. Significant Obligors of Pool Assets.

Omitted pursuant to General Instruction C of Form 10-D.

Item 7. Significant Enhancement Provider Information.

Omitted pursuant to General Instruction C of Form 10-D.

Item 8. Other Information.

Omitted pursuant to General Instruction C of Form 10-D.

Item 9. Exhibits.

 

(a) Documents filed as a part of this report (exhibits marked with an asterisk are filed herewith):

 

  *99.1 Semi-annual Servicer’s Certificate relating to the 2012 Transition Bonds, dated October 13, 2015.


(b) Exhibits required by this Form and Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith):

 

  3.1 Certificate of Formation of the Issuing Entity filed with the Delaware Secretary of State on October 14, 2011 (incorporated by reference to exhibit 3.3 included as an exhibit to the Issuing Entity’s Registration Statement on Form S-3 (Registration Nos. 333-177662 and 333-177662-01) filed with the SEC on November 2, 2011).

 

  3.2 Amended and Restated Limited Liability Company Agreement of the Issuing Entity dated as of January 19, 2012 (incorporated by reference to exhibit 3.1 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  4.1 Indenture dated as of January 19, 2012 by and between the Issuing Entity and Deutsche Bank Trust Company Americas, as Trustee (incorporated by reference to exhibit 4.1 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  4.2 First Supplemental Indenture dated as of January 19, 2012 by and between the Issuing Entity and Deutsche Bank Trust Company Americas, as Trustee, providing for the issuance of the 2012 Transition Bonds (incorporated by reference to exhibit 4.2 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  4.3 Form of the 2012 Transition Bonds (included as Exhibit A to the First Supplemental Indenture filed as Exhibit 4.2) (incorporated by reference to exhibit 4.3 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  10.1 Transition Property Sale Agreement dated as of January 19, 2012 by and between the Issuing Entity and CenterPoint Energy Houston Electric, LLC, as seller (incorporated by reference to exhibit 10.1 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  10.2 Transition Property Servicing Agreement dated as of January 19, 2012 by and between the Issuing Entity and CenterPoint Energy Houston Electric, LLC, as servicer (incorporated by reference to exhibit 10.2 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  10.3 Administration Agreement dated as of January 19, 2012 by and between the Issuing Entity and CenterPoint Energy Houston Electric, LLC, as administrator (incorporated by reference to exhibit 10.3 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  10.4 Intercreditor Agreement dated as of January 19, 2012 by and among the Issuing Entity, CenterPoint Energy Houston Electric, LLC, Deutsche Bank Trust Company Americas and various other parties named therein (incorporated by reference to exhibit 10.4 included as an exhibit to the Issuing Entity’s Current Report on Form 8-K (File No. 333-177662-01) filed with the SEC on January 18, 2012).

 

  *99.1 Semi-annual Servicer’s Certificate relating to the 2012 Transition Bonds, dated October 13, 2015.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

CENTERPOINT ENERGY HOUSTON

ELECTRIC, LLC

( Depositor )
By:   /s/ Robert B. McRae
  Name: Robert B. McRae
  Title: Assistant Treasurer

Date: October 23, 2015


EXHIBIT INDEX

 

99.1 Semi-annual Servicer’s Certificate relating to the 2012 Transition Bonds, dated October 13, 2015.

Exhibit 99.1

Semiannual Servicer’s Certificate

CenterPoint Energy Transition Bond Company IV, LLC

$1,695,000,000 2012 Senior Secured Transition Bonds

Pursuant to Section 6.13 of the Transition Property Servicing Agreement (the “Agreement”), dated as of January 19, 2012, between

CenterPoint Energy Houston Electric, LLC, as Servicer, and CenterPoint Energy Transition Bond Company IV, LLC, as Issuer,

the Servicer does hereby certify as follows:

Capitalized terms used in this Semiannual Servicer’s Certificate have their respective meanings as

set forth in the Agreement. References herein to certain sections and subsections are references

to the respective sections and subsections of the Agreement.

Collection Periods: April 14, 2015 through October 13, 2015

Payment Date: October 15, 2015

Today’s Date: October 13, 2015

 

1. Collections Allocable and Aggregate Amounts Available for Current Payment Date:

     

i.      

