SOURCE: Cleco Corp.

August 07, 2006 16:15 ET

Cleco Corp. Announces Public Offering of Common Stock

PINEVILLE, LA -- (MARKET WIRE) -- August 7, 2006 -- Cleco Corp. (NYSE: CNL) today announced it plans an underwritten public offering, subject to market conditions, of 6 million shares of its common stock.

The company plans to use net proceeds from the offering to partially finance construction of the estimated $1 billion solid-fuel power plant at Rodemacher Power Station in Boyce, La. Construction of the 600-megawatt unit began in the first quarter of 2006.

The underwriters have an option to purchase up to an additional 900,000 shares of common stock at the public offering price less the underwriting discount. Goldman, Sachs & Co. will act as the sole book-running lead manager with KeyBanc Capital Markets serving as joint lead manager. A.G. Edwards and Howard Weil Inc. will act as co-managers.

A preliminary prospectus supplement related to the offering has been filed with the Securities and Exchange Commission (SEC) and is available on the SEC's website, www.sec.gov. Any offering of shares of common stock shall be made only by means of a prospectus. This news release does not constitute an offer to sell or a solicitation of an offer to buy any security, nor will there be any sale of such security in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. A copy of the preliminary prospectus supplement and, when available, the final prospectus can be obtained from Goldman, Sachs & Co., at 85 Broad Street, New York, NY 10004, Attn. Prospectus Dept.; by fax at 212-902-9316; or by e-mail at prospectus-ny@ny.email.gs.com.

Cleco Corp. is a regional energy services company headquartered in Pineville, La. It operates a regulated electric utility that serves 267,000 customers across Louisiana. Cleco also runs a wholesale energy business that owns approximately 1,350 megawatts of generating capacity.

Contact Information

  • Investor Contacts:
    Cleco Corporation:
    Keith Crump
    (318) 484-7719

    Ryan Gunter
    (318) 484-7724

    Shareholder Services:
    Rodney Hamilton
    (318) 484-7593

    Analyst Inquiries:
    Dresner Corporate Services
    Kristine Walczak
    (312) 780-7205

    Media Contact:
    Cleco Corporation
    Michael Burns
    (318) 484-7663