# EDGAR Filing Document

**Accession Number:** 0000048732
**File Stem:** 0001104659-25-088754
**Filing Date:** 2025-9
**Character Count:** 16475
**Document Hash:** 85f0fea7880377532e12605817bbf729
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-088754.hdr.sgml**: 20250910

**ACCESSION NUMBER**: 0001104659-25-088754

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250910

**DATE AS OF CHANGE**: 20250909

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CenterPoint Energy Restoration Bond Co II, LLC
- **CENTRAL INDEX KEY:** 0002072436
- **STANDARD INDUSTRIAL CLASSIFICATION:** ASSET-BACKED SECURITIES [6189]
- **ORGANIZATION NAME:** Office of Structured Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-288206
- **FILM NUMBER:** 251304545

**BUSINESS ADDRESS:**
- **STREET 1:** 1111 LOUISIANA STREET
- **STREET 2:** SUITE 4600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 713-207-7414

**MAIL ADDRESS:**
- **STREET 1:** 1111 LOUISIANA STREET
- **STREET 2:** SUITE 4600
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CENTERPOINT ENERGY HOUSTON ELECTRIC LLC
- **CENTRAL INDEX KEY:** 0000048732
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 223865106
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 1111 LOUISIANA
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7132073000

**MAIL ADDRESS:**
- **STREET 1:** 1111 LOUISIANA
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RELIANT ENERGY INC
- **DATE OF NAME CHANGE:** 19990513

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOUSTON INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19970807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HOUSTON LIGHTING & POWER CO
- **DATE OF NAME CHANGE:** 19920703

**Free Writing Prospectus, dated September 9, 2025<br> Filed pursuant to Rule 433 under the Securities Act of 1933<br> Relating to the Preliminary Prospectus, dated August 27, 2025<br> and the Preliminary Term Sheet, dated September 4, 2025<br> Registration Statement Nos. 333-288206<br> and 333-288206-01**

**CenterPoint Energy Restoration Bond Company II, LLC**

**(the "Issuing Entity")**

**PRICING TERM SHEET**

**$401,521,000 Series 2025-A Senior Secured System Restoration Bonds**

---

| | |
|:---|:---|
| Issuing Entity: | &nbsp;&nbsp;CenterPoint Energy Restoration Bond Company II, LLC |
| Sponsor, Depositor and Initial Servicer: | &nbsp;&nbsp;CenterPoint Energy Houston Electric, LLC ("CenterPoint Houston") |
| Trustee: | &nbsp;&nbsp;U.S. Bank Trust Company, National Association |
| Joint Bookrunners: | &nbsp;&nbsp;Citigroup Global Markets Inc.<br> Barclays Capital Inc. |
| Co-Manager: | &nbsp;&nbsp;Academy Securities, Inc. |
| Expected Ratings (Moody's/S&P): | &nbsp;&nbsp;Aaa (sf)/ AAA (sf)(1) |
| Closing Date / Settlement Date: | &nbsp;&nbsp;September 17, 2025 (T+6)<br>The Issuing Entity expects to deliver the system restoration bonds against payment for the system restoration bonds on or about September 17, 2025, which will be the sixth business day following the date of pricing of the system restoration bonds. Since trades in the secondary market generally settle in one business day, purchasers who wish to trade system restoration bonds on the date of pricing or the succeeding four business days will be required, by virtue of the fact that the system restoration bonds initially will settle in T + 6, to specify alternative settlement arrangements to prevent a failed settlement. |
| Payment Dates<sup>(2)</sup>: | &nbsp;&nbsp;June 15 and December 15, commencing June 15, 2026 |
| Applicable Time: | &nbsp;&nbsp;2:38 PM (Eastern Time) on September 9, 2025 |
| Proceeds: | &nbsp;&nbsp;The total initial price to the public is $401,510,938. The total amount of the underwriting discounts and commissions is $1,606,084. The total amount of proceeds to the Issuing Entity before deduction of expenses (estimated to be $3,589,783) is $399,904,854. |
| Total Expected Up-front Qualified Costs: | &nbsp;&nbsp;Approximately $5,195,867 |
| Securitizable Balance (as of September 9, 2025): | &nbsp;&nbsp;$397.0 million |

---

(1) A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision
or withdrawal at any time.

