Saber was the Investment Banker and Financial Advisor to the Public Utility Commission of Texas. While engaged, Saber was overseeing the structuring, marketing and pricing of several billions of dollars of “Transition Bonds” authorized for the state’s investor-owned utilities. These included bond issues for:
CenterPoint Energy Houston Electric:
* CenterPoint Energy Transition Bond Company, LLC (formerly Reliant Energy Transition Bond Company LLC), and
* CenterPoint Energy Transition Bond Company II, LLC (Docket # 30485)
American Electric Power:
* AEP Texas Central Company Transition Funding I LLC (Docket # 21528),
* AEP Texas Transition Funding II LLC Series A (Docket # 32475), and
Oncor Electric Delivery:
* Oncor Electric Delivery Transition Bond Company LLC Series 2003-1 and
* Oncor Electric Delivery Transition Bond Company LLC Series 2004-1.
Saber established standards for the entire state program and oversaw six consecutive bond issues for a total of $6.426 billion which allowed the Public Utility of Commission of Texas to oversee future bond issues independently.
Saber, at the direction of the Commission, was a joint decision-maker with each of the utilities on all aspects of the capital raising venture, an unprecedented role for a financial advisor. The assignment included ensuring that the companies comply with PUC financing orders and that the structuring and pricing of the bonds achieves the lowest cost of funds at the time of pricing while promoting the competitive market for electricity in Texas. Saber has also created and advised on an extensive investor and financial analyst education program concerning the regulatory environment in Texas.