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Debt
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Debt
Note 10 — Debt
Cleco Power’s total long-term indebtedness as of December 31, 2024, and 2023 was as follows:

Cleco Power
AT DEC. 31,
(THOUSANDS)20242023
Bonds  
Senior notes, 3.17%, due 2024
$— $50,000 
Senior notes, 3.68%, due 2025
75,000 75,000 
Senior notes, 3.47%, due 2026
130,000 130,000 
Senior notes, 5.96%, due 2026
100,000 100,000 
Senior notes, 4.33%, due 2027
50,000 50,000 
Senior notes, 3.57%, due 2028
200,000 200,000 
Senior notes, 6.50%, due 2035
295,000 295,000 
Senior notes, 6.00%, due 2040
250,000 250,000 
Senior notes, 5.12%, due 2041
100,000 100,000 
Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025
50,000 50,000 
Series B GO Zone bonds, 4.25%, due 2038
50,000 50,000 
Cleco Securitization I storm recovery bonds, 4.016%, due 2033
100,927 115,426 
Cleco Securitization I storm recovery bonds, 4.646%, due 2044
300,000 300,000 
Total bonds1,700,927 1,765,426 
Bank term loan, variable rate, due 2025
125,000 125,000 
Finance leases  
Barge lease obligations (1)
— 12,971 
Gross amount of long-term debt and finance leases
1,825,927 1,903,397 
Long-term debt due within one year(264,934)(189,389)
Finance leases classified as long-term debt due within one year— (925)
Unamortized debt discount(3,866)(4,178)
Unamortized debt issuance costs(10,503)(11,753)
Total long-term debt and finance leases, net$1,546,624 $1,697,152 
(1) For more information on Cleco Power’s barge lease obligations, see Note 4 — Leases — Finance Lease.”

Cleco’s total long-term indebtedness as of December 31, 2024, and 2023 was as follows:

Cleco
AT DEC. 31,
(THOUSANDS)20242023
Total Cleco Power long-term debt and finance leases, net
$1,546,624 $1,697,152 
Cleco Holdings’ long-term debt, net
Senior notes, 3.250%, due 2025
— 165,000 
Senior notes, 3.743%, due 2026
360,000 535,000 
Senior notes, 3.375%, due 2029
300,000 300,000 
Senior notes, 4.973%, due 2046
350,000 350,000 
Bank term loan, variable rate, due 2024— 66,700 
Long-term debt due within one year— (66,497)
Unamortized debt issuance costs(1)
(1,523)(2,776)
Fair value adjustment89,942 97,345 
Total Cleco long-term debt and finance leases, net
$2,645,043 $3,141,924 
(1) For December 31, 2024, and 2023, this amount includes unamortized debt issuance costs for Cleco Holdings of $5.4 million and $7.0 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $3.9 million and $4.3 million, respectively. For more information, see Note 6 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.”
The principal amounts payable under long-term debt agreements for each year through 2029 and thereafter are as follows:

(THOUSANDS)CLECO POWERCLECO
For the year ending Dec. 31,
2025 (1)
$215,087 $215,087 
2026$245,699 $605,699 
2027$66,336 $66,336 
2028$216,999 $216,999 
2029
$17,688 $317,688 
Thereafter$1,064,118 $1,414,118 
(1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025.
Cleco Power
At December 31, 2024, and 2023, Cleco Power’s long-term debt and finance leases due within one year was $264.9 million and $190.3 million, respectively. The increase of $74.6 million is primarily due to $75.0 million senior notes due in November 2025, $50.0 million GO-Zone bonds with a mandatory tender in April 2025, partially offset by the repayment of $50.0 million senior notes in December 2024.
At December 31, 2024, Cleco Power had $110.0 million outstanding borrowings of borrowings outstanding under its $300.0 million revolving credit facility. The term loan under the term loan agreement bears interest at a rate of SOFR plus 1.35% or ABR plus 0.25%.
On May 17, 2024, Cleco Power entered into a $125.0 million bank term loan agreement. The term loan agreement replaced Cleco Power’s existing term loan agreement and matures on May 17, 2025.
On December 16, 2024, Cleco Power repaid its $50.0 million 3.17% senior notes that matured in December 2024.
Other than Cleco Securitization I storm recovery bonds, all of Cleco Power’s debt outstanding at December 31, 2024, and 2023 is unsecured and unsubordinated.

