Printer Friendly

CENTRAL LOUISIANA ELECTRIC COMPANY, INC. $100 MILLION DEBT SECURITIES (SHELF) RATED BY DUFF & PHELPS

 CHICAGO, April 23 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned ratings of "A" (Single-A) and "A-" (Single-A-Minus) to Central Louisiana Electric Company Inc.'s (CLECO) shelf registration for $100 million of debt securities, to be issued as first mortgage bonds and/or medium-term notes, respectively. Proceeds will be used to repurchase or redeem debt and equity securities and to finance construction.
 CLECO has maintained a stable financial profile, assisted by effective cost control and its position as a low-cost energy producer. Lower interest expense from the refinancing of higher cost debt and modest rate relief should continue to support debt protection measures. The company has adequate capacity to support load growth for the foreseeable future. Construction will be mainly for distribution and transmission expansion. Internally generated cash should fund virtually all of forecasted construction expenditures.
 Future improvement is likely to be somewhat limited by the regulatory environment and slow economic activity in the service territory. Some loss of customers and revenue is anticipated from the closure of the England Air Force Base at Alexandria, in December 1992. Economic development efforts have been modestly successful in mitigating these effects.
 Central Louisiana Electric provides electric service to 214,00 customers in 14,000 square mile region of Louisiana which includes mostly small communities and rural areas.
 -0- 4/23/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (CNL)


CO: Central Louisiana Electric Company Inc. ST: Louisiana IN: UTI SU: RTG

TS -- NY055 -- 0065 04/23/93 12:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1993
Words:252
Previous Article:DUFF & PHELPS: CAROLINA TELEPHONE & TELEGRAPH COMPANY $50 MILLION 6-1/8 PERCENT DEBENTURES DUE 2003 RATED 'AA+'
Next Article:AETNA LIFE AND CASUALTY COMPANY $500 MILLION ALL PURPOSE SHELF REGISTRATION RATED 'AA' BY DUFF & PHELPS
Topics:


Related Articles
VIRGINIA ELECTRIC AND POWER COMPANY $100 MILLION FIRST AND REFUNDING MORTGAGE BONDS RATED 'A+'; $40 MILLION PREFERRED STOCK RATED 'A'
WISCONSIN ELECTRIC POWER COMPANY $100 MILLION FIRST MORTGAGE BONDS RATED 'AA+' $30 MILLION FIRST MORTGAGE BONDS RATED 'AA+'
DUFF & PHELPS: OHIO POWER COMPANY $30 MILLION CUMULATIVE PREFERRED STOCK (SHELF) RATED 'A-'; (PARENT: AMERICAN ELECTRIC POWER COMPANY)
DUFF & PHELPS: COLUMBUS SOUTHERN POWER $200M FIRST MORTGAGE BONDS, FIRST MORTGAGE BONDS DESIGNATED SECURED MEDIUM-TERM NOTES RATED 'BBB'
DUFF & PHELPS: VIRGINIA ELECTRIC & POWER $400M FIRST AND REFUNDING MTGE. BONDS (SHELF) RATED 'A+'; $100M PREF. STOCK (SHELF) RATED 'A'
DUFF & PHELPS: CLEVELAND ELECTRIC ILLUMINATING COMPANY $100 MILLION SERIAL PREFERRED STOCK (SHELF) RATED 'BB'
DUFF & PHELPS: HAWAIIAN ELECTRIC INDUSTRIES, INC. $210 MILLION MEDIUM-TERM NOTES, SERIES B (SHELF) RATED 'BBB+'
CENTRAL LOUISIANA ELECTRIC COMPANY, INC. $25 MILLION PREFERRED STOCK (SHELF) RATED 'A-' BY DUFF & PHELPS
DUFF & PHELPS: SOUTHWESTERN ELECTRIC POWER COMPANY $125 MILLION FIRST MORTGAGE BONDS RATED 'AA+'
/C O R R E C T I O N -- D&P RATES DETROIT EDISON/

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters