CenterPoint Energy, Inc.
CenterPoint Energy Transition Bond CO II, LLC (Form: 8-K, Received: 08/03/2011 06:01:45)
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 1, 2011
CENTERPOINT ENERGY TRANSITION BOND COMPANY II, LLC
(Exact name of registrant as specified in its charter)
         
Delaware
(State or other jurisdiction
of incorporation)
  333-121505
(Commission File Number)
  59-3790472
(IRS Employer
Identification No.)
     
1111 Louisiana, Suite 4655B
Houston, Texas

(Address of principal executive offices)
  77002
(Zip Code)
Registrant’s telephone number, including area code: (713) 207-5222
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


TABLE OF CONTENTS

Item 8.01 Other Events.
Item 9.01 Financial Statements and Exhibits.
SIGNATURES
EXHIBIT INDEX
EX-99.1


Table of Contents

Item 8.01 Other Events.
     In connection with the August 1, 2011 payment date for its Senior Secured Transition Bonds, Series A (the “Bonds”), CenterPoint Energy Transition Bond Company II, LLC (the “Company”) paid all interest then due on the Bonds and the scheduled principal payment of $51,017,226 on the Bonds in Tranche A-2.
     After giving effect to all payments made in connection with the August 1 payment date, the Capital Subaccount had a balance of approximately $9.3 million, which is the targeted level of the Capital Subaccount, and the Excess Funds Subaccount had a balance of approximately $9.5 million.
     After giving effect to the principal payment set forth above, the outstanding principal balance and the interest rate for each outstanding tranche of the Bonds are as follows:
                 
    Outstanding    
    Principal    
Tranche   Balance   Interest Rate
A-2
  $ 88,537,461       4.970 %
A-3
  $ 252,000,000       5.090 %
A-4
  $ 519,000,000       5.170 %
A-5
  $ 462,000,000       5.302 %
Item 9.01 Financial Statements and Exhibits .
     (d) Exhibits.
     The Company has included as Exhibit 99.1 to this Current Report on Form 8-K the Semiannual Servicer’s Certificate, dated July 28, 2011, transmitted by CenterPoint Houston, the servicer of the Bonds, to Deutsche Bank Trust Company Americas, the Paying Agent for the Bonds, in connection with the August 1, 2011 payment date for the Bonds. The information on this Exhibit is hereby incorporated by reference into this Current Report on Form 8-K.

 


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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 TRANSITION BOND COMPANY II, LLC
 
 
Date: August 2, 2011  By:   /s/ Marc Kilbride    
    Marc Kilbride   
    Vice President, Treasurer and Manager   

 


Table of Contents

         
EXHIBIT INDEX
     
Exhibit Number   Exhibit Description
 
99.1
  Semiannual Servicer’s Certificate, dated as of July 28, 2011, as to the transition bond balances, the balances of the collection account and its sub-accounts, and setting forth transfers and payments to be made on the August 1, 2011 payment date.

 

Semiannual Servicer’s Certificate
CenterPoint Energy Transition Bond Company II, LLC
$1,851,000,000 Series A Transition Bonds
Pursuant to Section 6 of Annex 1 to the Transition Property Servicing Agreement (the “Agreement”), dated as of December 16, 2005, between
CenterPoint Energy Houston Electric, LLC, as Servicer, and CenterPoint Energy Transition Bond Company II, 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: January 29, 2011 through July 28, 2011
Payment Date: August 1, 2011
Today’s Date: July 28, 2011
1. Collections Allocable and Aggregate Amounts Available for Current Payment Date:
                     
i.
  Remittances for the January 29 through 31, 2011 Collection Period     134,728.76          
ii.
  Remittances for the February 1 through 28, 2011 Collection Period     13,957,081.35          
iii.
  Remittances for the March 1 through 31, 2011 Collection Period     16,155,014.69          
iv.
  Remittances for the April 1 through 30, 2011 Collection Period     12,757,773.10          
v.
  Remittances for the May 1 through 31, 2011 Collection Period     13,033,178.20          
vi.
  Remittances for the June 1 through 30, 2011 Collection Period     17,636,240.87          
vii.
  Remittances for the July 1 through 28, 2011 Collection Period     17,416,620.94          
viii.
  Net Earnings on Collection Account           [through 6/30/11]
 
 
General Subaccount
    21,978.54          
 
 
Capital Subaccount
    4,299.47          
 
 
Excess Funds Subaccount
    2,285.54          
 
                 
ix.
  General Subaccount Balance (sum of i through viii above)     91,119,201.46          
 
                 
 
x.
  Excess Funds Subaccount Balance as of Prior Payment Date     5,576,508.95          
xi.
  Capital Subaccount Balance as of Prior Payment Date     9,255,000.00          
 
                 
xii.
  Collection Account Balance (sum of ix through xi above)     105,950,710.41          
 
                 
2. Outstanding Amounts as of Prior Payment Date:
                 
i.
  Tranche A-1 Principal Balance     0.00      
ii.
  Tranche A-2 Principal Balance     139,554,687.00      
iii.
  Tranche A-3 Principal Balance     252,000,000.00      
iv.
  Tranche A-4 Principal Balance     519,000,000.00      
v.
  Tranche A-5 Principal Balance     462,000,000.00      
 
               
vi.
  Aggregate Principal Balance of all Series A Transition Bonds     1,372,554,687.00      
 
