January 16, 2017 6:12 PM ET

Electric Utilities

Company Overview of Cleco Power LLC

Company Overview

Cleco Power LLC, a regulated electric utility company, generates, transmits, distributes, and sells electricity in the United States. As of December 31, 2015, it owned or had an ownership interests in 6 steam electric generating stations, 3 combined cycle units, and 1 gas turbine with a combined nameplate capacity of 3,333 megawatts (MW) and a combined electric net generating capacity of 3,190 MW; and owned 82 active transmission substations and 219 active distribution substations. The company’s transmission systems consisted of 67 circuit miles of 500-kiloVolt (kV) lines; 539 circuit miles of 230-kV lines; 671 circuit miles of 138 kV lines; and 28 circuit miles of 69-kV lines, as well as a ...

2030 Donahue Ferry Road

Pineville, LA 71360

United States

1,005 Employees

Phone:

318-484-7400

Key Executives for Cleco Power LLC

Chief Executive Officer and Director (Leave of Absence)
Age: 45
Chief Financial Officer
Age: 61
Chief Operating Officer and Senior Vice President
Age: 53
Chief Compliance Officer, Senior Vice President, General Counsel and Corporate Secretary
Age: 47
Senior Vice President of Corporate Services and Information Technology
Age: 56
Compensation as of Fiscal Year 2016.

Cleco Power LLC Key Developments

Cleco Power LLC Completes the Issuance and Sale in Private Placement of an Aggregate Principal Amount of $330.0 Million of Unsecured Senior Notes

On December 20, 2016, Cleco Power LLC completed the issuance and sale in a private placement of an aggregate principal amount of $330.0 million of unsecured senior notes (the Offering) consisting of $130.0 million aggregate principal amount of 3.47% Senior Notes, Series A, due December 16, 2026 (the Series A Notes) and $200.0 million aggregate principal amount of 3.57% Senior Notes, Series B, due December 16, 2028 (together with the Series A Notes, the Senior Notes). The company intends to use the net proceeds of the Offering (i) to replace cash used in November 2016 to redeem at par $60.0 million of 4.70% Solid Waste Disposal Facility bonds due November 2036, (ii) to redeem $250.0 million of 6.65% senior notes due 2018 prior to maturity and pay make whole payments of approximately $19.0 million in connection with such redemption, and (iii) for general company purposes.

Cleco Corporate Holdings LLC and Cleco Power LLC Announce Temporary Leave of Absence of Darren J. Olagues, Chief Executive Officer

On December 11, 2016, Darren J. Olagues, currently the Chief Executive Officer of Cleco Corporate Holdings LLC and Cleco Power LLC (Cleco Power), announced that he will take a leave of absence from his position as Chief Executive Officer of the company and Cleco Power. The boards of managers and Mr. Olagues view this as a temporary leave of absence while Mr. Olagues attends to personal matters. Senior vice presidents of the company and Cleco Power will assume his duties during this period.

Cleco Power LLC Engages PricewaterhouseCoopers LLP as Independent Registered Public Accounting Firm

On July 22, 2016, each of Cleco Corporate Holdings LLC and Cleco Power LLC engaged PricewaterhouseCoopers LLP as their respective independent registered public accounting firm beginning with the quarter ended June 30, 2016. The decision to engage PwC was approved by each of the Boards of Managers of Cleco and Cleco Power.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
December 20, 2016
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