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Cleco Katrina/Rita Hurricane Recovery Funding LLC

Cleco Katrina/Rita Hurricane Recovery Funding LLC (Storm Recovery Bond Company) is a special purpose subsidiary of Cleco Power LLC (Cleco Power). Under the Louisiana Securitization Act that was enacted in 2006, a special purpo se subsidiary of a sponsoring utility (in this case, Cleco Power), may issue storm recovery bonds to enable the utility to recover certain storm costs and to fund storm recovery reserves. A specific charge imposed on customers supports principal, interest and other payments on these storm recovery bonds, and is authorized by the Louisiana Public Service Commission under a financing order that is now binding, irrevocable and non-appealable.

SEC Filings
View SEC filings for Cleco Katrina/Rita Hurricane Recovery Funding LLC.

Servicer's Certificates
View the Servicer's Certificates delivered to the trustee.

Cleco Katrina/Rita Hurricane Recovery Funding LLC 2008 Storm Recovery Bonds
Summary of terms of $180.6 million 2008 Senior Secured Storm Recovery Bonds, sold in March 2008 by Cleco Katrina/Rita Hurricane Recovery Funding LLC.

Ratings Assigned to 2008 Senior Secured Storm Recovery Bonds
Ratings assigned to the 2008 Senior Secured Storm Recovery Bonds.

Monthly Remittances
Remittances of Storm Recovery Charges to the Trustee.

Storm Recovery Charge Adjustments Notifications
Filings in connection with the true-up of storm recovery charges.



Servicer's Certificates

   
PDF September 2018 Semi-Annual Servicer's Certificate
PDF August 2018 Servicer's Certificate
PDF March 2018 Servicer's Certificate
PDF February 2018 Servicer's Certificate
PDF September 2017 Semi-Annual Servicer's Certificate
PDF August 2017 Servicer's Certificate
PDF March 2017 Servicer's Certificate
PDF February 2017 Servicer's Certificate
PDF September 2016 Servicer's Certificate
PDF August 2016 Servicer's Certificate
PDF March 2016 Servicer's Certificate
PDF February 2016 Servicer's Certificate
PDF September 2015 Servicer's Certificate
PDF August 2015 Servicer's Certificate
PDF March 2015 Servicer's Certificate
PDF February 2015 Servicer's Certificate
PDF September 2014 Servicer's Certificate
PDF August 2014 Servicer's Certificate
PDF March 2014 Servicer's Certificate
PDF February 2014 Servicer's Certificate
PDF September 2013 Servicer's Certificate
PDF August 2013 Servicer's Certificate
PDF March 2013 Servicer's Certificate
PDF February 2013 Servicer's Certificate
PDF September 2012 Servicer's Certificate
PDF August 2012 Servicer's Certificate
PDF March 2012 Servicer's Certificate
PDF February 2012 Servicer's Certificate
PDF September 2011 Servicer's Certificate
PDF August 2011 Servicer's Certificate
PDF March 2011 Servicer's Certificate
PDF February 2011 Servicer's Certificate
PDF September 2010 Servicer's Certificate
PDF August 2010 Servicer's Certificate
PDF March 2010 Servicer's Certificate
PDF February 2010 Servicer's Certificate
PDF September 2009 Servicer's Certificate
PDF August 2009 Servicer's Certificate
PDF March 2009 Servicer's Certificate
PDF February 2009 Servicer's Certificate
PDF August 2008 Servicer's Certificate


$180,600,000
Cleco Katrina/Rita Hurricane Recovery Funding LLC
2008 Senior Secured Storm Recovery Bonds

Tranche Principal Balance Rate Price to Public Underwriting Discount Proceeds to to Issuer Scheduled Final Payment Date
A-1 $113,000,000 4.41% 99.93793% 0.45% $112,421,361 3/1/2020
A-2 $67,600,000 5.61% 99.85756% 0.45% $67,199,510 3/1/2023

 

Cleco Katrina/Rita Hurricane Recovery Funding LLC, a Louisiana limited liability company and wholly owned subsidiary of Cleco Power LLC, issued $180,600,000 aggregate principal amount of Bonds in multiple tranches. Cleco Power LLC is the seller, initial servicer and sponsor with regard to the Bonds. The Bonds are senior secured obligations of the issuing entity and will be secured by the storm recovery property, which includes the right to a special, irrevocable nonbypassable charge, known as a storm recovery charge, paid by all existing and future Louisiana Public Service Commission jurisdictional customers of Cleco Power LLC. Storm recovery charges are required to be adjusted semi-annually, and more frequently as necessary, to ensure the projected recovery of amounts sufficient to provide timely payment of the scheduled principal, interest and other required amounts in connection with the Bonds during the subsequent 12-month period. Credit enhancement for the Bonds will be provided by such statutory true-up mechanism, as well as by general, excess funds and capital subaccounts held under the indenture. The Bonds represent obligations only of the issuing entity, Cleco Katrina/Rita Hurricane Recovery Funding LLC, and are secured only by the assets of the issuing entity, consisting principally of the storm recovery property and related assets to support its obligations under the storm recovery bonds. Cleco Power LLC and its affiliates, other than the issuing entity, are not liable for any payments on the Bonds. The Bonds are not a debt or general obligation of the State of Louisiana, the Louisiana Public Service Commission or any other governmental agency or instrumentality and are not a charge on the full faith and credit or the taxing power of the State of Louisiana or any governmental agency or instrumentality. All matters relating to the structuring and pricing of the Bonds have been considered jointly by Cleco Power LLC and the Louisiana Public Service Commission, acting through its financial advisor Pathfinder, Capital Advisors.



Ratings Assigned to 2008 Senior Secured Storm Recovery Bonds

February 28, 2008

Company Instrument
Rating
Moody's
S&P
Fitch
Cleco Katrina/Rita Hurricane Recovery Funding LLC
(Issuer)
Senior Secured Storm Recovery Bonds Aaa AAA AAA


Storm Recovery Charge Adjustments Notifications

Cleco Katrina/Rita Hurricane Recovery Funding LLC is required to true-up storm recovery charges semi-annually in compliance with the financing order adopted in Application of Cleco Power LLC for recovery in rates of amortization of storm damage costs incurred as a result of Hurricanes Katrina and Rita, Docket No. U-29157.

Storm Recovery Charge Adjustment