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<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (date of earliest event reported): December&nbsp;31, 2018 </B></P>
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<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>InfraREIT, Inc. </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-36822</FONT></B></TD>
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<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">75-2952822</FONT></B></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or Other Jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of Incorporation)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
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<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1900 North Akard Street</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Dallas, Texas</B></P></TD>
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<TD VALIGN="bottom" ALIGN="center"><B>75201</B></TD></TR>
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<TD VALIGN="top" ALIGN="center"><B>(Address of Principal Executive Offices)</B></TD>
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<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code: (214)
<FONT STYLE="white-space:nowrap">855-6700</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name
or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below
if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): </P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule <FONT
STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934 (17 CFR <FONT STYLE="white-space:nowrap">240.12b-2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Emerging growth company&nbsp;&nbsp;&#9744; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;1.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Entry into a Material Definitive Agreement. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On December&nbsp;31, 2018, Sharyland Distribution&nbsp;&amp; Transmission Services, L.L.C. (&#147;SDTS&#148;), which is a subsidiary of
InfraREIT, Inc. (&#147;InfraREIT&#148; and, together with its subsidiaries, the &#147;Company&#148;), amended and restated its rent supplements with Sharyland Utilities, L.P. (&#147;Sharyland&#148;) (other than the lease supplement with respect to
the Stanton Transmission Loop Lease) to establish the rent under its existing leases after giving effect to the capital expenditures that the parties expect to place in service during 2019 (collectively, the &#147;Amended Rent Supplements&#148;).
Rent under the Amended Rent Supplements with respect to the Company&#146;s 2019 capital expenditures consists only of base rent, but was otherwise negotiated in the manner described under &#147;Rental Rates&#148; under &#147;Provisions of Our
Leases&#148; included under the subheading &#147;Leases&#148; in &#147;Item&nbsp;1. Business&#148; in InfraREIT&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> that was filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) on March&nbsp;5, 2018. Accordingly, the rent payments under the Amended Rent Supplements are intended to provide the Company with approximately 97% of the projected regulated return on 2019 rate base investment attributable
to the Company&#146;s assets that SDTS and Sharyland would receive if they were a fully-integrated utility, based on the regulatory parameters in Sharyland&#146;s existing rates, including an allowed return on equity of 9.7%, a capital structure of
55% debt and 45% equity, a cost of debt of 6.73% and the recovery of an income tax allowance at the 21% federal income tax rate. The previously negotiated rent payments with respect to capital expenditures placed in service through the end of 2018
remain unchanged and, therefore, continue to reflect the recovery of an income tax allowance at the prior 35% federal income tax rate. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing description of the Amended Rent Supplements is qualified in its entirety by reference to the complete text of the Amended Rent
Supplements, copies of which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> and are incorporated herein by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Relationships </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As more fully
described in the section entitled &#147;Transactions with Related Persons&#148; included in InfraREIT&#146;s definitive proxy statement filed with the Commission on March&nbsp;22, 2018, which section is incorporated herein by reference, Sharyland is
privately-owned by Hunter L. Hunt and other members of the family of Ray L. Hunt and is controlled by Hunter L. Hunt. Hunter L. Hunt is the <FONT STYLE="white-space:nowrap">Co-Chairman,</FONT> <FONT STYLE="white-space:nowrap">Co-Chief</FONT>
Executive Officer and <FONT STYLE="white-space:nowrap">Co-President</FONT> of Hunt Consolidated, Inc., which is deemed to be a beneficial owner of more than 5% of InfraREIT&#146;s common stock and indirectly owns the Company&#146;s external manager.
Hunter L. Hunt also serves on the InfraREIT Board of Directors. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d)&nbsp;&nbsp;&nbsp;&nbsp;<I>Exhibits.</I> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">EXHIBIT<BR>NUMBER</P></TD>
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<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center">DESCRIPTION</P></TD></TR>


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<TD VALIGN="top" NOWRAP>10.1</TD>
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<TD VALIGN="top">&#151;</TD>
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<TD VALIGN="bottom"><A HREF="d674241dex101.htm">Sixteenth Amended and Restated Rent Supplement (McAllen Lease), dated December&nbsp;31, 2018, between Sharyland Distribution&nbsp;&amp; Transmission Services, L.L.C. and Sharyland Utilities, L.P.
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<TD VALIGN="top" NOWRAP>10.2</TD>
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<TD VALIGN="top">&#151;</TD>
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<TD VALIGN="bottom"><A HREF="d674241dex102.htm">Tenth Amended and Restated Rent Supplement (ERCOT Transmission Lease), dated December&nbsp;31, 2018, between Sharyland Distribution&nbsp;
&amp; Transmission Services, L.L.C. and Sharyland Utilities, L.P. </A></TD></TR>
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<TD VALIGN="top" NOWRAP>10.3</TD>
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<TD VALIGN="top">&#151;</TD>
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<TD VALIGN="bottom"><A HREF="d674241dex103.htm">Fourteenth Amended and Restated Rent Supplement (CREZ Lease), dated December&nbsp;31, 2018, between Sharyland Distribution&nbsp;&amp; Transmission Services, L.L.C. and Sharyland Utilities, L.P.
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<TD VALIGN="top" NOWRAP>10.4</TD>
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<TD VALIGN="top">&#151;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><A HREF="d674241dex104.htm">Second Amended and Restated Rent Supplement (Permian Lease), dated December&nbsp;31, 2018, between Sharyland Distribution&nbsp;&amp; Transmission Services, L.L.C. and Sharyland Utilities, L.P.
