CenterPoint lifts conversion rate to 90.7622 on 3.75% convertibles due 2023

By Devika Patel

Knoxville, Tenn., May 14 - CenterPoint Energy, Inc. said it has raised the conversion rate of its 3.75% convertible senior notes due 2023, the old notes, and its 3.75% convertible senior notes series B due 2023, the new notes.

Effective May 19, the new conversion rate will be 90.7622.

The increase is a result of the company's regular quarterly cash dividend, which will be paid on May 16.

CenterPoint also announced that, for the six-month period beginning May 15, the notes will accrue contingent interest of $3.4341 per $1,000 principal amount of notes in addition to regular interest on the notes.

As previously announced, CenterPoint plans to redeem all outstanding notes on May 30. The redemption price will be $1,000 in cash plus interest, including contingent interest, if any, to the redemption date. The amount of contingent interest that will be payable with respect to the notes on the redemption date equals $0.2862 per $1,000 principal amount, a pro rated portion of the amount that will accrue for the period from May 15 through Nov. 14.

CenterPoint is a Houston-based energy delivery company.

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