July 28, 2022
Hunton Andrews Kurth acted as counsel to the underwriters on an SEC-registered offering of $425 million aggregate principal amount of Series 2022-A Senior Secured Storm Recovery Bonds (the “Bonds”) by Cleco Securitization I LLC, as “Issuing Entity”, a special purpose entity, wholly-owned by Cleco Power LLC, as sponsor and depositor. The Bonds were sold pursuant to a financing order issued by the Louisiana Public Service Commission. The Bond proceeds will be used to purchase storm recovery property from Cleco. In accordance with the financing order, Cleco will use the proceeds to reimburse itself for previously incurred storm recovery costs, repayment of short-term floating rates notes and fund a restricted storm recovery reserve and a separate restricted special Hurricane Ida reserve.
The Hunton Andrews Kurth team included Michael Fitzpatrick, Adam O’Brian, Michelle G. Chan and Matthew A Hayes. Jason Harbour assisted with certain bankruptcy advice, Shawn Regan and Kate Perkins assisted with certain constitutional law matters and Cary Tolley, Anna Page and Tim Strother provided tax advice.