<PAGE>
PRICING SUPPLEMENT NO. 9 Filed Pursuant to Rule 424(b)(2)
(To Prospectus dated April 20, 1993 Registration No. 33-61068
and Prospectus Supplement dated
April 28, 1993)
$125,000,000
Central Louisiana Electric Company, Inc.
Medium-Term Notes
Due From 9 Months to 30 Years From Date of Issue
<TABLE>
<S> <C> <C> <C>
Principal Amount. . . . $15,000,000 Initial Redemption Date . . . . . Not Applicable
Original Issue Date . . January 8, 1996 Initial Redemption Percentage . . Not Applicable
Maturity Date . . . . . September 15, 2006 Annual Redemption Percentage
Reduction . . . . . . . . . . . . Not Applicable
Price (As of % of
Principal Amount) . . . 100% Limitation Date . . . . . . . . . Not Applicable
Interest Rate . . . . . 6.32% Refunding Rate. . . . . . . . . . Not Applicable
Agents' Commission Form. . . . . . . . . . . . . . . X Book-Entry Note
(As a % of Certified Note
Principal Amount) . . . 0.625%
</TABLE>
Including the Medium-Term Notes issued pursuant to this Pricing Supplement,
Central Louisiana Electric Company, Inc. (the "Company") has issued to date (i)
$125,000,000 aggregate principal amount of Medium-Term Notes under the
Prospectus and Prospectus Supplement to which this Pricing Supplement relates
(the "Notes") at interest rates then in effect and (ii) $-0- aggregate
principal amount of the Company's First Mortgage Bonds under the Prospectus to
which this Pricing Supplement relates.
If an Initial Redemption Date has been specified above, the Notes will be
redeemable as a whole or in part, in increments of $1,000 (provided that any
remaining principal amount of any such Note shall be at least $100,000), on
the Initial Redemption Date or on any date subsequent thereto, at the option of
the Company upon not more than 60 nor less than 30 days prior notice, at the
applicable redemption price set forth below, with accrued interest to the date
of redemption; provided, however, that if a Limitation Date has been specified
above, no Notes shall be redeemed prior to the Limitation Date specified above
as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of monies borrowed having an interest cost
to the Company (calculated in accordance with generally accepted financial
practice) of less than the Refunding Rate specified above. The redemption
price shall initially be the Initial Redemption Percentage specified above of
the principal amount of the Notes to be redeemed and shall decline at each
anniversary of the Initial Redemption Date by the Annual Redemption
Percentage Reduction specified above of the principal amount to be redeemed
until the redemption price is 100% of such principal amount.
Smith Barney Inc. (an "Agent") purchased $15,000,000 aggregate principal amount
of the Notes offered hereby at a price of 99.375% of the principal amount
thereof, for resale to investors at varying prices related to prevailing market
prices at the time of resale, as determined by the Agent. The Agent has
advised the Company that they may sell all or a part of the Notes to one or
more dealers at varying prices related to prevailing market prices at the time
of such sale, as determined by the Agent, less a concession to be agreed upon
between the Agent and any such dealer.
Salomon Brothers Inc
CS First Boston
Smith Barney Inc.
The date of this Pricing Supplement is January 5, 1996 Page 1 of 2
<PAGE>
PRICING SUPPLEMENT NO. 9
(To Prospectus dated April 20, 1993
and Prospectus Supplement dated
April 28, 1993)
The following selected financial information supplements the financial
information appearing in and incorporated by reference into the Prospectus to
which this Pricing Supplement relates.
<TABLE>
SELECTED FINANCIAL INFORMATION
<CAPTION>
(In thousands, except ratios, percentages and per share data)
Year ended December 31,
1993 1994
------ ------
<S> <C> <C>
Statement of Income Data:
Operating revenues . . . . . . . . . . . $382,433 $379,603
Operating income . . . . . . . . . . . . $ 64,745 $ 70,430
Income before interest charges . . . . . $ 67,571 $ 71,417
Net income . . . . . . . . . . . . . . . $ 41,812 $ 45,043
Primary net income per common share. . . $ 1.78 $ 1.92
</TABLE>
<TABLE>
<CAPTION>
Year Ended December 31
1990 1991 1992 1993 1994
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Ratio of Earnings to Fixed Charges 2.84 2.99 3.16 3.30 3.35
</TABLE>
<TABLE>
<CAPTION>
December 31, 1994
-----------------
<S> <C> <C>
Capital Structure:
First mortgage bonds. . . . . . . . . . . $124,000 17.0%
Medium-term notes . . . . . . . . . . . . 165,000 22.7
Other long-term debt(1)(2). . . . . . . . 62,741 8.6
Cumulative preferred stock(3) . . . . . . 13,264 1.8
Common shareholders' equity . . . . . . . 363,027 49.9
-------- -----
Total capitalization . . . . . . . . . $728,032 100.0%
======== =====
Short-term debt . . . . . . . . . . . . . $ 28,977
========
</TABLE>
______________________
(1) Excludes current maturities of other long-term debt aggregating
approximately $14.7 million.
(2) Includes approximately $61.3 million aggregate principal amount of
continuously remarketed variable rate pollution control revenue bonds
due 2018.
(3) Includes approximately $29.7 million of convertible preferred stock issued
in April 1991 in connection with the establishment of an employee stock
ownership plan, reduced by approximately $24.4 million of unearned
compensation expense related to such employee stock ownership plan.
PLAN OF DISTRIBUTION
As used herein and in the Prospectus Supplement to which this Pricing
Supplement relates, the term "Agents" shall mean Salomon Brothers Inc, CS First
Boston Corporation and Smith Barney Inc.
Page 2 of 2
