By Lisa Kerner
Charlotte, N.C., May 24 – Cleco Corporate Holdings LLC placed $165 million of 3.25% senior secured notes due May 1, 2023 on Tuesday.
Proceeds will be used to repay a portion of the amounts due under the company’s acquisition loan facility, according to an 8-K filing with the Securities and Exchange Commission.
Cleco entered into the purchase agreement with CoBank, ACB on Friday.
Interest on the notes is payable on May 1 and Nov. 1 of each year, beginning on Nov. 1.
In the event of a default, the trustee or the holders of at least 25% in principal amount of the then outstanding notes may declare the principal of, and accrued interest on, all of the notes to be due and payable immediately, the filing stated.
Cleco may redeem notes, in whole or in part, at any time prior to April 1, 2023 at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus a make-whole premium.
Cleco is a Pineville, La.-based energy company and owner of Cleco Power, an electric utility company.
| Issuer: | Cleco Corporate Holdings LLC
|
| Issue: | Senior secured notes
|
| Amount: | $165 million
|
| Coupon: | 3.25%
|
| Maturity: | May 1, 2023
|
| Purchaser: | CoBank, ACB
|
| Settlement date: | May 24
|
| Distribution: | Private placement
|
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