UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.02 Termination of a Material Definitive Agreement.
On March 23, 2023, CenterPoint Energy Resources Corp. (the “Company”) delivered an irrevocable notice to Mizuho Bank, Ltd., as administrative agent for the banks parties to the Term Loan Agreement dated August 23, 2022 (the “Term Loan Agreement”), that the Company will make an optional prepayment of the full outstanding amount of the Term Loan Agreement on March 28, 2023, including accrued and unpaid interest through March 28, 2023. The aggregate amount of the prepayment is approximately $500.4 million. Following the prepayment, the Term Loan Agreement and all obligations thereunder will be terminated in its entirety.
The bank parties to the Term Loan Agreement and its affiliates have performed depository and other banking, investment banking, trust, investment management and advisory services for the Company and its affiliates from time to time for which they have received customary fees and expenses and may, from time to time, engage in transactions with and perform services for the Company and its affiliates in the ordinary course of its business.
Item 8.01 Other Events.
On March 23, 2023, the Company, as a participating gas utility, received approximately $1,092,935,692 as its portion of the net proceeds from the sale of the Customer Rate Relief (Winter Storm Uri), Taxable Series 2023 Bonds issued by the Texas Natural Gas Securitization Finance Corporation (the “TNG Corporation”). The TNG Corporation is a Texas non-profit corporation, duly constituted public authority and instrumentality of the state of Texas created by the Texas Public Finance Authority for the purpose of allowing certain participating gas utilities to recover all or a portion of their respective extraordinary costs incurred to secure natural gas supplies and to provide natural gas service during the North American winter storm that occurred in February 2021. The Company intends to use its portion of the net proceeds to repay certain indebtedness due within the next 12 months, including the Term Loan Agreement.
SIGNATURE
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 hereunto duly authorized.
| CENTERPOINT ENERGY RESOURCES CORP. | ||||||
| Date: March 27, 2023 | By: | /s/ Kara Gostenhofer Ryan | ||||
| Kara Gostenhofer Ryan | ||||||
| Vice President and Chief Accounting Officer | ||||||