Debt

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Debt

Note 8 — Debt

On March 12, 2025, Cleco Power completed a securitization financing of the Energy Transition Property through Cleco Securitization II. Cleco Securitization II used the net proceeds from its issuance of $305.0 million aggregate principal amount of its senior secured energy transition bonds to purchase the Energy Transition Property from Cleco Power, pay for debt issuance costs, and reimburse Cleco Power for upfront securitization costs paid by Cleco Power on behalf of Cleco Securitization II. One tranche of $100.0 million aggregate principal amount was issued with an interest rate of 4.680% and an expected weighted average life of 5.4 years. A second tranche of $205.0 million aggregate principal amount was issued with an interest rate of 5.346% and an expected weighted average life of 15.5 years. The energy transition bonds are governed by an indenture between Cleco Securitization II and the indenture trustee. The indenture contains certain covenants that restrict Cleco Securitization II's ability to sell, transfer, convey, exchange, or otherwise dispose of its assets.

On March 14, 2025, following this securitization financing, Cleco Power repaid the outstanding balance of its $125.0 million bank term loan and the outstanding balance of its $110.0 million short-term revolving credit facility. On May 1, 2025, Cleco Power elected to repay its $50.0 million GO Zone bonds.

Cleco Power’s total long-term debt due within one year as of June 30, 2025, and December 31, 2024, was as follows:

Cleco Power
(THOUSANDS)	AT JUNE 30, 2025		AT DEC. 31, 2024
Senior notes, 3.68%, due 2025	$	75,000	$	75,000
Series A GO Zone bonds, 2.50%, due 2038, mandatory tender in 2025	—		50,000
Bank term loan, variable rate, due 2025	—		125,000
Cleco Securitization I storm recovery bonds, 4.016%	15,390		15,087
Cleco Securitization II energy transition bonds, 4.680%	6,733		—
Long-term debt due within one year	97,123		265,087
Unamortized debt issuance costs	(25)		(153)
Long-term debt due within one year, net	$	97,098	$	264,934

Cleco’s total long-term debt due within one year as of June 30, 2025, and December 31, 2024, was as follows:

Cleco
(THOUSANDS)	AT JUNE 30, 2025		AT DEC. 31, 2024
Total Cleco Power long-term debt due within one year, net	$	97,098	$	264,934
Senior notes, 3.743%, due 2026	360,000		—
Long-term debt due within one year	457,098		264,934
Unamortized debt issuance costs	(297)		—
Long-term debt due within one year, net	$	456,801	$	264,934