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Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt
Note 10 — Debt
Cleco Power’s total long-term indebtedness as of December 31, 2025, and 2024 was as follows:

AT DEC. 31,
(THOUSANDS)20252024
Bonds  
Senior notes, 3.68%, due 2025
$— $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, 5.30%, due 2036
350,000 — 
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 
Series B GO Zone bonds, 4.25%, due 2038
50,000 50,000 
Cleco Securitization I storm recovery bonds, 4.016%, due 2033
85,840 100,927 
Cleco Securitization I storm recovery bonds, 4.646%, due 2044
300,000 300,000 
Cleco Securitization II energy transition bonds, 4.680%, due 2036
96,786 — 
Cleco Securitization II energy transition bonds, 5.346%, due 2047
205,000 — 
Total bonds2,212,626 1,700,927 
Bank term loan, variable rate, due 2025
— 125,000 
Gross amount of long-term debt
2,212,626 1,825,927 
Long-term debt due within one year(254,943)(264,934)
Unamortized debt discount(4,386)(3,866)
Unamortized debt issuance costs(17,781)(10,503)
Total long-term debt, net
$1,935,516 $1,546,624 
Cleco’s total long-term indebtedness as of December 31, 2025, and 2024 was as follows:

AT DEC. 31,
(THOUSANDS)20252024
Total Cleco Power long-term debt, net
$1,935,516 $1,546,624 
Cleco Holdings’ long-term debt, net
Senior notes, 3.743%, due 2026
360,000 360,000 
Senior notes, 3.375%, due 2029
300,000 300,000 
Senior notes, 4.973%, due 2046
350,000 350,000 
Long-term debt due within one year(359,884)— 
Unamortized debt issuance costs(1)
(941)(1,523)
Fair value adjustment82,553 89,942 
Total Cleco long-term debt, net
$2,667,244 $2,645,043 
(1) For December 31, 2025, and 2024, this amount includes unamortized debt issuance costs for Cleco Holdings of $4.5 million and $5.4 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $3.6 million and $3.9 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 2030 and thereafter are as follows:

(THOUSANDS)CLECO POWERCLECO
For the year ending Dec. 31,
2026
$255,212 $615,212 
2027
$76,300 $76,300 
2028
$227,434 $227,434 
2029
$28,618 $328,618 
2030
$29,853 $29,853 
Thereafter$1,595,209 $1,945,210 
Cleco Power
Cleco Power’s total long-term debt due within one year as of December 31, 2025, and December 31, 2024, was as follows:

(THOUSANDS)AT DEC. 31, 2025AT DEC. 31, 2024
Senior notes, 3.68%
$— $75,000 
Senior notes, 3.47%
130,000 — 
Senior notes, 5.96%
100,000 — 
Series A GO Zone bonds, 2.50%,
— 50,000 
Bank term loan, variable rate— 125,000 
Cleco Securitization I storm recovery bonds, 4.016%
15,699 15,087 
Cleco Securitization II energy transition bonds, 4.680%
9,513 — 
Long-term debt due within one year255,212 265,087 
Unamortized debt issuance costs(269)(153)
Long-term debt due within one year, net $254,943 $264,934 

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 outstanding balance of its $110.0 million short-term revolving credit facility. On May 1, 2025, Cleco Power elected to repay $50.0 million GO Zone bonds issued on its behalf.
On November 17, 2025, Cleco Power used its revolving credit facility to repay its $75.0 million of senior notes. On November 21, 2025, Cleco Power completed the issuance of $350.0 million aggregate principal amount of its unsecured senior notes at a fixed interest rate of 5.30% and a maturity date of January 15, 2036. The proceeds of the issuance were used for general corporate purposes, including ongoing capital expenditures and to repay Cleco Power’s outstanding balance of its short-term revolving credit facility.
Other than Cleco Securitization I storm recovery bonds and Cleco Securitization II’s energy transition bonds, all of Cleco Power’s debt outstanding at December 31, 2025, and 2024 is unsecured and unsubordinated.

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

(THOUSANDS)AT DEC. 31, 2025AT DEC. 31, 2024
Total Cleco Power long-term debt due within one year, net
$254,943 $264,934 
Senior notes, 3.743%
360,000 — 
Long-term debt due within one year
614,943 264,934 
Unamortized debt issuance costs
(117)— 
Long-term debt due within one year, net
$614,826 $264,934 

Other than Cleco Securitization I storm recovery bonds and Cleco Securitization II’s energy transition bonds, all of Cleco’s debt outstanding at December 31, 2025, and 2024 is unsecured and unsubordinated.

Credit Facilities
At December 31, 2025, Cleco had two separate revolving credit facilities, one for Cleco Holdings in the amount of $175.0 million and one for Cleco Power in the amount of $300.0 million. There were no outstanding borrowings on either of these revolving credit facilities. The total of all revolving credit facilities maintains a maximum aggregate capacity of $475.0 million.
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, 2025, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2025, 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, not including securitization indebtedness, less than or equal to 65% of total capitalization. At December 31, 2025, Cleco Power was in compliance with the covenants of its revolving credit facility. At December 31, 2025, 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.