Baker Botts Represents CenterPoint Energy, Inc. in $800 Million Offering of Junior Subordinated Notes
Deal Description: On August 14, 2024, CenterPoint Energy, Inc. (NYSE: CNP) (“CenterPoint Energy”) announced the closing of its underwritten public offering and sale of $400 million aggregate principal amount of 7.000% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series A, due 2055 and $400 million aggregate principal amount of 6.850% Fixed-to-Fixed Reset Rate Junior Subordinated Notes, Series B, due 2055. CenterPoint Energy intends to use the net proceeds from the offering for general corporate purposes, including the repayment of the $500 million aggregate principal amount of its outstanding 2.50% Senior Notes due 2024 and the repayment of a portion of its outstanding commercial paper.
Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, BNP Paribas Securities Corp., RBC Capital Markets, LLC, Truist Securities, Inc. and U.S. Bancorp Investments, Inc. served as joint bookrunners.
As the only investor owned electric and gas utility based in Texas, CenterPoint Energy is an energy delivery company with electric transmission and distribution, power generation and natural gas distribution operations that serve more than 7 million metered customers in Indiana, Louisiana, Minnesota, Mississippi, Ohio and Texas.
Baker Botts represented CenterPoint Energy in the above offering and has represented CenterPoint Energy and its predecessors for over 100 years.
Client: CenterPoint Energy, Inc.
Outside Counsel to the Underwriters: Hunton Andrews Kurth LLP
Value: $800 million
Baker Botts Lawyers/Office Involved:
- Corporate: Tim Taylor (Partner; Houston); Clint Rancher (Partner; Houston); Parker Hinman (Senior Associate; Houston); Sarah Dyer (Associate; Houston)
- Tax: Michael Bresson (Partner; Houston); Jared Meier (Senior Associate; Houston)
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