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Debt
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Debt
Note 9 — Debt
Cleco Power’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:

Cleco Power
AT DEC. 31,
(THOUSANDS)20222021
Bonds  
Senior notes, 2.94%, due 2022
$— $25,000 
Senior notes, 3.08%, due 2023
100,000 100,000 
Senior notes, 3.17%, due 2024
50,000 50,000 
Senior notes, 3.68%, due 2025
75,000 75,000 
Senior notes, 3.47%, due 2026
130,000 130,000 
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 
Senior notes, floating rate, due 2023— 325,000 
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’s storm recovery bonds, 4.016%, due 2033
125,000 — 
Cleco Securitization I’s storm recovery bonds, 4.646%, due 2044
300,000 — 
Total bonds1,775,000 1,700,000 
Bank term loan, variable rate, due 2024125,000 125,000 
Finance leases  
Barge lease obligations
13,807 14,562 
Gross amount of long-term debt and finance leases
1,913,807 1,839,562 
Long-term debt due within one year(109,508)(25,000)
Finance leases classified as long-term debt due within one year(836)(755)
Unamortized debt discount(4,492)(4,746)
Unamortized debt issuance costs(12,524)(8,207)
Total long-term debt and finance leases, net$1,786,447 $1,800,854 

Cleco’s total long-term indebtedness as of December 31, 2022, and 2021 was as follows:

Cleco
AT DEC. 31,
(THOUSANDS)20222021
Total Cleco Power long-term debt and finance leases, net
$1,786,447 $1,800,854 
Cleco Holdings’ long-term debt, net
Senior notes, 3.250%, due 2023
165,000 165,000 
Senior notes, 3.743%, due 2026
535,000 535,000 
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 2024132,300 200,000 
Long-term debt due within one year(230,524)(67,700)
Unamortized debt issuance costs(1)
(3,877)(5,271)
Fair value adjustment104,748 112,150 
Total Cleco long-term debt and finance leases, net
$3,139,094 $3,390,033 
(1) For December 31, 2022, and 2021, this amount includes unamortized debt issuance costs for Cleco Holdings of $8.5 million and $10.2 million, respectively, partially offset by deferred debt issuance costs eliminated as a result of the 2016 Merger of $4.6 million and $4.9 million, respectively. For more information, see Note 5 — “Regulatory Assets and Liabilities — Cleco Holdings’ 2016 Merger Adjustments.”
The principal amounts payable under long-term debt agreements for each year through 2027 and thereafter are as follows:

(THOUSANDS)CLECO POWERCLECO
For the year ending Dec. 31,
2023$109,574 $274,574 
2024$189,499 $321,799 
2025(1)
$90,087 $90,087 
2026$145,699 $680,699 
2027$66,336 $66,336 
Thereafter$1,298,805 $1,948,805 
(1) Does not include Series A GO Zone bonds that have a maturity date of December 2038 but a mandatory tender in May 2025.

The principal amounts payable under the finance lease agreement for each year through 2027 and thereafter are as follows:

(THOUSANDS)CLECO POWERCLECO
For the year ending Dec. 31,
2023$836 $836 
2024$925 $925 
2025$1,023 $1,023 
2026$1,133 $1,133 
2027$1,253 $1,253 
Thereafter$8,637 $8,637 

For more information on the finance agreement, see Note 3 — “Leases — Finance Lease.”
Cleco Power
At December 31, 2022, Cleco Power had $110.3 million of long-term debt and finance leases due within one year. The amount due within one year primarily represents $100.0 million of Cleco Power’s senior notes due in December 2023 and $9.6 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in March and September 2023.
On June 22, 2022, Cleco Securitization I issued $425.0 million aggregate principal amount of its senior secured storm recovery bonds. The storm recovery bonds were issued in two tranches. One tranche of $125.0 million aggregate principal amount was issued with an interest rate of 4.016% and an expected weighted average life of 4.79 years. A second tranche of $300.0 million aggregate principal amount was issued with an interest rate of 4.646% and an expected weighted average life of 15 years. The storm recovery bonds are governed by an indenture between Cleco Securitization I and the indenture trustee. The indenture contains certain covenants that restrict Cleco Securitization I’s ability to sell, transfer, convey, exchange, or otherwise dispose of its assets. For more information on the storm recovery securitization financing, see Note 19 — “Securitization.”
On June 23, 2022, following the closing of the storm recovery bonds offering, Cleco Power redeemed its $325.0 million floating rate senior notes issued in September 2021 at par.
On December 16, 2022, Cleco Power repaid its $25.0 million 2.94% fixed rate senior notes issued in December 2017 at par.
Other than Cleco Securitization I’s storm recovery bonds, all of Cleco Power’s debt outstanding at December 31, 2022, and 2021 is unsecured and unsubordinated.

Cleco
At December 31, 2022, Cleco had $340.9 million of long-term debt and finance leases due within one year. The long-term debt due within one year at December 31, 2022, primarily represents $165.0 million of Cleco Holdings’ senior notes due in May 2023, $100.0 million of Cleco Power’s senior notes due in December 2023, $65.6 million of principal payments on Cleco Holdings’ debt as required by the Cleco Cajun Transaction commitments to the LPSC, and $9.6 million of Cleco Securitization I storm recovery bond principal payments scheduled to be paid in March and September 2023.
Other than Cleco Securitization I’s storm recovery bonds, all of Cleco’s debt outstanding at December 31, 2022, and 2021 is unsecured and unsubordinated.
Upon approval of the Cleco Cajun Transaction, 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, 2022, Cleco Holdings was in compliance with these commitments. The cumulative minimum principal amounts committed to be repaid for each year through 2024 are as follows:

(THOUSANDS)
For the year ending Dec. 31,
2019$66,700 
2020$133,300 
2021$200,000 
2022$267,700 
2023$333,300 
2024$400,000 

Credit Facilities
At December 31, 2022, Cleco had $109.0 million short-term debt outstanding under its two separate revolving credit facilities. Cleco Holdings’ credit facility, in the amount of $175.0 million, had $64.0 million of outstanding borrowings at December 31, 2022. Cleco Power’s credit facility, in the amount of $300.0 million, had $45.0 million of outstanding borrowings at December 31, 2022. The total of all revolving credit facilities creates a maximum aggregate capacity of $475.0 million. Cleco and Cleco Power had no short-term debt outstanding at December 31, 2021. Cleco Holdings and Cleco Power had no amounts outstanding under their uncommitted lines of credit at December 31, 2022, and 2021.
Cleco Holdings’ revolving credit facility provides funding for working capital and other financing needs. The revolving credit facility includes restrictive financial covenants and expires in May 2026. Under covenants contained in Cleco Holdings’ revolving credit facility, Cleco is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2022, Cleco Holdings was in compliance with the covenants of its revolving credit facility. At December 31, 2022, the borrowing costs for amounts drawn under the facility were equal to LIBOR plus 1.625% or ABR plus 0.625%, plus commitment fees of 0.275% paid 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 expires in May 2026. Under covenants contained in Cleco Power’s revolving credit facility, Cleco Power is required to maintain total indebtedness less than or equal to 65.0% of total capitalization. At December 31, 2022, Cleco Power was in compliance with the covenants of its credit facility. At December 31, 2022, the borrowing costs for amounts drawn under the facility were equal to LIBOR plus 1.25% or ABR plus 0.25%, plus commitment fees of 0.15% paid 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. In February 2023, Cleco Holdings and Cleco Power amended their respective revolving credit facilities and bank term loans to transition the benchmark interest rate from LIBOR to SOFR.
If Cleco Holdings or Cleco Power were not to 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.