Deal Description: On June 22, 2022, Cleco Securitization I LLC (the “Issuer”), a wholly owned subsidiary of Cleco Power LLC (“Cleco Power”), closed its offering and sale of $425 million aggregate principal amount of its Series 2022-A Senior Secured Storm Recovery Bonds (the “Bonds”). The Bonds were issued pursuant to a financing order issued by the Louisiana Public Service Commission (the “LPSC”) under the Louisiana Electric Utility Storm Recovery Securitization Act and are secured by storm recovery property, which includes the right to a special, irrevocable nonbypassable charge, known as the “storm recovery charge,” paid by all existing and future LPSC jurisdictional customers of Cleco Power. The net proceeds from the sale of the Bonds will be paid to Cleco Power by the Issuer, who will use the net proceeds to fund a restricted storm recovery reserve and to reimburse Cleco Power for the storm recovery costs previously expended by Cleco Power in connection with Hurricanes Laura, Delta, Zeta and Ida and Winter Storms Uri and Viola.
J.P. Morgan Securities LLC and Credit Agricole Securities (USA) Inc. served as Representatives of the several underwriters.
Cleco Power is a regulated electric utility company that as of December 31, 2021 owns 9 generating units with a total rated capacity of 3,035 MW and serves approximately 291,000 customers in Louisiana through its retail business and supplies wholesale power in Louisiana and Mississippi.
Baker Botts L.L.P. represented Cleco Power in the offering.
Baker Botts Lawyers/Office Involved:
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