Cleco enters into new $250 million, $300 million five-year revolvers

By Tali David

Minneapolis, Oct. 17 - Cleco Corp. entered into a new $250 million five-year revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes up to $250 million of letters of credit that are issuable subject to specified terms and conditions, the filing said.

Also on Wednesday, Cleco Power LLC, a wholly owned subsidiary of Cleco Corp., entered into a new $300 million five-year revolver. It includes up to $300 million of letters of credit that are issuable subject to specified terms and conditions.

The interest rate for both revolvers is Libor plus 90 basis points to 187.5 bps. The commitment fee is 10 bps to 37.5 bps.

Credit Agricole Corporate and Investment Bank and KeyBank NA are syndication agents, JPMorgan Chase Bank, NA is the administrative agent, and J.P. Morgan Securities LLC, Credit Agricole and KeyBank are joint lead arrangers and joint bookrunners on both facilities.

Both revolvers mature on Oct. 16, 2018 and provide for working capital and other needs.

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

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