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 distribution period from
May 15, 2024 to November 15, 2024
Commission File Number of issuing entity: 333-270851-01
Central Index Key Number of issuing entity: 0001968445
SIGECO SECURITIZATION I, LLC
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor and sponsor: 333-270851
Central Index Key Number of depositor and sponsor: 0000092195
SOUTHERN INDIANA GAS AND ELECTRIC COMPANY
(Exact name of depositor and sponsor as specified in its charter)
Brett A. Jerasa: (713) 207-6202
(Name and telephone number, including area code, of the person to contact in connection with this filing)
Delaware
(State or other jurisdiction of incorporation or organization of the issuing entity)
92-2762878
(I.R.S. Employer Identification No.)
| 211 NW Riverside Drive, Suite 800-04 | ||
| Evansville, Indiana | 47708 | |
| (Address of principal executive offices of the issuing entity) | (Zip Code) |
(812) 207-5776
(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)) |
| Series 2023-A Senior Secured Securitization Bonds, Tranche A-1 | x | |||
| Series 2023-A Senior Secured Securitization Bonds, Tranche A-2 | 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 November 14, 2024.
Introductory and explanatory information regarding the material terms, parties and distributions described in Exhibit 99.1 is included in the Prospectus dated June 21, 2023, of SIGECO Securitization I, LLC (the “Issuing Entity”) relating to its Series 2023-A Senior Secured Securitization Bonds (the “Bonds”) filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended, on June 23, 2023.
As indicated in Exhibit 99.1, all required interest and scheduled principal payments on the Bonds have been made with respect to the November 15, 2024 distribution date.
The following items have been omitted pursuant to General Instruction C of Form 10-D:
| · | Item 1A. Asset-Level Information. |
| · | Item 1B. Asset Representations Reviewer and Investor Communication. |
PART II - OTHER INFORMATION
Item 2. Legal Proceedings.
None.
Item 3. Sales of Securities and Use of Proceeds.
None.
Item 5. [Reserved]
The following items have been omitted pursuant to General Instruction C of Form 10-D:
| · | Item 4. Defaults Upon Senior Securities. |
| · | Item 6. Significant Obligors of Pool Assets. |
| · | Item 7. Change in Sponsor Interest in the Securities. |
| · | Item 8. Significant Enhancement Provider Information. |
| · | Item 9. Other Information. |
Item 10. 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 Bonds dated November 7, 2024. |
| (b) | Exhibits required by this Form and Item 601 of Regulation S-K (exhibits marked with an asterisk are filed herewith; all exhibits not so designated are incorporated by reference to a prior filing): |
| *99.1 | Semi-annual Servicer’s Certificate relating to the Bonds dated November 7, 2024. |
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.
| SOUTHERN INDIANA GAS AND ELECTRIC COMPANY | |||
| (Depositor) | |||
| By: | /s/ Brett A. Jerasa | ||
| Name: | Brett A. Jerasa | ||
| Title: | Assistant Treasurer | ||
Date: November 18, 2024
Exhibit 99.1
Semiannual Servicer’s Certificate
SIGECO Securitization I, LLC
$341,450,000 Series 2023-A Senior Secured Securitization Bonds
Pursuant to Section 4.01(c)(ii) of the Securitization Property Servicing Agreement, dated as of June 29, 2023, by and between
SOUTHERN
INDIANA GAS AND ELECTRIC COMPANY d/b/a CenterPoint Energy Indiana South, as Servicer, and SIGECO SECURITIZATION I, LLC, as Issuer
(the “Servicing Agreement”), the Servicer does hereby certify as follows, for the November 15, 2024 Payment Date
(the “Current Payment Date”), as follows:
Capitalized terms used but not defined in this Semi-Annual Servicer’s Certificate have their respective meanings as set forth in the Servicing Agreement.
References herein to certain sections and subsections are references to the respective sections of the
the Servicing Agreement or the Indenture, as the context indicates.
