New Issue: Cleco Power places $175 million of fixed-rate notes in three tranches

By Devika Patel

Knoxville, Tenn., Dec. 21 – Cleco Power LLC placed $175 million of unsecured senior notes in three tranches on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

There was $25 million of series A 2.94% five-year bonds; $100 million of series B 3.08% six-year bonds; and $50 million of series C 3.17% seven-year bonds.

The five-year and six-year bonds settled on Dec. 18, and the seven-year bonds will settle on March 26.

CIBC World Markets Corp. and SMBC Nikko Securities America, Inc. are the agents.

Proceeds will be used for capital investments and general corporate purposes.

Cleco Power is an electric utility based in Pineville, La.

Issuer:	Cleco Power LLC
Issue:	Senior notes
Amount:	$175 million
Trade date:	Dec. 18
Settlement date:	Dec. 18 (for $125 million), March 26 (for $50 million)
Agents:	CIBC World Markets Corp. and SMBC Nikko Securities America, Inc.
Distribution:	Private placement
Series A five-year notes
Amount:	$25 million
Maturity:	Dec. 16, 2022
Coupon:	2.94%
Call:	Make-whole call until Sept. 17, 2022, then a par call
Series B six-year notes
Amount:	$100 million
Maturity:	Dec. 16, 2023
Coupon:	3.08%
Call:	Make-whole call until Sept. 17, 2023, then a par call
Series C seven-year notes
Amount:	$50 million
Maturity:	Dec. 16, 2024
Coupon:	3.17%
Call:	Make-whole call until Sept. 17, 2024, then a par call

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