(2) In any case where the date on which payment is due shall not be a Business Day, then payment may be made
on the next Business Day.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tranche** | **Expected<br> weighted<br> average life<br> (years)** | **Principal<br> amount<br> offered** | **Scheduled<br> final payment<br> date** | **Final<br> maturity<br> date** | **Interest Rate** | **Initial price to<br> public** | **Underwriting<br> discounts<br> and<br> commissions** | **Proceeds to<br> Issuing<br> Entity<br> (before<br> expenses)** |
| A-1 | 5.16 | $240913000 | 12/15/2034 | 12/15/2035 | 4.255% | 99.99753% | 0.40% | $239943397 |
| A-2 | 11.81 | $160608000 | 6/15/2039 | 6/15/2040 | 4.826% | 99.99744% | 0.40% | $159961456 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Tranche</u>** | &nbsp;&nbsp;**<u>CUSIP</u>** | &nbsp;&nbsp;**<u>ISIN</u>** |
| &nbsp;&nbsp;A-1 | &nbsp;&nbsp;15201G AA7 | &nbsp;&nbsp;US15201GAA76 |
| &nbsp;&nbsp;A-2 | &nbsp;&nbsp;15201G AB5 | &nbsp;&nbsp;US15201GAB59 |

---

**INITIAL SYSTEM RESTORATION CHARGE**

The system restoration charges will be adjusted annually, or more frequently under certain circumstances, by the servicer in accordance with its filings with the Public Utility Commission of Texas (the "PUCT"). CenterPoint Houston estimates that, on an annualized basis, the initial system restoration charges (i) would represent approximately 0.50% of the total bill received by a 1,000 kWh residential customer served at distribution voltage of the largest retail electric provider ("REP") in CenterPoint Houston's service territory as of September 2025; and (ii) would represent approximately 0.49% of the total bill received by a 1,000 kWh residential customer served at distribution voltage in CenterPoint Houston's service territory as of September 2025 (based on the average of offered rates at distribution voltage published on the PUCT website for REPs operating in CenterPoint Houston's service territory).

CenterPoint Houston will initially allocate the system restoration charges among the system restoration charge customer classes as follows:

---

| | |
|:---|:---|
| **<u>System Restoration Charge Customer Rate Class</u>** | **<u>Initial System Restoration Charge Rate</u>** |
| Residential | $0.001141 per kWh |
| Secondary ≤ 10kVA | $0.001131 per kWh |
| Secondary > 10 kVA | $0.199939 per billing kVA |
| Primary Service | $0.115646 per billing kVA |
| Lighting Services | $0.026898 per kWh |

---

**CENTERPOINT HOUSTON'S FINANCING ORDER**

Page 52 of the preliminary prospectus is hereby updated as follows:

*Interim True-Ups.*

The financing order also authorizes more frequent interim true-up adjustments. The procedures for interim true-up adjustments to the system restoration charges are set forth within the financing order and the servicing agreement. Pursuant to the servicing agreement, at the beginning of CenterPoint Houston's billing cycle for June and December, beginning in December 2025, and at least every three months beginning twelve months prior to the last scheduled final payment date of the system restoration bonds, the servicer shall update the data and assumptions underlying the calculation of the system restoration charges, and interim true-ups as required in the servicing agreement will be performed as necessary to ensure that the amount collected from system restoration charges is sufficient to pay principal and interest on the system restoration bonds and ensure timely and complete payment of other required amounts and charges in connection with the system restoration bonds. Additionally, interim true-up adjustments may be made by the servicer more frequently at any time during the term of the system restoration bonds (i) if the servicer forecasts that the amount to be collected from system restoration charges during the current calculation period will be insufficient to make all scheduled payments of principal, interest and other amounts in respect of the system restoration bonds and ensure timely and complete payment of other required amounts and charges in connection with the system restoration bonds during such period, (ii) to replenish any funds drawn from the capital subaccount and (iii) generally to correct any forecasted under-collection of system restoration charges to assure timely payment of the system restoration bonds.

