Cleco ups revolvers to $550 million, extends maturity dates to 2016

By Aleesia Forni

Columbus, Ohio, Oct. 11 - Cleco Corp. amended two of its revolving senior unsecured credit facilities, increasing the borrowing base of these facilities to $550 million, according to a company press release on Monday.

Cleco amended its $200 million credit facility, increasing the revolver by $50 million.

Both the new $250 million revolver and Cleco Power LLC's existing $300 million revolver were extended to November 2016, and costs were reduced for both facilities.

"These amendments demonstrate our commitment to strengthen our balance sheet and improve our liquidity," president and chief executive officer Bruce Williamson said in the release.

The facilities will provide the company liquidity to help fund capital projects and future business opportunities, Williams continued.

Led by JPMorgan Chase & Co., 10 banks are involved in the agreement.

Cleco is a Pineville, La.-based energy company and owner of Cleco Power, an electric utility company.

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