Filed pursuant to Rule 433
November 9, 2010
Relating to
Preliminary Prospectus Supplement dated November 9, 2010 to
Prospectus dated October 30, 2009
Registration Statement No. 333-162773
Cleco Power LLC
Pricing Term Sheet | ||
Issuer: | Cleco Power LLC | |
Security: | 6.00% Notes due 2040 | |
Ratings* (Moody’s/S&P): | Baa2/BBB | |
Principal Amount: | $250,000,000 | |
Maturity: | December 1, 2040 | |
Settlement: | November 15, 2010; T+3 | |
Coupon: | 6.00% | |
Interest Payment Dates: | June 1 and December 1, commencing June 1, 2011 | |
Record Date: | 15th calendar day of the month preceding the month in which the applicable interest payment date falls. | |
Benchmark Treasury: | 4.375% due May 15, 2040 | |
Benchmark Treasury Yield: | 4.205% | |
Spread to Benchmark Treasury: | +187.5 bps | |
Yield to Maturity: | 6.080% | |
Initial Price to Public: | 98.898% per Note | |
Redemption Provisions: | Make whole call at T + 30 bps | |
CUSIP: | 185508AG3 | |
Minimum Denominations: | $2,000 and integral multiples of $1,000 |
Use of Proceeds: | The Issuer intends to use the net proceeds from this offering for general corporate purposes, including financing a portion of the costs related to the Acadiana Load Pocket transmission project, the advanced metering infrastructure project, accelerated funding of certain pension plan obligations and repayment prior to maturity of a $50 million bank loan due August 2012. | |
Joint Book-Running Managers: | J.P. Morgan Securities LLC | |
Credit Agricole Securities (USA) Inc. | ||
KeyBanc Capital Markets Inc. | ||
Co-Managers: | Merrill Lynch, Pierce, Fenner & Smith | |
Incorporated | ||
Credit Suisse Securities (USA) LLC |
The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site atwww.sec.gov. Alternatively, the Issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC collect at 212-834-4533, Credit Agricole Securities (USA) Inc. toll-free at 866-807-6030 or KeyBanc Capital Markets Inc. toll-free at 866-227-6479.
* | Note: A security rating is not a recommendation to buy, sell or hold securities, it may be revised or withdrawn at any time by the assigning rating organization and each rating presented should be evaluated independently of any other rating. |
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