Collection Periods: May 9, 2024 to November 7, 2024
Payment Date: November 15, 2024
Cut-off Date: November 7, 2024
| 1 | (a) | Available amounts on deposit in Collection Account (including Excess Funds Subaccount) as of the Cut-Off Date: | 18,904,971.14 | ||
| (b) | Actual Remittances from the date in (a) above through the Servicer Business Day preceding the Current Payment Date: | - | |||
| (c) | Total amounts available to the Trustee for payment of the Securitization Bonds and Ongoing Financing Costs: | 18,904,971.14 |
| 2 | Allocation of available amounts as of the Current Payment Date allocable to payment of principal and interest on the Securitization Bonds on the Current Payment Date: |
| a) | Principal | ||||
| i. | Tranche A-1 | 6,264,991.00 | |||
| ii. | Tranche A-2 | - | |||
| iii. | Total: | 6,264,991.00 | |||
| b) | Interest | ||||
| i. | Tranche A-1 | 5,135,968.88 | |||
| ii. | Tranche A-2 | 3,269,997.00 | |||
| iii. | Total: | 8,405,965.88 |
| 3 | Outstanding amount of the Securitization Bonds prior to, and after giving effect to the payment on the Current Payment Date and the difference, if any, between the Outstanding Amount specified in the Expected Amortization Schedule (after giving effect to payments to be made on such Payment Date under 1a above) and the expected principal balance to be Outstanding (following payment on the Current Payment Date): |
| a) | Expected principal balance Outstanding (as of the date of this certification): | ||||
| i. | Tranche A-1 | 204,376,000.00 | |||
| ii. | Tranche A-2 | 126,450,000.00 | |||
| iii. | Total: | 330,826,000.00 | |||
| b) | Expected principal balance to be Outstanding (following payment on the Current Payment Date): | ||||
| i. | Tranche A-1 | 198,111,009.00 | |||
| ii. | Tranche A-2 | 126,450,000.00 | |||
| iii. | Total: | 324,561,009.00 | |||
| c) | Difference between (b) above and Outstanding Amount specified in Expected Amortization Schedule: | ||||
| i. | Tranche A-1 | - | |||
| ii. | Tranche A-2 | - | |||
| iii. | Total: | - |
| 4 | All other transfers to be made on the Current Payment Date, including amounts to be paid to the Trustee and to the Servicer pursuant to Section 8.02(e) of the Indenture: |
| a) | Certain Ongoing Financing Costs | ||||
| i. | Trustee Fees and Expenses (subject to $200,000 annual cap per Section 8.02(e)(i) of the Indenture): | 5,000.00 | |||
| ii. | Servicing Fee: | 85,362.50 | |||
| iii. | Issuer’s Fees: | - | |||
| iv. | Total: | 90,362.50 | |||
| b) | Other Ongoing Financing Costs and Payments | ||||
| i. | Other Ongoing Financing Costs (payable pursuant to Section 8.02(e)(v) of the Indenture): | - | |||
| ii. | Funding of Capital Subaccount to the Required Capital Amount | 1,488,996.30 | |||
| iii. | Any other unpaid Issuance Costs of the Issuer, any remaining fees, expenses and indemnity amounts owed to the Trustee and any remaining indemnity amounts owed to the Issuer shall be paid to the parties to which such amounts, if any, are owed, pursuant to | - | |||
| iv. | Deposits to Excess Funds Subaccount: | 2,259,932.60 | |||
| v. | Total: | 3,748,928.90 |
| 5 | Estimated amounts on deposit in the Capital Subaccount and Excess Funds Subaccount after giving effect to the foregoing payments: |
| a) | Capital Subaccount | 1,707,250.00 | |||
| i. | Total: | 1,707,250.00 | |||
| b) | Excess Funds Subaccount | 2,260,180.89 | |||
| i. | Total: | 2,260,180.89 |
| 1 | Collections Allocable and Aggregate Amounts Available for the Current Payment Date: |
| i. | Remittances for the May 9 through May 31, 2024 Collection Period | 2,064,990.67 | ||
| ii. | Remittances for the June 1 through June 30, 2024 Collection Period 1 | 2,756,080.97 | ||
| iii. | Remittances for the July 1 through July 31, 2024 Collection Period | 3,324,923.84 | ||
| iv. | Remittances for the August 1 through August 31, 2024 Collection Period | 3,355,992.14 | ||
| v. | Remittances for the September 1 through September 30, 2024 Collection Period | 3,249,278.69 | ||
| vi. | Remittances for the October 1 through October 31, 2024 Collection Period | 3,308,526.24 | ||
| vii. | Remittances for the November 1 through November 7, 2024 Collection Period | 380,881.63 | ||
| xiii. | Investment Earnings on General Subaccount | 201,645.49 | ||
| xiv. | General Subaccount Balance (sum of i through xii. above) | 18,642,319.67 | ||
| xv. | Investment Earnings on Capital Subaccount | 7,508.99 | ||
