Cleco Corporation (New) -- Moody's assigns Baa3 rating to Cleco Corp's senior secured note issuance

New York, May 11, 2016 -- Moody's Investors Service, Inc. (Moody's) assigned a Baa3 senior secured rating to Cleco Corporation's new senior secured note issuance of at least $500 million. The proceeds from the new notes are expected to be used to refinance a portion of the $1.35 billion senior secured bank term loan that was used to finance the acquisition of Cleco Corp by a Macquarie-led investor group on April 13, 2016. The new senior secured notes will rank pari passu with the pre-existing $1.35 billion senior secured bank term loan and Cleco Corp's$100 million senior secured revolving credit facility. The rating outlook is stable.

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