</A></TD></TR>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">InfraREIT, Inc.</TD></TR>
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<TD VALIGN="top">Date: January&nbsp;7, 2019</TD>
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<TD VALIGN="top">By:</TD>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Stacey H. Dor&eacute;</TD></TR>
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<TD VALIGN="bottom">Stacey H. Dor&eacute;</TD></TR>
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<TD VALIGN="bottom">Senior Vice President and General Counsel</TD></TR>
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{"company-data": {"conformed-name": "InfraREIT, Inc.", "cik": "0001506401", "assigned-sic": "6798", "irs-number": "273797217", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-36822", "film-number": "19513513"}, "business-address": {"street1": "1900 NORTH AKARD STREET", "city": "DALLAS", "state": "TX", "zip": "75201", "phone": "214-855-6700"}, "mail-address": {"street1": "1900 NORTH AKARD STREET", "city": "DALLAS", "state": "TX", "zip": "75201"}, "former-company": [{"former-conformed-name": "InfraREIT, L.L.C.", "date-changed": "20140716"}, {"former-conformed-name": "InfraREIT L.L.C.", "date-changed": "20140714"}, {"former-conformed-name": "ELECTRIC INFRASTRUCTURE ALLIANCE OF AMERICA, L.L.C.", "date-changed": "20101123"}]}
Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): December 31, 2018
InfraREIT, Inc.
(Exact
name of registrant as specified in its charter)
Maryland
001-36822
75-2952822
(State or Other Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1900 North Akard Street
Dallas, Texas
75201
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code: (214)
855-6700
(Former name
or former address, if changed since last report)
Check the appropriate box below
if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17
CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule
12b-2
of the Securities Exchange Act of 1934 (17 CFR
240.12b-2).
Emerging growth company  ☐
If an
emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
Act.  ☐
Item 1.01.
Entry into a Material Definitive Agreement.
On December 31, 2018, Sharyland Distribution & Transmission Services, L.L.C. ("SDTS"), which is a subsidiary of
InfraREIT, Inc. ("InfraREIT" and, together with its subsidiaries, the "Company"), amended and restated its rent supplements with Sharyland Utilities, L.P. ("Sharyland") (other than the lease supplement with respect to
the Stanton Transmission Loop Lease) to establish the rent under its existing leases after giving effect to the capital expenditures that the parties expect to place in service during 2019 (collectively, the "Amended Rent Supplements").
Rent under the Amended Rent Supplements with respect to the Company's 2019 capital expenditures consists only of base rent, but was otherwise negotiated in the manner described under "Rental Rates" under "Provisions of Our
Leases" included under the subheading "Leases" in "Item 1. Business" in InfraREIT's Annual Report on Form
10-K
that was filed with the Securities and Exchange Commission (the
"Commission") on March 5, 2018. Accordingly, the rent payments under the Amended Rent Supplements are intended to provide the Company with approximately 97% of the projected regulated return on 2019 rate base investment attributable
to the Company's assets that SDTS and Sharyland would receive if they were a fully-integrated utility, based on the regulatory parameters in Sharyland's existing rates, including an allowed return on equity of 9.7%, a capital structure of
55% debt and 45% equity, a cost of debt of 6.73% and the recovery of an income tax allowance at the 21% federal income tax rate. The previously negotiated rent payments with respect to capital expenditures placed in service through the end of 2018
remain unchanged and, therefore, continue to reflect the recovery of an income tax allowance at the prior 35% federal income tax rate.
The foregoing description of the Amended Rent Supplements is qualified in its entirety by reference to the complete text of the Amended Rent
Supplements, copies of which are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form
8-K
and are incorporated herein by reference.
Relationships
As more fully
described in the section entitled "Transactions with Related Persons" included in InfraREIT's definitive proxy statement filed with the Commission on March 22, 2018, which section is incorporated herein by reference, Sharyland is
privately-owned by Hunter L. Hunt and other members of the family of Ray L. Hunt and is controlled by Hunter L. Hunt. Hunter L. Hunt is the
Co-Chairman,
Co-Chief
Executive Officer and
Co-President
of Hunt Consolidated, Inc., which is deemed to be a beneficial owner of more than 5% of InfraREIT's common stock and indirectly owns the Company's external manager.
Hunter L. Hunt also serves on the InfraREIT Board of Directors.
Item 9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
EXHIBIT
NUMBER
DESCRIPTION
10.1
—
Sixteenth Amended and Restated Rent Supplement (McAllen Lease), dated December 31, 2018, between Sharyland Distribution & Transmission Services, L.L.C. and Sharyland Utilities, L.P.
10.2
—
Tenth Amended and Restated Rent Supplement (ERCOT Transmission Lease), dated December 31, 2018, between Sharyland Distribution 
& Transmission Services, L.L.C. and Sharyland Utilities, L.P.
10.3
—
Fourteenth Amended and Restated Rent Supplement (CREZ Lease), dated December 31, 2018, between Sharyland Distribution & Transmission Services, L.L.C. and Sharyland Utilities, L.P.
10.4
—
Second Amended and Restated Rent Supplement (Permian Lease), dated December 31, 2018, between Sharyland Distribution & Transmission Services, L.L.C. and Sharyland Utilities, L.P.
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
InfraREIT, Inc.
Date: January 7, 2019
By:
/s/ Stacey H. Doré
Stacey H. Doré
Senior Vice President and General Counsel
3