<PAGE>
Pricing Supplement No. 3 Filed Pursuant to Rule 424(b)(3)
(To Prospectus dated December 12, 1996) Registration No. 333-02895
CENTRAL LOUISIANA ELECTRIC COMPANY, INC.
Up to $200,000,000
Medium-Term Notes
Due More Than One Year From Date of Issue
<TABLE>
<S> <C> <C> <C>
Principal Amount . . . $25,000,000 Initial Redemption Date . . Not Applicable
Original Issue Date. . August 15, 1997 Initial Redemption %. . . . Not Applicable
Maturity Date. . . . . December 14, 2007 Annual Redemption %
Reduction . . . . . . . . . Not Applicable
Price (as a % of
Principal Amount). . . 100% Limitation Date . . . . . . Not Applicable
Interest Rate. . . . . 7.00% Refunding Rate. . . . . . . Not Applicable
Agents' Commission/
Underwriting
Discount (as a % of
Principal Amount). . . 0.625% Form. . . . . . . . . . . . X Book Entry
Optional Repayment
Date . . . . . . . . . Not Applicable
</TABLE>
Including the Medium-Term Notes issued pursuant to this Pricing Supplement,
Central Louisiana Electric Company, Inc. (the "Company") has issued to date
$60,000,000 aggregate principal amount of Medium-Term Notes under the
Prospectus to which this Pricing Supplement relates (the "Notes") at interest
rates then in effect.
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 $1,000), 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 above, 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.
If an Optional Repayment Date has been specified above, the Notes will be
repayable by the Company at the option of the registered owner ("Holder")
thereof on the Optional Repayment Date in whole or in part in increments of
$1,000 (provided that any remaining principal amount of any such Note shall be
at least $1,000) at 100% of the principal amount of the Note to be repaid
together with interest thereon payable to the date of repayment. To elect the
repayment option, the depositary in whose name the Notes are registered (the
"Depositary"), the Depositary's nominee or an authorized participant of the
Depositary must provide written notice of such election in a form acceptable to
The Bank of New (Continued on Page 2)
SALOMON BROTHERS INC
FIRST CHICAGO CAPITAL MARKETS, INC.
MERRILL LYNCH & CO.
SMITH BARNEY INC.
The date of this Pricing Supplement is August 14, 1997 Page 1 of 2
<PAGE>
Pricing Supplement No. 3 Filed Pursuant to Rule 424(b)(3)
(To Prospectus dated December 12, 1996) Registration No. 333-02895
York or its successor (the "Trustee"), which notice must be received by the
Trustee at its corporate trust office (or such other address of which the
Company shall from time to time notify the Holders) not more than 60 nor less
than 30 days prior to the Optional Repayment Date. Notices of elections from
participants on behalf of beneficial owners of the Notes to exercise their
option to have the Notes repaid must be received by the Trustee by 5:00 p.m.,
New York City time, on the last day for giving such notice. In order to ensure
that a notice is received by the Trustee on a particular day, the beneficial
owner of Notes must so direct the applicable participant through which it holds
an interest in such Note before such participant's deadline for accepting
instructions for that day. Different firms may have different deadlines for
accepting instructions from their customers. Accordingly, beneficial owners of
Notes should consult the participants through which they own their interest in
the Notes for the respective deadlines for such participants. In the event of
repayment of the Notes in part only, new Notes for the unpaid portion thereof
shall be issued in the name of the Holder thereof. Any exercise of such
repayment option will be irrevocable.
First Chicago Capital Markets, Inc., Merrill Lynch & Co. and Smith Barney Inc.
(each an "Agent") each purchased $6,250,000 aggregate principal amount, and
Salomon Brothers Inc (also an "Agent") purchased $5,250,000 aggregate
principal amount, of the Notes offered hereby at a price of 99.375% of the
principal amount thereof, for resale to investors or other purchasers at
varying prices related to prevailing market prices at the time of resale as
determined by such Agent. Each Agent has advised the Company that it 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 such Agent,
less a concession to be agreed upon between such Agent and any such dealer.
The remaining $1,000,000 aggregate principal amount of the Notes has been sold
through one of the Agents who has solicited a purchaser for such Notes. Such
Agent is receiving the Agent's Commission specified above on such Notes.
The date of this Pricing Supplement is August 14, 1997 Page 2 of 2
