Despite new concessions, consumer groups, environmental interests andrnothers still oppose a plan by Macquarie Infrastructure & Real Assets,rnBritish Columbia Investment Management Corp. and other investors tornbuy Cleco and its Cleco Power utility subsidiary for $4.7 billion.rnIn addition, the Louisiana Public Service Commission's staff said inrna filing that the new proposal, which includes a $125 million rate creditrnfor Cleco customers, is "not sufficient to fully mitigate the negativernrisks and impacts of the transaction."rnIn particular, the PSC staff said it is concerned about the increasingrnlevel of Cleco debt that would result from the leveraged buyout.rnPineville, Louisiana-based Cleco in October 2014 entered into arndefinitive agreement to be acquired by an investment group led byrnMacquarie Infrastructure and Real Assets, Marquarie InfrastructurernPartners III — a MIRA-managed investment fund — and BCIMC forrn$3.4 billion in cash and the assumption of $1.3 billion in debt. JohnrnHancock Financial and other unidentified "infrastructure investors"rnalso will participate.
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