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Cleco Power completes private placement of $330M of notes

Cleco Power LLC completed the sale of $330 million worth of unsecured senior notes to institutional investors in a private placement.

The offering consisted of $130 million of 3.47% series A notes due Dec. 16, 2026, and $200 million of 3.57% series B notes due Dec. 16, 2028, according to a Form 8-K filed Dec. 21.

The Cleco Corporate Holdings LLC subsidiary plans to use the sale proceeds to replace cash used in November to redeem at par $60 million of 4.70% solid waste disposal facility bonds due November 2036, to redeem $250 million of 6.65% senior notes due 2018 prior to maturity and to pay make-whole payments of about $19 million in connection with such redemption, and for general company purposes.

J.P. Morgan Securities LLC and Mizuho Securities USA Inc. served as agents.