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v3.25.1

Short-term Borrowings and Long-term Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Short-term Borrowings and Long-term Debt | Short-term Borrowings and Long-term Debt Debt Issuances. On January 31, 2025, SIGECO issued $165 million aggregate principal amount of 5.69% First Mortgage Bonds, Series 2025A, Tranche A due 2055. Total proceeds, net of transaction expenses and fees, were approximately $164 million, which was used for the acquisition of Posey Solar. See Note 3 for additional detail. In February 2025, Houston Electric issued $500 million aggregate principal amount of 4.80% General Mortgage Bonds, Series AP, due 2030. Total proceeds, net of transaction expenses and fees, were approximately $495 million, which was used for general limited liability company purposes, including capital expenditures and working capital purposes. Debt Repurchases. In March 2025, CERC, through its wholly-owned subsidiary Indiana Gas, repurchased $10 million aggregate principal amount of 6.36% Medium Term Notes, Series F, due 2028 at a redemption price equal to 104.8% of the principal amount of the notes to be redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. Credit Facilities. On January 29, 2025, CenterPoint Energy, Houston Electric, CERC and SIGECO each entered into extension agreements to, among other things, extend the maturity date of the lenders’ commitments under each of their respective credit agreements by one year, from December 6, 2027 to December 6, 2028. The Registrants had the following revolving credit facilities as of March 31, 2025:
Registrant |  | Execution Date |  | Size of Facility |  | Draw Rate of SOFR plus (1) |  | Financial Covenant Limit on Debt for Borrowed Money to Capital Ratio |  | Debt for Borrowed Money to Capital Ratio as of March 31, 2025 (2) |  | Termination Date
|  |  |  | (in millions) |  |  |  |  |  |  |  |
CenterPoint Energy |  | December 6, 2022 |  | $ | 2,400 |  |  | 1.500% |  | 65.0% | (3) | 60.2% |  | December 6, 2028
CenterPoint Energy (4) |  | December 6, 2022 |  | 250 |  |  | 1.125% |  | 65.0% |  | 46.2% |  | December 6, 2028
Houston Electric |  | December 6, 2022 |  | 300 |  |  | 1.250% |  | 67.5% | (3) | 54.7% |  | December 6, 2028
CERC |  | December 6, 2022 |  | 1,050 |  |  | 1.125% |  | 65.0% |  | 40.1% |  | December 6, 2028
Total |  |  |  | $ | 4,000 |  |  |  |  |  |  |  |  |
(1)Based on credit ratings as of March 31, 2025. (2)As defined in the revolving credit facility agreements, excluding Securitization Bonds. (3)For CenterPoint Energy and Houston Electric, the financial covenant limit will temporarily increase to 70% if Houston Electric experiences damage from a natural disaster in its service territory and CenterPoint Energy certifies to the administrative agent that Houston Electric has incurred system restoration costs reasonably likely to exceed $100 million in a consecutive 12-month period, all or part of which Houston Electric intends to seek to recover through securitization financing. Such temporary increase in the financial covenant would be in effect from the date CenterPoint Energy delivers its certification until the earliest to occur of (i) the completion of the securitization financing, (ii) the first anniversary of CenterPoint Energy’s certification or (iii) the revocation of such certification. (4)This credit facility was issued by SIGECO. The Registrants, as well as the subsidiaries of CenterPoint Energy discussed above, were in compliance with all financial debt covenants as of March 31, 2025. The table below reflects the utilization of the Registrants’ respective revolving credit facilities:
|  | March 31, 2025 |  |  | December 31, 2024
Registrant |  | Loans |  | Letters of Credit |  | Commercial Paper |  | Weighted Average Interest Rate |  |  | Loans |  | Letters of Credit |  | Commercial Paper |  | Weighted Average Interest Rate
|  | (in millions, except weighted average interest rate)
CenterPoint Energy (1) |  | $ | — |  |  | $ | — |  |  | $ | 1,058 |  |  | 4.58 | % |  |  | $ | — |  |  | $ | — |  |  | $ | 382 |  |  | 4.59 | %
CenterPoint Energy (2) |  | — |  |  | — |  |  | — |  |  | — | % |  |  | — |  |  | — |  |  | — |  |  | — | %
Houston Electric |  | — |  |  | — |  |  | — |  |  | — | % |  |  | — |  |  | — |  |  | — |  |  | — | %
CERC (1) |  | — |  |  | — |  |  | 492 |  |  | 4.57 | % |  |  | — |  |  | — |  |  | 599 |  |  | 4.62 | %
Total |  | $ | — |  |  | $ | — |  |  | $ | 1,550 |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | 981 |  |  |
(1)CenterPoint Energy’s and CERC’s outstanding commercial paper generally have maturities of up to 60 days and 30 days, respectively, and are backstopped by the respective issuer’s long-term revolving credit facility. As of March 31, 2025, CenterPoint Energy and CERC had outstanding balances of $1.3 billion and $492 million, respectively, in commercial paper included in the current portion of long-term debt, as management expects to utilize current assets to repay these obligations. (2)This credit facility was issued by SIGECO. Liens. As of March 31, 2025, Houston Electric’s assets were subject to liens securing approximately $9 billion of general mortgage bonds outstanding under the General Mortgage, including approximately $68 million held in trust to secure pollution control bonds that mature in 2028 for which CenterPoint Energy is obligated. The general mortgage bonds that are held in trust to secure pollution control bonds are not reflected in Houston Electric’s consolidated financial statements because of the contingent nature of the obligations. Houston Electric may issue additional general mortgage bonds on the basis of retired bonds, 70% of property additions or cash deposited with the trustee. As of March 31, 2025, approximately $4.6 billion of additional general mortgage bonds could be issued on the basis of retired bonds and 70% of property additions. No first mortgage bonds are outstanding under the M&DOT, and Houston Electric is contractually obligated to not issue any additional first mortgage bonds under the M&DOT and is undertaking actions to release the lien of the M&DOT and terminate the M&DOT. As of March 31, 2025, SIGECO had approximately $1.1 billion aggregate principal amount of first mortgage bonds outstanding. Generally, all of SIGECO’s real and tangible property is subject to the lien of SIGECO’s mortgage indenture which was amended and restated effective as of January 1, 2023. As of March 31, 2025, SIGECO was permitted to issue additional bonds under its mortgage indenture up to 70% of then currently unfunded property additions and approximately $899 million of additional first mortgage bonds could be issued on this basis.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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