EX-99.1 2 d912476dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Semiannual Servicer’s Certificate

CenterPoint Energy Transition Bond Company IV, LLC

$1,695,000,000 2012 Senior Secured Transition Bonds

Pursuant to Section 6.13 of the Transition Property Servicing Agreement (the “Agreement”), dated as of January 19, 2012, between

CenterPoint Energy Houston Electric, LLC, as Servicer, and CenterPoint Energy Transition Bond Company IV, LLC, as Issuer,

the Servicer does hereby certify as follows:

Capitalized terms used in this Semiannual Servicer’s Certificate have their respective meanings as

set forth in the Agreement. References herein to certain sections and subsections are references

to the respective sections and subsections of the Agreement.

Collection Periods: October 14, 2014 through April 13, 2015

Payment Date: April 15, 2015

Today’s Date: April 13, 2015

 

1. Collections Allocable and Aggregate Amounts Available for Current Payment Date:

         
   i.    Remittances for the October 14 through 31, 2014 Collection Period      16,093,333.06         
   ii.    Remittances for the November 1 through 30, 2014 Collection Period      16,599,097.35         
   iii.    Remittances for the December 1 through 31, 2014 Collection Period      19,628,779.90         
   iv.    Remittances for the January 1 through 31, 2015 Collection Period      14,143,279.45         
   v.    Remittances for the February 1 through 28, 2015 Collection Period      9,651,903.71         
   vi.    Remittances for the March 1 through 31, 2015 Collection Period      7,936,505.13         
   vii.    Remittances for the April 1 through 13, 2015 Collection Period      3,382,237.43         
   viii.    Net Earnings on General Subaccount      7,533.41         10/1/14 through 3/31/15   
        

 

 

        
ix. General Subaccount Balance (sum of i through viii above)   87,442,669.44   
        

 

 

        
x. Excess Funds Subaccount Balance as of Current Payment Date   32,576,581.66   
xi. Capital Subaccount Balance as of Current Payment Date (1)   8,476,193.25   
        

 

 

        
xii. Collection Account Balance (sum of ix through xi above)   128,495,444.35   
        

 

 

        

(1)    Including current period earnings of $1,193.25

       

2. Outstanding Amounts as of Prior Payment Date:

  
i. Tranche A-1 Principal Balance   306,809,518.00   
ii. Tranche A-2 Principal Balance   407,516,000.00   
iii Tranche A-3 Principal Balance   681,262,000.00   
        

 

 

        
iv. Aggregate Principal Balance of all Series 2012 Transition Bonds   1,395,587,518.00   
        

 

 

        

3. Required Funding/Payments as of Current Payment Date:

  
         

Principal

    Projected
Principal
Balance		      Semiannual
Principal Due		         
   i.    Tranche A-1      246,242,850.00         60,566,668.00      
   ii.    Tranche A-2      407,516,000.00         0.00      
   iii.    Tranche A-3      681,262,000.00         0.00      
        

 

 

     

 

 

     
iv. For all Series 2012 Transition Bonds   1,335,020,850.00      60,566,668.00   
        

 

 

     

 

 

     
               Transition
Bond
Interest Rate		      Days in
Interest
Period (1)		      Interest Due  
   v.    Required Tranche A-1 Interest      0.9012%         180         1,382,483.69   
   vi.    Required Tranche A-2 Interest      2.1606%         180         4,402,395.35   
   vii.    Required Tranche A-3 Interest      3.0282%         180         10,314,987.94   

(1)    On 30/360 Day basis.

         

      Required Level
(Including Replenishment
of Amounts Previously
Withdrawn for 4.i.-4.viii.)		   Funding
Required*		  
viii. Capital Subaccount   8,475,000.00      0.00   

*       Includes $0.00 of prior period unreleased earnings.

          

4. Allocation of Remittances as of Current Payment Date Pursuant to Section 8.02(d) of Indenture:

  
i. Trustee Fees and Expenses   31,500.00   
ii. Servicing Fee   423,750.00  (1) 
iii. Administration Fee and Independent Manager Fee   53,500.00  (2) 
iv. Operating Expenses   60,940.00  (3) 
v.

Semiannual Interest (including any past-due Semiannual Interest for prior periods)
               Aggregate     Per 1,000
of Original
Principal Amount		  
      1. Tranche A-1 Interest Payment      1,382,483.69        2.28   
      2. Tranche A-2 Interest Payment      4,402,395.35        10.80   
      3. Tranche A-3 Interest Payment      10,314,987.94        15.14   
   vi.   

