EX-99.1 2 d735184dex991.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 12, 2018 through April 11, 2019

Payment Date: April 15, 2019

Today’s Date: April 11, 2019

 

                                                                                                                                                                       

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

         

i.

    Remittances for the October 12 through 31, 2018 Collection Period      8,732,724.90        

ii.

    Remittances for the November 1 through 30, 2018 Collection Period      11,755,340.62        

iii.

    Remittances for the December 1 through 31, 2018 Collection Period      8,346,102.00        

iv.

    Remittances for the January 1 through 31, 2019 Collection Period      9,178,890.32        

v.

    Remittances for the February 1 through 28, 2019 Collection Period      9,263,024.70        

vi.

    Remittances for the March 1 through 31, 2019 Collection Period      10,202,935.43        

vii.

    Remittances for the April 1 through 11, 2019 Collection Period      4,181,650.35        

viii.

    Net Earnings on General Subaccount      398,906.55        [10/1/18 through 3/31/19 ]    
     

 

 

        

ix.

    General Subaccount Balance (sum of i through viii above)      62,059,574.87        
     

 

 

        

x.

    Excess Funds Subaccount Balance as of Current Payment Date      49,403,981.80        

xi.

    Capital Subaccount Balance as of Current Payment Date (1)      8,569,207.46        
     

 

 

        

xii.

    Collection Account Balance (sum of ix through xi above)      120,032,764.13        
     

 

 

        

2. Outstanding Amounts as of Prior Payment Date:

         

i.

    Tranche A-1 Principal Balance      0.00        

ii.

    Tranche A-2 Principal Balance      207,089,459.00        

iii

    Tranche A-3 Principal Balance      681,262,000.00        
     

 

 

        

iv.

    Aggregate Principal Balance of all Series 2012 Transition Bonds      888,351,459.00        
     

 

 

        

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

         
    

Principal

    Projected
Principal
Balance		      Semiannual
Principal Due		         

i.

   

Tranche A-1

      0.00        0.00     

ii.

   

Tranche A-2

      140,058,160.00        67,031,299.00     

iii.

   

Tranche A-3

      681,262,000.00        0.00     
     

 

 

     

 

 

     

iv.

   

For all Series 2012 Transition Bonds

      821,320,160.00        67,031,299.00     
     

 

 

     

 

 

     
          Transition
Bond
Interest Rate		      Days in
Interest
Period (2)		      Interest Due  

v.

   

Required Tranche A-1 Interest

      0.9012 %       180        0.00  

vi.

   

Required Tranche A-2 Interest

      2.1606 %       180        2,237,187.43  

vii.

   

Required Tranche A-3 Interest

      3.0282 %       180        10,314,987.94  

 

(1)

Including current period earnings of $94,207.46

(2)

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     

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      126,177.20  (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      0.00       0.00     
   2. Tranche A-2 Interest Payment      2,237,187.43       5.49     
   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      0.00       0.00     
   2. Tranche A-2 Principal Payment      67,031,299.00       164.49     
   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’s Authorized 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      0.00       

xii.

    Deposit to Excess Funds Subaccount      0.00       

xiii.

    Released to Issuer upon Series Retirement: Collection Account      0.00       
     

 

 

       

xiv.

    Aggregate Remittances as of Current Payment Date      80,218,401.57       
     

 

 

       
   (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)

 

     
   (3) Reimbursement to Administrator for fees/expenses paid as follows:        
  

Outside counsel

      357.20       
  

Printing

      3,170.00       
  

Independent auditor

      85,150.00       
  

Rating Agencies

      37,500.00       
     

 

 

       
  

Total

      126,177.20       
     

 

 

       

                                                                                                                                                                       

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.)

      0.00        

ii.

   

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

      18,158,826.70        

iii.

   

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

      0.00        
     

 

 

        

iv.

   

Total Release or Withdrawals

      18,158,826.70        
     

 

 

        

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

      0.00        

ii.

   

Tranche A-2 Principal Balance

      140,058,160.00        

iii.

   

Tranche A-3 Principal Balance

      681,262,000.00        
     

 

 

        

iv.

   

Aggregate Principal Balance for all Series 2012 Transition Bonds

      821,320,160.00        
     

 

 

        

v.

   

Excess Funds Subaccount Balance

      31,245,155.10        

vi.

   

Capital Subaccount Balance

      8,569,207.46        
     

 

 

        

vii.

   

Aggregate Collection Account Balance

      39,814,362.56        
     

 

 

        

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 11th day of April, 2019.    

CENTERPOINT ENERGY HOUSTON ELECTRIC, LLC, as Servicer    

 

by:  

/s/ Robert McRae

  Robert McRae
  Assistant Treasurer