Item 2.01. Completion of Acquisition or Disposition of Assets.
On June 1, 2020, CenterPoint Energy Resources Corp., a Delaware corporation
("Seller") and a wholly-owned subsidiary of CenterPoint Energy, Inc. (the
"Company"), completed the sale of the outstanding membership interests of
Symmetry Energy Solutions, LLC, a Delaware limited liability company (f/k/a
CenterPoint Energy Services, Inc.) ("CES") (the "Transaction") to Symmetry
Energy Solutions Acquisition, LLC, a Delaware limited liability company (f/k/a
Athena Energy Services Buyer, LLC) ("Buyer") for approximately $286 million in
cash pursuant to the Equity Purchase Agreement, dated February 24, 2020 (the
"Purchase Agreement"), by and between Seller and Buyer. The $286 million in cash
includes adjustments for the estimated working capital at closing, which was
lower than previously estimated due primarily to the impacts of changes in
commodity prices and impacts related to the timing of close that resulted in
less working capital needs at CES. Estimated working capital at closing is
subject to customary post-closing review and adjustment. The closing of the sale
of CES represents the disposition of substantially all of the businesses within
the Company's and Seller's energy services reporting unit.
The foregoing description of the Purchase Agreement and the transactions
contemplated thereby does not purport to be complete and is qualified in its
entirety by reference to the complete text of the Purchase Agreement, which was
filed as Exhibit 2.1 to the Current Report on Form 8-K filed by the Company with
the Securities and Exchange Commission on February 24, 2020 and the terms of
which are incorporated by reference herein.
Item 7.01. Regulation FD Disclosure.
On June 1, 2020, the Company issued a press release announcing the completion of
the Transaction. A copy of this press release is furnished as Exhibit 99.1
hereto and is incorporated herein by reference.
The information furnished in Item 7.01 and Exhibit 99.1 are not deemed "filed"
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), is not subject to the liabilities of that section and is
not deemed incorporated by reference in any filing under the Securities Act of
1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT
NUMBER EXHIBIT DESCRIPTION
99.1 Press Release issued by the Company on June 1, 2020
104 Cover Page Interactive Data File - the cover page XBRL tags are
embedded within the Inline XBRL document
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