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| Kathleen Nolen |
Cleco Corp. is planning to rework two unsecured credit facilities totaling $275 million arranged last April. The Pineville, La., holding company obtained a three-year $150 million line and, via its subsidiary Cleco Power, a $125 million 364-day revolver but believes that it could net lower pricing in today's market while extending the tenor, said Kathleen Nolen, treasurer. Terms of the new credit line have yet to be worked out, but the company is discussing details with leads Bank of New York, J.P. Morgan and WestLB. It hopes to have a new line in place in the next few months. Cleco Power's short-dated line bears pricing of LIBOR plus 1% and expires in April while the holding company's revolver is priced at LIBOR plus 165. Officials at WestLB declined to comment. Calls to J.P. Morgan and BoNY were directed to spokesmen who were unable to comment.