Principal Due and Payable as a result of (A) Event of Default or (B) on Final Maturity Date

     
               Aggregate     Per 1,000
of Original
Principal Amount		  
      1. Tranche A-1 Principal Payment      0.00        0.00   
      2. Tranche A-2 Principal Payment      0.00        0.00   
      3. Tranche A-3 Principal Payment      0.00        0.00   
   vii.    Principal Scheduled to be Paid on Current Payment Date     
               Aggregate     Per 1,000
of Original
Principal Amount		  
      1. Tranche A-1 Principal Payment      60,566,668.00        99.91   
      2. Tranche A-2 Principal Payment      0.00        0.00   
      3. Tranche A-3 Principal Payment      0.00        0.00   
   viii.    Operating Expenses not Paid under Clause (iv) above      0.00     
   ix.    Replenishment of Any Amounts Drawn from Capital Subaccount      0.00     
   x.   

Amount Calculated at Servicer’sAuthorized Rate of Return on Equity on the Amount Contributed to the Capital Subaccount in Excess of 0.5% of the Initial Outstanding Principal Balance of the Bonds Released to Issuer

      NA     
   xi.   

Net Earnings in Capital Subaccount Relating to the Initial Contribution of 0.5% of the Initial Outstanding Principal Balance of the Bonds Released to Issuer

      1,193.25     
   xii.    Deposit to Excess Funds Subaccount      10,206,444.46     
   xiii.    Released to Issuer upon Series Retirement: Collection Account      0.00     
        

 

 

    
xiv. Aggregate Remittances as of Current Payment Date   87,443,862.69   
        

 

 

    

 

  (1) Servicing fee: $1,695,000,000 x .05% x 180/360 = $423,750.00
  (2) Administration fee: $100,000 x 180/360 = $50,000.00 plus Independent Manager fee ($3,500.00)
  (3) Reimbursement to Administrator for fees/expenses paid to independent auditors ($20,000.00), outside counsel ($3,440.00) and rating agencies ($37,500.00).

5. Subaccount Release or Withdrawals as of Current Payment Date Pursuant to Section 8.02(d) of Indenture:

i.

 Capital Subaccount Release (available for 4.xi.)   1,193.25   

ii.

 Excess Funds Subaccount Withdrawal (available for 4.i. through 4.x.)   0.00   

iii.

 Capital Subaccount Withdrawal (available for 4.i. through 4.viii.)   0.00   
       

 

 

  

iv.

 Total Release or Withdrawals   1,193.25   
       

 

 

  

6. Outstanding Amounts and Collection Account Balance as of Current Payment Date
(after giving effect to payments to be made on such Payment Date):

i.

 Tranche A-1 Principal Balance   246,242,850.00   

ii.

 Tranche A-2 Principal Balance   407,516,000.00   

iii.

 Tranche A-3 Principal Balance   681,262,000.00   
       

 

 

  

iv.

 Aggregate Principal Balance for all Series 2012 Transition Bonds   1,335,020,850.00   
       

 

 

  

v.

 Excess Funds Subaccount Balance   42,783,026.12   

vi.

 Capital Subaccount Balance   8,475,000.00   
       

 

 

  

vii.

 Aggregate Collection Account Balance   51,258,026.12   
       

 

 

  

7. Shortfalls In Interest and Principal Payments as of Current Payment Date
(after giving effect to payments to be made on such Payment Date):

i.

 Semiannual Interest
1. Tranche A-1 Bond Interest Payment   0.00   
2. Tranche A-2 Bond Interest Payment   0.00   
3. Tranche A-3 Bond Interest Payment   0.00   

ii.

 Semiannual Principal
1. Tranche A-1 Principal Payment   0.00   
2. Tranche A-2 Principal Payment   0.00   
3. Tranche A-3 Principal Payment   0.00   

8. Shortfall in Required Subaccount Level as of Current Payment Date
(after giving effect to payments to be made on such Payment Date):

i.

 Capital Subaccount   0.00   

IN WITNESS HEREOF, the undersigned has duly executed and delivered this Semiannual Servicer’s Certificate this 13th day of April, 2015.

 

CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer
by:

/s/ Linda Geiger

Linda Geiger
Assistant Treasurer