               
3. Required Funding/Payments as of Current Payment Date:
                     
        Projected    
        Principal   Semiannual
    Series A Principal   Balance   Principal Due
i.
  Tranche A-1     0.00       0.00  
ii.
  Tranche A-2     88,537,461.00       51,017,226.00  
iii.
  Tranche A-3     252,000,000.00       0.00  
iv.
  Tranche A-4     519,000,000.00       0.00  
v.
  Tranche A-5     462,000,000.00       0.00  
 
                   
vi.
  For all Series A Transition Bonds     1,321,537,461.00       51,017,226.00  
 
                   
                             
        Transition   Days in    
        Bond   Interest    
        Interest Rate   Period (1)   Interest Due
vii.
  Required Tranche A-1 Interest     4.840 %     180       0.00  
viii.
  Required Tranche A-2 Interest     4.970 %     180       3,467,933.97  
ix.
  Required Tranche A-3 Interest     5.090 %     180       6,413,400.00  
x.
  Required Tranche A-4 Interest     5.170 %     180       13,416,150.00  
xi.
  Required Tranche A-5 Interest     5.302 %     180       12,247,620.00  
 
(1)   On 30/360 Day basis.

 


 

                     
                Funding
        Required Level   Required
xii.
  Capital Subaccount     9,255,000.00       0.00  
4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of Indenture:
             
i.
  Trustee Fees and Expenses     2,500.00  
ii.
  Servicing Fee     462,750.00 (1)
iii.
  Administration Fee and Independent Managers Fee     50,000.00 (2)
iv.
  Operating Expenses     82,344.28 (3)
v.
  Semiannual Interest (including any past-due Semiannual Interest for prior periods)        
                 
            Per 1,000
            of Original
Series A   Aggregate   Principal Amount
1. Tranche A-1 Interest Payment
    0.00       0.00  
2. Tranche A-2 Interest Payment
    3,467,933.97       9.42  
3. Tranche A-3 Interest Payment
    6,413,400.00       25.45  
4. Tranche A-4 Interest Payment
    13,416,150.00       25.85  
5. Tranche A-5 Interest Payment
    12,247,620.00       26.51  
         
vi.
  Principal Due and Payable as a result of (A) Event of Default or (B) on Final Maturity Date    
                 
            Per 1,000
            of Original
Series A   Aggregate   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  
4. Tranche A-4 Principal Payment
    0.00       0.00  
5. Tranche A-5 Principal Payment
    0.00       0.00  
(C) Principal Scheduled to be Paid on Current Payment Date
                 
            Per 1,000
            of Original
Series A   Aggregate   Principal Amount
1. Tranche A-1 Principal Payment
    0.00       0.00  
2. Tranche A-2 Principal Payment
    51,017,226.00       138.63  
3. Tranche A-3 Principal Payment
    0.00       0.00  
4. Tranche A-4 Principal Payment
    0.00       0.00  
5. Tranche A-5 Principal Payment
    0.00       0.00  
             
vii.
  Amounts Payable to Credit Enhancement Providers (if applicable)     N/A  
viii.
  Operating Expenses not Paid under Clause (iv) above     0.00  
ix.
  Funding of Capital Subaccount     0.00  
x.
  Net Earnings in Capital Subaccount Released to Issuer     4,299.47  
xi.
  Deposit to Excess Funds Subaccount     3,954,977.74  
xii.
  Released to Issuer upon Series Retirement: Collection Account     0.00  
 
           
xiii.
  Aggregate Remittances as of Current Payment Date     91,119,201.46  
 
           
 
(1)   Servicing fee: $1,851,000,000 x .05% x 180/360 = $462,750.00
 
(2)   Administration fee: $100,000 x 180/360 = $50,000.00; Independent Managers fee: $0.00
 
(3)   Reimbursement to Administrator for fees/expenses paid to outside legal counsel ($2,386.50), independent public accountant ($69,538.00), printer ($440.00) and L/C issuing bank ($9,979.78)
5. Subaccount Withdrawals as of Current Payment Date
(if applicable, pursuant to Section 8.02(d) of Indenture):
             
i.
  Excess Funds Subaccount (available for 4.i. through 4.ix.)     0.00  
ii.
  Capital Subaccount (available for 4.i. through 4.viii.)     0.00  
 
           
iii.
  Total Withdrawals     0.00  
 
           
6. Outstanding Amounts and Collection Account Balance as of Current Payment Date
(after giving effect to payments to be made on such Payment Date):
             
    Series A        
i.
  Tranche A-1 Principal Balance     0.00  
ii.
  Tranche A-2 Principal Balance     88,537,461.00  

 


 

             
    Series A        
iii.
  Tranche A-3 Principal Balance     252,000,000.00  
iv.
  Tranche A-4 Principal Balance     519,000,000.00  
v.
  Tranche A-5 Principal Balance     462,000,000.00  
 
           
vi.
  Aggregate Principal Balance for all Series A Transition Bonds     1,321,537,461.00  
 
           
 
           
vii.
  Excess Funds Subaccount Balance     9,531,486.69  
viii.
  Capital Subaccount Balance     9,255,000.00  
 
           
ix.
  Aggregate Collection Account Balance     18,786,486.69  
 
           
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
         
Series A        
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  
4. Tranche A-4 Bond Interest Payment
    0.00  
5. Tranche A-5 Bond Interest Payment
    0.00  
     
ii.
  Semiannual Principal
         
Series A        
1. Tranche A-1 Principal Payment
    0.00  
2. Tranche A-2 Principal Payment
    0.00  
3. Tranche A-3 Principal Payment
    0.00  
4. Tranche A-4 Principal Payment
    0.00  
5. Tranche A-5 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.
  Capital Subaccount     0.00  
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Semiannual Servicer’s Certificate this 28th day of July, 2011.
         
CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer
 
 
by:   /s/ Linda Geiger    
  Linda Geiger   
  Assistant Treasurer