Cleco Power LLC Sells $50 Million of 10-Year Notes.PINEVILLE, La. -- Cleco Corp. (NYSE NYSE See: New York Stock Exchange :CNL CNL CityNightLine (German Rail) CNL Cancel CNL Clinical Nurse Leader Cnl Colonel CNL Center for Naval Leadership CNL Compensated Neutron Log (oil industry) ) announced today its utility subsidiary, Cleco Power LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , completed the sale of $50 million of 4.95 percent notes due July 15, 2015. "Proceeds from the sale effectively will refinance 2005 maturities," said Kathleen Nolen, Cleco Corp. senior vice president and chief financial officer. "With the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale, Cleco Power intends to repay amounts borrowed under its revolving credit facility that were used to redeem first mortgage bonds in March 2005." The lead book runner of the notes offering was KeyBank Capital Markets, and the co-manager was Wedbush Morgan Securities Inc. Cleco Corp. is a regional energy services company headquartered in Pineville, La. It operates a regulated electric utility company that serves 265,000 customers across Louisiana. Cleco also operates a wholesale energy business. For more information about Cleco, visit www.cleco.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion