Debt

9 Months Ended

Sep. 30, 2020


Note 8 — Debt

On March 2, 2020, Cleco Power made the final $11.1 million principal payment and completed the repayment in full of its Cleco Katrina/Rita storm recovery bonds issued in March 2008.

On May 1, 2020, Cleco Power repriced at a mandatory tender date its $50.0 million 2008 series A GO Zone bonds and entered into a new interest rate period with a mandatory tender date of May 1, 2025. The interest rate for the new interest rate period is fixed at 2.50% per annum.

On May 15, 2020, Cleco Power entered into an amendment for its revolving credit agreement. This amendment extends the term of the revolving credit agreement through June 28, 2022. At September 30, 2020, Cleco Power had $150.0 million of borrowings outstanding under its $300.0 million revolving credit facility at an all-in interest rate of 1.41%. The borrowing costs under the agreement currently are equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15%.

On August 28, 2020, Cleco Power entered into a $125.0 million variable rate bank term loan due June 28, 2022.

Amounts outstanding under the bank term loan bear interest at a base rate plus 0.250% or LIBOR plus 1.25%. At September 30, 2020, the all-in interest rate under the term loan was 1.40%, which was based on LIBOR.

On May 15, 2020, Cleco Holdings entered into amendments for its revolving credit agreement and two outstanding term loan agreements. These amendments extend the terms of each agreement through June 28, 2022.

At September 30, 2020, Cleco Holdings had $88.0 million of borrowings outstanding under its $175.0 million revolving credit facility at an all-in interest rate of 2.035%. The borrowing costs under the facility currently are equal to LIBOR plus 1.875% or ABR plus 0.875%, plus commitment fees of 0.30%.

At September 30, 2020, Cleco Holdings had $330.0 million long-term variable rate bank term loans outstanding. One bank term loan had a balance of $300.0 million outstanding, at an interest rate of LIBOR plus 1.875%, for an all-in interest rate of 2.035% at September 30, 2020. Another bank term loan had a balance of $30.0 million outstanding, at an interest rate of LIBOR plus 1.875%, for an all-in interest rate of 2.035% at September 30, 2020.

On September 11, 2019, Cleco Holdings completed the private placement of $300.0 million aggregate principal amount of its 3.375% senior notes due September 15, 2029. The proceeds from the issuance were used to repay the remaining amounts due under the $300.0 million bridge loan agreement and a portion of the $100.0 million term loan agreement, both entered into in connection with the Cleco Cajun Transaction. On July 14, 2020, Cleco Holdings completed an exchange offer for its outstanding 3.375% senior notes, which were not registered under the Securities Act of 1993, as amended, for an equal principal amount of newly issued 3.375% senior notes due September 15, 2029, that were so registered. Cleco Holdings did not receive any proceeds from the exchange offer.