IPO - CLECO POWER LLC

Form Type: CORRESP

Filing Date: 2025-02-27

Corporate Action: Ipo

Type: New

Accession Number: 000114036125006181

Filing Summary: Cleco Power LLC and Cleco Securitization II LLC submitted a request to the United States Securities and Exchange Commission to accelerate the effective date of their Registration Statement on Form SF-1. They seek for the registration to become effective on March 3, 2025, at 9:00 a.m. E.T., or as soon as practicable thereafter. This move is in accordance with Rule 461 under the Securities Act of 1933. The document includes a point of contact for follow-up after the registration statement has been declared effective.

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Form Type: SF-1/A

Filing Date: 2025-01-28

Corporate Action: Ipo

Type: New

Accession Number: 000114036125002109

Filing Summary: Cleco Power LLC is offering up to $305,000,000 in Series 2025-A Senior Secured Energy Transition Bonds. These bonds are essential for recovering costs associated with the retirement of the Dolet Hills Power Station and the closure of related coal mines. Cleco has incurred substantial regulatory assets linked to the decommissioning processes and previous lignite production costs. The energy transition bonds will be senior secured obligations supported by energy transition property, including irrevocable charges collected from Cleco’s customer base. Cleco Power, as the depositor and initial servicer, oversees the bond issuance. The bonds are structured as semi-annual interest payments, and there are specific adjustments for recovery aimed at ensuring timely payment of principal and interest. The arrangement is endorsed by the Louisiana Public Service Commission to provide credit enhancement through statutory mechanisms. The bonds are not a general obligation of Louisiana and have no recourse to Cleco Power's affiliates outside the issuing entity.

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