Note 5 — Debt

Short-term Debt

At March 31, 2014 and December 31, 2013, Cleco and Cleco Power had no short-term debt outstanding.

Long-term Debt

At March 31, 2014, Cleco’s long-term debt outstanding was $1.31 billion, of which $17.7 million was due within one year. The long-term debt due within one year at March 31, 2014, represents $15.4 million principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.3 million of capital lease payments.

For Cleco, long-term debt decreased $18.0 million from December 31, 2013, primarily due to a $10.0 million net reduction in credit facility draws, a $7.6 million scheduled Cleco Katrina/Rita storm recovery bond principal payment made in March 2014, and a $0.5 million decrease in capital lease obligations. These decreases were partially offset by debt discount amortizations of $0.1 million.

At March 31, 2014, Cleco Power’s long-term debt outstanding was $1.30 billion of which $17.7 million was due within one year. The long-term debt due within one year at March 31, 2014, represents $15.4 million principal payments for the Cleco Katrina/Rita storm recovery bonds and $2.3 million of capital lease payments.

For Cleco Power, long-term debt decreased $28.0 million from December 31, 2013, primarily due to a $20.0 million repayment of credit facility draws, a $7.6 million scheduled Cleco Katrina/Rita storm recovery bond principal payment made in March 2014, and a $0.5 million decrease in capital lease obligations. These decreases were partially offset by debt discount amortizations of $0.1 million.

Credit Facilities

At March 31, 2014, Cleco Corporation had $15.0 million of borrowings outstanding under its existing $250.0 million credit facility and Cleco Power had no borrowings outstanding under its existing $300.0 million credit facility. In December 2013, Cleco Power provided a $1.0 million letter of credit to MISO pursuant to the credit requirements of FTRs. This letter of credit is automatically renewed each year and reduces Cleco Power’s credit facility capacity. On April 8, 2014, Cleco Power increased the letter of credit to $2.0 million.