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Cleco: Pineville, La., March 28, 2016

The following excerpt is from the company's SEC filing.

- Today, the Louisiana Public Service Commission (LPSC) voted to approve the sale of Cleco Corporation (NYSE:CNL), the parent of regulated electric utility Cleco Power LLC, to a group of North American infrastructure investors led by Macquarie Infrastructure and Real Assets (MIRA) and British Columbia Investment Management Corporation (bcIMC), with John Hancock Financial and other infrastructure investors (collectively, the investor group). With the final approval obtained, the transaction is expected to close in April.

“We are pleased with the outcome of the vote and thank the LPSC and Staff for their har d work and confidence in our future,” said Darren Olagues, president of Cleco Power. “We also recognize the work of all parties who participated in the regulatory process. This process produced a transaction that is unprecedented in its protections and commitments to all of those who depend on us each day. We look forward to pursuing upcoming opportunities with our new owners.”

"We are committed to ensuring that Cleco remains a strong, locally-based utility in the years ahead and are appreciative that the LPSC voted to approve this sale,” said Andrew Chapman, senior managing director of MIRA. “We are confident that the utility will continue to provide reliable, high-level service to customers, the community and to the region. This is a valuable investment for our group.”

“We recognize the commitment and effort made by all parties in reviewing the transaction and ensuring that the transaction strengthens Cleco’s future outlook,” said Lincoln Webb, senior vice president, infrastructure for bcIMC. “We are pleased that the LPSC voted in favor of this sound transaction which will benefit all parties involved.”

Upon closing, Cleco will remain headquartered in Pineville and retain local management and existing headcount. In addition, customers will receive approximately $500 on average in rate credits, and Cleco has agreed to extend its current formula rate plan and base rates for an additional two years. Cleco will file a rate case by June 2019 for a new formula rate plan effective July 2020. As a result of the transaction, Cleco will operate under a set of commitments that extend its charitable and economic development funding, prolong existing employee and retiree benefits, maintain its financial integrity, increase Louisiana representation on its board of directors and ensure safe, reliable electric utility service and efficient operations.

“Getting to this point in the regulatory process has taken a team effort from our employees, as well as support from the communities we serve and the leaders of those communities,” said Olagues. “I am grateful for their commitment and trust in Cleco and thank them for their assistance.”

Cleco will continue to operate under the jurisdiction of the LPSC with assurances that strengthen the LPSC’s oversight and enforcement rights over the transaction’s commitments.

Under the terms of the merger agreement announced on Oct. 20, 2014, the new owners will acquire all outstanding shares of Cleco Corporation for $55.37 per share, a 15 percent premium to the closing price on the trading day prior to the day of the transaction’s announcement, in cash following the closing of the...