DALLAS, Oct. 11, 2017 /PRNewswire/ -- InfraREIT, Inc. (NYSE: HIFR) ("InfraREIT" or the "Company") announced today that the Public Utility Commission of Texas ("PUCT") voted to approve the Sale-Transfer-Merger Application, Docket No. 47469, related to the asset exchange transaction in which InfraREIT's regulated subsidiary, Sharyland Distribution & Transmission Services, L.L.C. ("SDTS"), will exchange its retail distribution assets for a group of transmission assets located in west and central Texas owned by Oncor Electric Delivery Company LLC ("Oncor"). Based on discussions at the PUCT's open meeting on Oct. 11, 2017, the Company expects the order, when signed by the PUCT, to include the issuance of a Certificate of Convenience and Necessity to SDTS.
The PUCT has also approved the dismissal of the pending rate case, Docket No. 45414, ("Rate Case") of SDTS, and its tenant, Sharyland Utilities, L.P. ("Sharyland"). The dismissal of the Rate Case will be effective upon the closing of the pending asset exchange transaction, which is expected to close by the end of 2017. Following closing, Sharyland's retail distribution customer classes will experience significantly lower retail delivery rates.
Supplemental information relating to the Rate Case and pending asset exchange transaction can be found at www.InfraREITInc.com under the "Investor Relations/Rate Regulation" section of the Company's Web site.
About InfraREIT, Inc.
InfraREIT is a real estate investment trust that is engaged in owning and leasing rate-regulated electric transmission and distribution assets in the state of Texas. The Company is externally managed by Hunt Utility Services, LLC, an affiliate of Hunt Consolidated, Inc. (a diversified holding company based in Dallas, Texas and managed by the Ray L. Hunt family), and the Company's shares are traded on the New York Stock Exchange under the symbol "HIFR". Additional information on InfraREIT is available at www.InfraREITInc.com.
This press release contains forward-looking statements within the meaning of the federal securities laws. These statements give the current expectations of the Company's management. Forward-looking statements contained in this press release include the Company's expectations regarding the consummation of the asset exchange transaction with Oncor. Forward-looking statements can be affected by assumptions used or known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed and actual results may differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause actual results to differ materially from those indicated in the forward-looking statements include, among others, (a) unsatisfied closing conditions and (b) other applicable uncertainties, factors and risks described in the Company's filings with the U.S. Securities and Exchange Commission.
Any forward-looking statement made by the Company in this press release is based only on information currently available to the Company and speaks only as of the date on which it is made. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by applicable law.
For additional information, contact:
Vice President, Investor Relations
InfraREIT, Inc., 214-855-6748
Senior Vice President, Corporate Affairs & International Relations
Hunt Consolidated, Inc., 214-978-8534
View original content with multimedia:http://www.prnewswire.com/news-releases/infrareits-regulated-subsidiary-receives-approval-from-the-public-utility-commission-of-texas-for-its-pending-asset-exchange-transaction-and-dismissal-of-rate-case-300535199.html
SOURCE InfraREIT, Inc.