 

Remittancesfor the April 14 through 30, 2015 Collection Period

    4,501,406.99       

ii.     

 

Remittancesfor the May 1 through 31, 2015 Collection Period

    6,792,324.36       

iii.    

 

Remittancesfor the June 1 through 30, 2015 Collection Period

    8,576,253.91       

iv.    

 

Remittancesfor the July 1 through 31, 2015 Collection Period

    10,021,478.51       

v.     

 

Remittancesfor the August 1 through 31, 2015 Collection Period

    10,239,263.80       

vi.    

 

Remittancesfor the September 1 through 30, 2015 Collection Period

    12,475,212.76       

vii.   

 

Remittancesfor the October 1 through 13, 2015 Collection Period

    5,190,465.01       

viii.  

 

Net  Earnings on General Subaccount

    8,551.46        [4/1/15 through 9/30/15]
   

 

 

     

ix.    

 

GeneralSubaccount Balance (sum of i through viii above)

    57,804,956.80       
   

 

 

     

x.     

 

ExcessFunds Subaccount Balance as of Current Payment Date

    42,794,181.91       

xi.    

 

CapitalSubaccount Balance as of Current Payment Date (1)

    8,477,241.85       
   

 

 

     

xii.   

 

CollectionAccount Balance (sum of ix through xi above)

    109,076,380.56       
   

 

 

     
 

(1) Including current period earnings of $2,241.85

     

2. Outstanding Amounts as of Prior Payment Date:

     

i.      

 

TrancheA-1 Principal Balance

    246,242,850.00       

ii.     

 

TrancheA-2 Principal Balance

    407,516,000.00      

iii     

 

TrancheA-3 Principal Balance

    681,262,000.00      
   

 

 

     

iv.    

 

AggregatePrincipal Balance of all Series 2012 Transition Bonds

    1,335,020,850.00       
   

 

 

     

3. Required Funding/Payments as of Current Payment Date:

     
               Principal   Projected
Principal
Balance
    Semiannual
Principal Due
     

i.      

 

Tranche A-1

    184,455,155.00       61,787,695.00    

ii.     

 

Tranche A-2

    407,516,000.00        0.00     

iii.    

 

Tranche A-3

    681,262,000.00        0.00     
   

 

 

   

 

 

   

iv.    

 

For all Series 2012 Transition Bonds

    1,273,233,155.00        61,787,695.00     
   

 

 

   

 

 

   
        Transition
Bond
Interest Rate
    Days in
Interest
Period (1)
   

Interest Due

v.     

 

RequiredTranche A-1 Interest

    0.9012     180      1,109,570.28

vi.    

 

RequiredTranche A-2 Interest

    2.1606     180      4,402,395.35

vii.   

 

RequiredTranche A-3 Interest

    3.0282     180      10,314,987.94

(1) On 30/360 Day basis.

     


         Required Level
(Including Replenishment
of Amounts Previously
Withdrawn for 4.i.-4.viii.)
    Funding
Required*
 

viii.  

 

Capital Subaccount

     8,475,000.00        0.00   
 

* Includes $0.00 of prior period unreleased earnings.

    

4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of Indenture:

    

i.      

 

Trustee Fees and Expenses

     0.00     

ii.     

 

Servicing Fee

     423,750.00  (1)   

iii.    

 

Administration Fee and Independent Manager Fee

     50,000.00  (2)   

iv.    

 

Operating Expenses

     76,692.82  (3)   

v.     

 

Semiannual Interest (including any past-due Semiannual Interest for prior periods)

    
         Aggregate     Per 1,000
of Original
Principal Amount
 
 

1. Tranche A-1 Interest Payment

     1,109,570.28        1.83   
 

2. Tranche A-2 Interest Payment

     4,402,395.35        10.80   
 

3. Tranche A-3 Interest Payment

     10,314,987.94        15.14   

vi.    

 

Principal Due and Payable as a result of (A) Event of Default or (B) on Final Maturity Date

    
         Aggregate     Per 1,000
of Original
Principal Amount
 
 

1. Tranche A-1 Principal Payment

     0.00        0.00   
 

2. Tranche A-2 Principal Payment

     0.00        0.00   
 

3. Tranche A-3 Principal Payment

     0.00        0.00   

 

vii.   

