Note 5 — Debt

Short-term Debt

At September 30, 2012 and December 31, 2011, Cleco and Cleco Power had no short-term debt outstanding.

Long-term Debt

At September 30, 2012, Cleco and Cleco Power's long-term debt outstanding was $1.33 billion, of which $90.9 million was due within one year. The long-term debt due within one year at September 30, 2012, represents $75.0 million in senior notes due May 1, 2013, $14.0 million principal payments for the Cleco Katrina/Rita storm recovery bonds and $1.9 million of capital lease payments. For Cleco, long-term debt decreased $33.2 million from December 31, 2011, primarily due to Cleco Power redeeming $50.1 million of DeSoto Parish pollution control bonds in May 2012 and $11.2 million of Rapides Parish pollution control bonds in January 2012. Also contributing to the decrease was a $10.0 million reduction in Cleco Corporation's credit facility draws, and $13.1 million of scheduled Cleco Katrina/Rita storm recovery bond principal payments made in March and September 2012. These decreases were partially offset by Cleco Power’s issuance of $50.0 million of senior notes in May 2012, $0.5 million of capital lease payments and debt premium amortizations of $0.7 million.

On January 25, 2012, Cleco Power redeemed at par $11.2 million of 5.875% Rapides Parish pollution control bonds due September 2029. As part of the redemption, Cleco Power paid $0.3 million of accrued interest on the redeemed notes.

On May 8, 2012, Cleco Power issued $50.0 million senior unsecured private placement notes at an interest rate of 4.33%. The maturity date of the notes is May 15, 2027. The proceeds were used primarily for the early redemption of $50.1 million of 5.875% DeSoto Parish pollution control bonds.

On May 11, 2012, Cleco Power redeemed at par all $50.1 million of 5.875% DeSoto Parish pollution control bonds due September 2029. As part of the redemption, Cleco Power paid $0.6 million of accrued interest on the redeemed notes.

Credit Facilities

At September 30, 2012, Cleco Corporation and Cleco Power had no borrowings outstanding under their respective existing credit facilities.