Cleco Corp. closes on credit facilities, strengthen liquidity
PINEVILLE, La. – Cleco Corp. (NYSE:CNL) and its subsidiary, Cleco Power LLC, announced today they have each finalized a revolving credit facility to strengthen liquidity and pave the way for future growth. Combined, the two new credit facilities equal $500 million. The existing credit facilities were set to expire in June 2011.
"We are pleased to have these credit facilities in place well in advance of the expiration date of our existing credit facilities,” said Cleco President and CEO Michael Madison. “We have added a significant amount of liquidity and when combined with the $250 million bond offering by Cleco Power in mid November provides the fuel for our ongoing expansion of the business. We also are excited to invite into our bank group several financial institutions that serve our local community. We are always looking for opportunities to partner with local businesses in order to strengthen our ties to the community."
The bank group is led by JPMorgan Chase & Co. and includes such local names as Capital One, N.A., Hancock Bank, Regions Bank and Whitney National Bank.