| xvi. | Investment Earnings on Excess Funds Subaccount | 248.29 | ||
| xvii. | Capital Subaccount Balance as of prior Payment Date | 254,894.19 |
| 1 | June 2024 remittances include $110,095.70, which was a refund on duplicate invoices |
| 2 | Outstanding Amounts as of prior Payment Date: | |||||||
| i. | Tranche A-1 Outstanding Amount | 204,376,000.00 | ||||||
| ii. | Tranche A-2 Outstanding Amount | 126,450,000.00 |
| 3 | Required Funding/Payments as of Current Payment Date: | ||||||||||||||||
| Principal | Principal Due | ||||||||||||||||
| i. | Securitization Bonds - Tranche A-1 | 6,264,991.00 | |||||||||||||||
| ii. | Securitization Bonds - Tranche A-2 | - | |||||||||||||||
| Days in Interest | |||||||||||||||||
| Interest | Interest Rate | Period | Principal Balance | Interest Due | |||||||||||||
| i. | Tranche A-1 | 5.0260% | 180 | 204,376,000.00 | 5,135,968.88 | ||||||||||||
| ii. | Tranche A-2 | 5.1720% | 180 | 126,450,000.00 | 3,269,997.00 | ||||||||||||
| iii. | Total | 8,405,965.88 | |||||||||||||||
| Funding | |||||||||||||||||
| Required Level | Required | ||||||||||||||||
| Capital Subaccount | 1,707,250.00 | 1,488,996.30 | |||||||||||||||
| 4 | Allocation of Remittances as of Current Payment Date Pursuant to 8.02(e) of Indenture: |
| i. | Trustee Fees and Expenses; Indemnity Amounts | 5,000.00 | |||||||
| ii. | Servicing Fee | 85,362.50 | |||||||
| iii. | Administration Fee | 37,500.00 | |||||||
| iv. | Operating Expenses | 94,571.39 | |||||||
| Securization Bonds | Aggregate | Per
1,000 of Original Principal Amount |
|||||||
| v. | Semi-Annual Interest (including any past-due for prior periods) | ||||||||
| 1. | Tranche A-1 Interest Payment | 5,135,968.88 | 23.89 | ||||||
| 2. | Tranche A-2 Interest Payment | 3,269,997.00 | 25.86 | ||||||
| vi. | Principal Due and Payable as a Result of an Event of Default or on Final Maturity Date | ||||||||
| 1. | Tranche A-1 Interest Payment | - | - | ||||||
| 2. | Tranche A-2 Interest Payment | - | - | ||||||
| vii. | Semi-Annual Principal | ||||||||
| 1. | Tranche A-1 Principal Payment | 6,264,991.00 | 29.14 | ||||||
| 2. | Tranche A-2 Principal Payment | - | - | ||||||
| viii. | Other Unpaid Operating Expenses | - | |||||||
| ix. | Funding of Capital Subaccount (to required level) | 1,488,996.30 | |||||||
| x. | Capital Subaccount Return to CEI South | 44,149.49 | |||||||
| xi. | Deposit to Excess Funds Subaccount | 2,259,932.60 | |||||||
| xii. | Released to Issuer upon Retirement of all Securitization Bonds | - | |||||||
| xiii. | Aggregate Remittances as of the Current Payment Date | 18,686,469.16 | |||||||
| 5 | Outstanding Amount and Collection Account Balance as of the Current Payment Date (after giving effect to payments to be made on such Payment Date): |
| i. | Securitization Bonds – Tranche A-1 | 198,111,009.00 | ||||||
| ii. | Securitization Bonds – Tranche A-2 | 126,450,000.00 | ||||||
| iii. | Excess Funds Subaccount Balance | 2,260,180.89 | ||||||
| iv. | Capital Subaccount Balance | 1,707,250.00 | ||||||
| v. | Aggregate Collection Account Balance | 3,967,430.89 |
| 6 | Subaccount Withdrawals as of the Current Payment Date (if applicable, pursuant to Section 8.02(e) of Indenture): |
| i. | Excess Funds Subaccount | - | ||||||
| ii. | Capital Subaccount | - | ||||||
| iii. | Total Withdrawals | - |
| 7 | Shortfalls in Interest and Principal Payments as of Current Payment Date: |
| i. | Semiannual Interest |
| Securitization Bonds – Tranche A-1 Interest Payment | - | ||||||||
| Securitization Bonds – Tranche A-2 Interest Payment | - | ||||||||
| Total Securitization Bonds Interest Payments | - | ||||||||
| ii. | Semiannual Principal | ||||||||
| Securitization Bonds – Tranche A-1 Principal Payment | - | ||||||||
| Securitization Bonds – Tranche A-2 Principal Payment | - | ||||||||
| Total Securitization Bonds Principal Payments | - | ||||||||
| 8 | Shortfalls in Payment of Return on Invested Capital as of the Current Payment Date: | ||||||||
| i. | Return on Invested Capital | - | |||||||
| 9 | Shortfalls in Required Subaccount Levels as of the Current Payment Date: | ||||||||
| i. | Capital Subaccount | - |
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Semi-Annual Servicer's Certificate this 7th day of November, 2024.
SOUTHERN INDIANA GAS AND ELECTRIC COMPANY d/b/a
CenterPoint Energy Indiana South, as Servicer
| By: | /s/ Brett Jerasa | |
| Name: | Brett Jerasa | |
| Title: | Assistant Treasurer |