Cleco Corp. Announces Redemption of 4.5% Preferred Stock
PINEVILLE, LA - (MARKETWIRE via COMTEX) -- Cleco Corp. (NYSE: CNL) today announced that it has called for redemption all 10,288 outstanding shares of its 4.5% Preferred Stock. The redemption date for the 4.5% Preferred Stock is June 24, 2011, and the redemption price is $101.00 per share, plus accrued and unpaid dividends to the redemption date, or $101.296 per share.
After Cleco deposits the aggregate redemption price in trust for holders of the stock, all shares of the 4.5% Preferred Stock, as of the redemption date, will no longer be deemed outstanding. Holders will not be entitled to dividends and all rights of such holders as shareholders of Cleco by reason of their ownership of such 4.5% Preferred Stock (except their right to receive the redemption price) will cease.
Cleco mailed the notice of redemption and related materials to registered holders of the 4.5% Preferred Stock as of the close of business on May 20, 2011.
In order to receive the redemption price, stock certificates must be surrendered to the redemption agent, Computershare Shareholder Services, by overnight delivery or certified mail at the addresses set forth in the redemption form that accompanied the notice of redemption.
Please note: This news release contains forward-looking statements. Actual events and results may differ materially from those projected. There are many risks and uncertainties with respect to such forward-looking statements, including the risks and uncertainties more fully described in Cleco's latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q.