**THE SERVICING AGREEMENT**

The first sentence on Page 122 of the preliminary prospectus is hereby updated as follows:

*Annual True-Ups and Filings*. Among other things, the servicing agreement will require the servicer to file adjustment requests annually and, if necessary, semi-annually (or quarterly in the thirteenth and fourteenth years) to ensure the expected recovery of amounts sufficient to provide timely payment of principal and interest on the system restoration bonds.

**USE OF PROCEEDS**

The following sentence will be added to the end of the second paragraph under the section Use of Proceeds on page 136:

Any difference between the Securitizable Balance and expected up-front qualified costs and the aggregate principal amount of the system restoration bonds will be recovered by CenterPoint Houston through its distribution rates.

**EXPECTED AMORTIZATION SCHEDULE**

**OUTSTANDING PRINCIPAL BALANCE**

---

| | | |
|:---|:---|:---|
| <br>**Payment Date** | **Tranche A-1**<br>**Amount** | **Tranche A-2**<br>**Amount** |
| Initial Principal Amount | $240913000.00 | $160608000.00 |
| 6/15/2026 | 224814127.09 | 160608000.00 |
| 12/15/2026 | 213656532.90 | 160608000.00 |
| 6/15/2027 | 202259887.26 | 160608000.00 |
| 12/15/2027 | 190619068.48 | 160608000.00 |
| 6/15/2028 | 178728845.16 | 160608000.00 |
| 12/15/2028 | 166583873.81 | 160608000.00 |
| 6/15/2029 | 154178696.45 | 160608000.00 |
| 12/15/2029 | 141507738.16 | 160608000.00 |
| 6/15/2030 | 128565304.59 | 160608000.00 |
| 12/15/2030 | 115345579.38 | 160608000.00 |
| 6/15/2031 | 101842621.56 | 160608000.00 |
| 12/15/2031 | 88050362.86 | 160608000.00 |
| 6/15/2032 | 73962605.03 | 160608000.00 |
| 12/15/2032 | 59573016.98 | 160608000.00 |
| 6/15/2033 | 44875132.01 | 160608000.00 |
| 12/15/2033 | 29862344.85 | 160608000.00 |
| 6/15/2034 | 14527908.73 | 160608000.00 |
| 12/15/2034 |  | 159472932.31 |
| 6/15/2035 |  | 143470017.97 |
| 12/15/2035 |  | 127062789.99 |
| 6/15/2036 |  | 110241033.40 |
| 12/15/2036 |  | 92994275.13 |
| 6/15/2037 |  | 75311777.51 |
| 12/15/2037 |  | 57182531.59 |
| 6/15/2038 |  | 38595250.27 |
| 12/15/2038 |  | 19538361.28 |
| 6/15/2039 |  |  |

---

**EXPECTED SINKING FUND SCHEDULE**

---

| | | |
|:---|:---|:---|
| **Date** | **Tranche A-1** | **Tranche A-2** |
| 6/15/2026 | $16098872.91 |  |
| 12/15/2026 | 11157594.19 |  |
| 6/15/2027 | 11396645.64 |  |
| 12/15/2027 | 11640818.78 |  |
| 6/15/2028 | 11890223.32 |  |
| 12/15/2028 | 12144971.35 |  |
| 6/15/2029 | 12405177.36 |  |
| 12/15/2029 | 12670958.29 |  |
| 6/15/2030 | 12942433.57 |  |
| 12/15/2030 | 13219725.21 |  |
| 6/15/2031 | 13502957.82 |  |
| 12/15/2031 | 13792258.70 |  |
| 6/15/2032 | 14087757.83 |  |
| 12/15/2032 | 14389588.05 |  |
| 6/15/2033 | 14697884.97 |  |
| 12/15/2033 | 15012787.16 |  |
| 6/15/2034 | 15334436.12 |  |
| 12/15/2034 | 14527908.73 | $1135067.69 |
| 6/15/2035 |  | 16002914.34 |
| 12/15/2035 |  | 16407227.98 |
| 6/15/2036 |  | 16821756.59 |
| 12/15/2036 |  | 17246758.27 |
| 6/15/2037 |  | 17682497.62 |
| 12/15/2037 |  | 18129245.92 |
| 6/15/2038 |  | 18587281.32 |
| 12/15/2038 |  | 19056888.99 |
| 6/15/2039 |  | 19538361.28 |
| **Total Payments<sup>(1)</sup>** | $**240913000.00** | $**160608000.00** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Totals may not add up due to rounding

