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Noteholders endorse InfraREIT sale to Oncor


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Noteholders endorse InfraREIT sale to Oncor

Prudential Insurance Co. of America and its affiliates, which hold senior secured notes of Sharyland Distribution & Transmission Services LLC and Transmission and Distribution Co. LLC, endorsed the pending acquisition of InfraREIT Inc. by Oncor Electric Delivery Co. LLC.

The Sempra Energy subsidiary is in the process of acquiring InfraREIT and InfraREIT Partners LP for about $1.28 billion. The transaction will see Sharyland Distribution & Transmission and Sharyland Utilities LP exchange electric transmission and distribution assets.

Sharyland Utilities' management interest and limited economic interests in SDTS will be canceled and SDTS will become an indirect subsidiary of InfraREIT Partners, which is a subsidiary of InfraREIT. After the asset exchange, Oncor will acquire 100% of the equity interests of InfraREIT, including InfraREIT Partners and SDTS.

Sharyland Utilities will then be converted to a limited liability company, and Sempra Energy, through a newly formed subsidiary, will acquire a 50% interest in Sharyland for about $98 million.

The transaction is expected to close in mid-2019, pending other required approvals.

Sempra owns a majority of Oncor. Hunt Consolidated Inc. is InfraREIT's largest shareholder.