Cleco gets $125 million loan due 2022 at Libor plus 112.5-137.5 bps

By Sarah Lizee

Olympia, Wash., Sept. 2 – Cleco Corporate Holdings LLC subsidiary Cleco Power LLC entered into a $125 million senior term loan agreement on Aug. 28 with Sumitomo Mitsui Banking Corp. as lead arranger, bookrunner and administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

CoBank, ACB and Regions Bank are the documentation agents.

The term loan facility bears interest at Libor plus 112.5 basis points to 137.5 bps, based on ratings.

The facility matures on June 28, 2022.

Proceeds will be used to fund, in part, capital expenditures and working capital requirements of the company and its subsidiaries and other general corporate purposes.

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

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