In no event shall the scheduled final payment date for any tranche of the system restoration bonds exceed 14 years from the date of issuance of the system restoration bonds. The legal final maturity of any tranche of the system restoration bonds shall not exceed 15 years from the date of issuance of the system restoration bonds.

**Weighted Average Life Sensitivity**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **-5%**<br> **(5.34 Standard<br> Deviations from Mean)** | **-5%**<br> **(5.34 Standard<br> Deviations from Mean)** | **-15%**<br> **(11.71 Standard<br> Deviations from Mean)** | **-15%**<br> **(11.71 Standard<br> Deviations from Mean)** |
| <br>**Tranche** | <br>**Expected Weighted<br> Average Life (Years)** | **Weighted<br> Average<br> Life (Years)** | **Change (Days)<sup>(1)</sup>** | **Weighted<br> Average<br> Life (Years)** | C**hange (Days)<sup>(1)</sup>** |
| A-1 | 5.16 | 5.16 | 0 | 5.16 | 1 |
| A-2 | 11.81 | 11.81 | 0 | 11.81 | 0 |

---

<sup>(1)</sup> Number is rounded to whole days

There can be no assurance that the weighted average lives of the various tranches of the system restoration bonds will be as shown in the above table.

For the purposes of preparing the chart above, the following assumptions, among others, have been made: (i) the forecast error is constant over the life of the system restoration bonds and is equal to an overestimate of electric customer counts of 5% (5.34 standard deviations from the mean) or 15% (11.71 standard deviations from the mean) as stated in the chart above, (ii) the servicer makes timely and accurate filings to true-up the system restoration charges annually, (iii) customer charge-off rates are held constant at approximately 1.81% for all customers, (iv) REPs remit all system restoration charges 35 calendar days after such charges are billed, (v) the system restoration bonds are issued on September 17, 2025, (vi) there is no acceleration of the final maturity date of the system restoration bonds, and (vii) operating expenses are equal to projections. There can be no assurance that the weighted average lives of the system restoration bonds will be as shown above.

Subject to the terms and conditions in the underwriting agreement among the Issuing Entity, CenterPoint Houston and the underwriters, for whom Citigroup Global Markets Inc. and Barclays Capital Inc. are acting as representatives, the Issuing Entity has agreed to sell to the underwriters, and the underwriters have severally agreed to purchase, the principal amount of the system restoration bonds listed opposite each underwriter's name below:

---

| | | |
|:---|:---|:---|
| **Underwriter** | **Tranche A-1** | **Tranche A-2** |
| Citigroup Global Markets Inc. | $144547000 | $96365000 |
| Barclays Capital Inc. | 72274000 | 48182000 |
| Academy Securities, Inc. | 24092000 | 16061000 |
|  | $**240913000** | $**160608000** |

---

The underwriters may allow, and dealers may reallow, a discount not to exceed the percentage listed below for each tranche of the system restoration bonds.

---

| | | |
|:---|:---|:---|
|  | **Selling<br> Concession** | **Reallowance<br> Discount** |
| Tranche A-1 | 0.240% | 0.120% |
| Tranche A-2 | 0.240% | 0.120% |

---

After the initial public offering, the public offering prices, selling concessions and reallowance discounts may change.

**CenterPoint Houston and the Issuing Entity have filed a registration statement (including a prospectus) with the Securities and Exchange Commission ("SEC") for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents CenterPoint Houston and the Issuing Entity have filed with the SEC for more complete information about the Issuing Entity and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, CenterPoint Houston, the Issuing Entity, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling CenterPoint Houston at 1-713-207-1111, Citigroup Global Markets Inc. toll-free at 1-800-831-9146 or Barclays Capital Inc. toll-free at 1-888-603-5847.**