 

 

PrincipalScheduled to be Paid on Current Payment Date

    
         Aggregate     Per 1,000
of Original
Principal Amount
 
 

1. Tranche A-1 Principal Payment

     61,787,695.00        101.92   
 

2. Tranche A-2 Principal Payment

     0.00        0.00   
 

3. Tranche A-3 Principal Payment

     0.00        0.00   

viii.  

 

Operating Expenses not Paid under Clause (iv) above

     0.00     

ix.    

 

Replenishment of Any Amounts Drawn from Capital Subaccount

     0.00     

x.     

 

Amount Calculated at Servicer’s Authorized Rate of Return on Equity on the Amount Contributed to the Capital Subaccount in Excess of 0.5% of the Initial Outstanding Principal Balance of the Bonds Released to Issuer

     NA     

xi.    

 

Net Earnings in Capital Subaccount Relating to the Initial Contribution of 0.5% of

    
 

the Initial Outstanding Principal Balance of the Bonds Released to Issuer

     0.00     

xii.   

 

Deposit to Excess Funds Subaccount

     0.00     

xiii.  

 

Released to Issuer upon Series Retirement: Collection Account

     0.00     
    

 

 

   

xiv.  

 

AggregateRemittances as of Current Payment Date

     78,165,091.39     
    

 

 

   
 

(1) Servicing fee: $1,695,000,000 x .05% x 180/360 = $423,750.00

    
 

(2) Administration fee: $100,000 x 180/360 = $50,000.00 plus

    
 

      Independent Manager fee ($0.00)

    
 

(3) Reimbursement to Administrator for fees/expenses paid as follows:

    
 

Outside counsel

     3,001.66     
 

Printing

     1,165.00     
 

Independent auditor

     72,526.16     
    

 

 

   
 

Total

     76,692.82     
    

 

 

   


5. Subaccount Release or Withdrawals as of Current Payment Date Pursuant to Section 8.02(d) of Indenture:

  

i.      

 

Capital Subaccount Release (available for 4.xi.)

     0.00   

ii.     

 

Excess Funds Subaccount Withdrawal (available for 4.i. through 4.x.)

     20,360,134.59   

iii.    

 

Capital Subaccount Withdrawal (available for 4.i. through 4.viii.)

     0.00   
    

 

 

 

iv.    

 

Total Release or Withdrawals

     20,360,134.59   
    

 

 

 

6. Outstanding Amounts and Collection Account Balance as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

  

i.      

 

Tranche A-1 Principal Balance

     184,455,155.00   

ii.     

 

Tranche A-2 Principal Balance

     407,516,000.00   

iii.    

 

Tranche A-3 Principal Balance

     681,262,000.00   
    

 

 

 

iv.    

 

Aggregate Principal Balance for all Series 2012 Transition Bonds

     1,273,233,155.00   
    

 

 

 

v.     

 

Excess Funds Subaccount Balance

     22,434,047.32   

vi.    

 

Capital Subaccount Balance

     8,477,241.85   
    

 

 

 

vii.   

 

Aggregate Collection Account Balance

     30,911,289.17   
    

 

 

 

7. Shortfalls In Interest and Principal Payments as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

  

i.      

 

Semiannual Interest

  
 

1. Tranche A-1 Bond Interest Payment

     0.00   
 

2. Tranche A-2 Bond Interest Payment

     0.00   
 

3. Tranche A-3 Bond Interest Payment

     0.00   

ii.     

 

SemiannualPrincipal

  
 

1. Tranche A-1 Principal Payment

     0.00   
 

2. Tranche A-2 Principal Payment

     0.00   
 

3. Tranche A-3 Principal Payment

     0.00   

8. Shortfall in Required Subaccount Level as of Current Payment Date (after giving effect to payments to be made on such Payment Date):

  

i.      

 

CapitalSubaccount

     0.00   

 

IN WITNESS HEREOF, the undersigned has duly executed and delivered this

Semiannual Servicer’s Certificate this 13th day of October, 2015.

CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer

 

by:

 

/s/ Robert B. McRae

  Robert B. McRae
  Assistant Treasurer