News Releases

Baker Botts Represents CenterPoint Energy in 1.4 Billion Equity Investment

Release

Deal Description: CenterPoint Energy, Inc. (NYSE: CNP) today announced a landmark transaction to further strengthen and fortify its financial position, enhance shareholder value and advance the interests of all stakeholders. Today's announced transaction has three key elements: a $1.4 billion equity investment; the appointment of two new highly credentialed and qualified directors to CenterPoint Energy’s Board of Directors; and the creation of a new Business Review and Evaluation Committee of CenterPoint Energy’s Board of Directors. 

The $1.4 billion equity investment includes $725 million in mandatory convertible preferred stock and $675 million in common stock. A mix of new and current investors are providing the new equity capital to CenterPoint Energy, including affiliates of Elliott Management Corporation, Fidelity Management & Research Company, Bluescape Energy Partners and other long-term oriented, well-established mutual fund families. The initial conversion price of the preferred stock is $15.31 per share, and the shares of common stock were issued at $16.08 per share. 

Baker Botts represented CenterPoint Energy in the transaction. 

Baker Botts Lawyers/Office Involved: 

Corporate: Tim Taylor (Partner, Houston); Clint Rancher (Partner, Houston) and Laura Katherine Mann (Senior Associate, Houston) 

Global Projects: Jim Barkley (Partner, Houston); Andrea Stover (Partner, Austin); Emil Barth (Special Counsel, Washington, D.C.) and Leah Burcat (Associate, Austin)

Tax: Richard Husseini (Partner, Houston) and Renn Neilson (Partner, Houston) 

For more information, please see CenterPoint Energy’s news release here.

 

ABOUT BAKER BOTTS L.L.P.
Baker Botts is an international law firm of approximately 725 lawyers practicing throughout a network of 14 offices around the globe. Based on our experience and knowledge of our clients' industries, we are recognized as a leading firm in the energy and technology sectors. Since 1840, we have provided creative and effective legal solutions for our clients while demonstrating an unrelenting commitment to excellence. For more information, please visit bakerbotts.com.

Practices

Related Professionals