Cleco
At December 31, 2024, and 2023, Cleco’s long-term debt and finance leases due within one year was $264.9 million and $256.8 million, respectively. The increase of $8.1 million is primarily due to $75.0 million of Cleco Power’s senior notes due in November 2025, $50.0 million of Cleco Power’s GO-Zone bonds with a mandatory tender in April 2025; partially offset by the repayment of Cleco Holdings’ $66.7 million bank term loan, and the repayment of Cleco Power’s $50.0 million senior notes in December 2024.
On April 26, 2024, Cleco Holdings repaid its $66.7 million bank term loan that was due on May 21, 2024. On June 4, 2024, Cleco Holdings redeemed its $165.0 million floating rate senior notes due in May 2025.
On November 27, 2024, Cleco Holdings completed a voluntary tender offer for its 3.743% senior notes due in May 2026 in an aggregate principal amount of $175.0 million.
Other than Cleco Securitization I storm recovery bonds, all of Cleco’s debt outstanding at December 31, 2024, and 2023 is unsecured and unsubordinated.
Upon approval of the Cleco Cajun Acquisition, commitments were made to the LPSC by Cleco, including repayment of $400.0 million of Cleco Holdings’ debt by
December 31, 2024. As of December 31, 2024, Cleco Holdings had satisfied this commitment.

Credit Facilities
At December 31, 2024, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million with $10.0 million outstanding borrowings and one for Cleco Power in the amount of $300.0 million with $110.0 million outstanding borrowings. These revolving credit facilities were entered into on May 17, 2024, and replaced the existing agreements. The total of all revolving credit facilities maintains a maximum aggregate capacity of $475.0 million.
Cleco Holdings and Cleco Power each elected not to renew its individual $10.0 million uncommitted lines of credit that were used to support working capital needs. The individual uncommitted lines of credit allowed up to $10.0 million in short-term borrowings, but no more than $10.0 million in the aggregate. These lines of credit were previously being renewed on an annual basis; however, on September 20, 2024, these lines of credit expired.
Cleco Holdings’ revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and matures in May 2029. Under covenants contained in Cleco Holdings’ revolving credit facility, Cleco is required to maintain total indebtedness, not including securitization indebtedness, less than or equal to 65% of total capitalization. At December 31, 2024, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2024, the borrowing costs under Cleco Holdings’ revolving credit agreement were equal to SOFR plus 1.725% or ABR plus 0.625%, plus commitment fees of 0.275% on the unused portion of the facility. If Cleco Holdings’ credit ratings were to be downgraded one level by the credit rating agencies, Cleco Holdings may be required to pay incremental interest and commitment fees of 0.125% and 0.05%, respectively, under the pricing levels of its revolving credit facility.
Cleco Power’s revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and matures in May 2029. Under covenants contained in Cleco Power’s revolving credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65% of total capitalization. At December 31, 2024, Cleco Power was in compliance with the covenants of its revolving credit facility. At December 31, 2024, the borrowing costs under Cleco Power’s revolving credit agreement were equal to SOFR plus 1.35% or ABR plus 0.25%, plus commitment fees of 0.15% on the unused portion of the facility. If Cleco Power’s credit ratings were to be downgraded one level by the credit rating agencies, Cleco Power may be required to pay incremental interest and commitment fees of 0.125% and 0.025%, respectively, under the pricing levels of its revolving credit facility.
If Cleco Holdings or Cleco Power were to not comply with certain covenants in their respective revolving credit facilities or other debt agreements, they would be unable to borrow additional funds under the facilities, and the lenders under the
respective credit facility or debt agreement could accelerate all principal and interest outstanding. Further, if Cleco Power were to default under its revolving credit facility or other debt agreements, Cleco Holdings would be considered in default under its revolving credit facility.