Debt (Tables)

12 Months Ended

Dec. 31, 2022

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


Cleco
	AT DEC. 31,
(THOUSANDS)	2022		2021
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 2024	132,300		200,000

Long-term debt due within one year	(230,524)		(67,700)
Unamortized debt issuance costs(1)	(3,877)		(5,271)
Fair value adjustment	104,748		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.”

Schedule of Future Amounts Payable Under Long-Term Debt Agreements

The principal amounts payable under long-term debt agreements for each year through 2027 and thereafter are as follows:


(THOUSANDS)	CLECO POWER		CLECO
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.

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

Schedule of Principal Amounts Payable Under Finance Lease Agreement

The following is a schedule by year of future minimum lease payments due under the finance lease together with the present value of the net minimum lease payments as of December 31, 2022:


(THOUSANDS)
Years ending Dec. 31,
2023	$	2,203
2024	2,203
2025	2,203
2026	2,203
2027	2,203
Thereafter	11,066
Total minimum lease payments	22,081
Less: amount representing interest	8,274
Present value of net minimum finance lease payments	$	13,807
Current liabilities	$	836
Non-current liabilities	$	12,971

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


(THOUSANDS)	CLECO POWER		CLECO
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

CLECO POWER

Debt Instrument [Line Items]

Schedule of Total Indebtedness

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


Cleco Power
	AT DEC. 31,
(THOUSANDS)	2022		2021
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 bonds	1,775,000		1,700,000
Bank term loan, variable rate, due 2024	125,000		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