CenterPoint to redeem U, M, M2 general mortgage bonds with offering

By Tali David

Minneapolis, Aug. 7 - CenterPoint Energy Houston Electric, LLC plans to fund a portion of the redemption of $500 million of its 7% general mortgage bonds, series U, and $300 million of its 5.75% general mortgage bonds, series M and M2, with the proceeds of its series V and W bond offering, according to a 424B2 filed with the Securities and Exchange Commission.

All bonds are due in 2014.

CenterPoint said it estimates that roughly $871 million will be required to fund the redemption and it will fund any amounts required for the redemption in excess of the net proceeds with available cash.

CenterPoint Energy Houston Electric is the electric transmission and distribution subsidiary of Houston-based CenterPoint Energy Inc.

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