Cleco announces reduced pricing grids for amended revolvers

By Aleesia Forni

Columbus, Ohio, Oct. 14 - Cleco Corp. amended two of its revolving senior unsecured credit facilities, reducing pricing on the revolvers, according to an 8-K filed with the Securities and Exchange Commission on Oct. 7.

Pricing on the revolvers will now range from Libor plus 90 basis points to 187.5 bps, with facility fees ranging from 10 bps to 37.5 bps.

Cleco amended its $200 million credit facility, increasing the revolver by $50 million.

Both the new $250 million revolver and Cleco Power LLC's existing $300 million revolver were extended to November 2016.

"These amendments demonstrate our commitment to strengthen our balance sheet and improve our liquidity," president and chief executive officer Bruce Williamson said in a company press release on Monday.

The facilities will provide the company liquidity to help fund capital projects and future business opportunities, Williams continued.

Led by JPMorgan Chase & Co., 10 banks are involved in this agreement.

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

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