Business Context and Reporting Period
This Form 8-K was filed by CenterPoint Energy, Inc. and CenterPoint Energy Resources Corp. on June 22, 2016. The report details the entry into material definitive agreements concerning Enable Midstream Partners, LP (the Partnership) and its general partner, Enable GP, LLC.
Key Financial Metrics
The filing does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on legal and operational amendments to partnership agreements.
Material Changes
The primary material change involves the amendment of distribution timing protocols for the Partnership and its General Partner:
- Partnership Distribution Deadline: The Fourth Amended and Restated Agreement of Limited Partnership changed the last permitted distribution date for each fiscal quarter from 45 days following the close of the quarter to 60 days following the close.
- General Partner Distribution Deadline: The Third Amended and Restated Limited Liability Company Agreement modified the General Partner's distribution deadline from 50 days following the close of the quarter to five days following distributions made by the Partnership for that quarter.
- Other Amendments: The General Partner agreement also incorporated changes from the First Amendment related to the Partnership's initial public offering and deleted provisions that no longer had effect.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, outlook, or discussion of risks and contingencies. The document is a procedural report regarding the execution of amended legal agreements.
Investor Verification Checklist
- Verify the impact of the extended 60-day distribution window for Enable Midstream Partners, LP on cash flow timing for investors.
- Confirm the alignment of the General Partner's distribution schedule (5 days post-Partnership distribution) with the new Partnership timeline.
- Review the full text of Exhibit 10.1 (Amended Partnership Agreement) and Exhibit 10.2 (Amended LLC Agreement) for any additional covenants not summarized in the 8-K.