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CenterPoint Energy Reinvests in Enable Midstream Partners

CenterPoint Energy is using money it made from Enable Midstream Partners to reinvest into the Oklahoma company. CenterPoint made the announcement Friday.

The deal regards the early redemption of $363 million of notes payable to CenterPoint Energy Resources Corp. CenterPoint will invest those proceeds into Enable’s 10 percent Series A Fixed-to-Floating Non-Cumulative Redeemable Perpetual Preferred Units.

“CenterPoint believes this investment will strengthen Enable’s capital structure, improve their credit metrics and financial liquidity, and eliminate debt maturities otherwise due in 2017,” said CenterPoint Energy Chief Financial Officer Bill Rogers. “We believe Enable’s financial strength remains a competitive advantage, benefiting all Enable unit holders.”

Enable is owned by CenterPoint Energy and OGE Energy Corp, the market company of utility Oklahoma Gas and Electric.

The deal is expected to close by the end of this quarter.