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Stock Market & Financial Investment News

News Breaks
March 17, 2014
09:02 EDTCNLCleco transfers Coughlin Power Station to regulated utility
Cleco announced the transfer of Coughlin Power Station to its regulated utility, Cleco Power, from its unregulated subsidiary, Cleco Midstream. Cleco Power assumed ownership of the natural gas-fired unit Saturday, March 15. This transaction will add 775-megawatts of nameplate capacity to Cleco Power's regulated fleet. As part of the utility's generation units, the Coughlin facility is a key component of providing capacity, energy and services to Dixie Electric Membership Corporation, or DEMCO. This contract is to begin on April 1, and will grow the utility's total customer load by more than 20%. DEMCO serves the growing suburban Baton Rouge market and is one of the largest cooperatives in Louisiana.
News For CNL From The Last 14 Days
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October 20, 2014
16:57 EDTCNLCleco discloses termination fee $120M
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10:06 EDTCNLCleco downgraded to Market Perform from Outperform at Wells Fargo
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09:22 EDTCNLOn The Fly: Pre-market Movers
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05:56 EDTCNLCleco says transaction expected to have no impact on dividend
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05:55 EDTCNLCleco says Darren Olagues expected to succeed Williamson as CEO upon closing
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05:45 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash
Cleco announced that it has entered into a definitive agreement to be acquired by a group of North American long-term infrastructure investors led by Macquarie Infrastructure and Real Assets, or MIRA, and British Columbia Investment Management Corporation, or bcIMC, together with John Hancock Financial and other infrastructure investors. The agreement values Cleco at approximately $4.7B, including approximately $1.3B of assumed debt. Under the terms of the agreement, the new owners will acquire all outstanding shares of Cleco Corporation for $55.37 per share in cash. The price represents approximately a 15% premium to Cleco's closing price of $48.27 on October 17, the last trading day prior to the announcement of the agreement. The transaction is expected to close in the second half of 2015. Following the close of the transaction, Cleco Power will continue to be regulated by the LPSC and FERC. The transaction will not affect residential or commercial rates for electricity. In addition, following the close of the transaction, Cleco will continue to operate as an independent company led by local management and will maintain its headquarters in Pineville, LA. Cleco's CEO, senior utility management, and leaders of corporate support functions will all be Louisiana residents as will at least four members of Cleco's board of directors, including its chair. Cleco and the new owners have made additional commitments to the LPSC including that no changes will be made to Cleco's operations, staffing levels, compensation levels or employee and retiree benefits programs as a result of the transaction.
05:42 EDTCNLCleco to be acquired by investor group for $55.37 per share in cash

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