On September 10, 2021, Cleco Power LLC (“Cleco Power”) closed a private offering of $325,000,000 aggregate principal amount of its Floating Rate Senior Notes due 2023 (the “Notes”). Cleco Power intends to use the net proceeds from the offering for general limited liability company purposes, including the repayment of borrowings under its revolving credit agreement. The Notes were offered to eligible purchasers pursuant to Rule 144A and Regulation S under the Securities Act of 1933.
CIBC World Markets Corp. and SMBC Nikko Securities America, Inc. acted as initial purchasers in connection with the offering of the Notes.
Cleco Power is a regulated electric utility company that as of June 30, 2021 owns 10 generating units with a total rated capacity of 3,360 MW and serves approximately 290,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi.
Baker Botts represented Cleco Power in the offering.
The Baker Botts Team:
- Corporate: Timothy S. Taylor (partner, Houston); Jamie Yarbrough (senior associate, Houston); Marshall B. Heins II (associate, Houston); Michael Mazidi (associate, Houston)
- Tax: Josh Mandell (partner, Dallas); Chuck T. Campbell (special counsel, Houston)
- Finance: Robert Wann (partner, New York)