Cleco announces amendments to credit facilities
PINEVILLE, La. - Cleco Corp. (NYSE: CNL) announced today that it has reached agreements with a 10-member bank group led by JPMorgan Chase & Co. to amend its credit facilities at Cleco Corp. and Cleco Power LLC.
Cleco currently has two revolving senior unsecured credit facilities - one at Cleco Corp. for $200 million and one at Cleco Power for $300 million.
The amendments increase Cleco Corp.'s $200 million credit facility by $50 million, extend the duration of both facilities and reduce the cost of both facilities. The amended facilities now total $550 million.
"These amendments demonstrate our commitment to strengthen our balance sheet and improve our liquidity," said Bruce Williamson, president and CEO. "By taking advantage of current market conditions, we are lowering our borrowing costs as well as extending the duration of the facilities by two years allowing us to lock in the facility to November 2016."
Williamson said the facilities will provide the liquidity to help fund ongoing capital projects and future business opportunities.