Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

Note 8 — Debt

On February 17, 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.

On May 1, 2023, Cleco Holdings amended certain terms of the supplemental indenture governing its $165.0 million senior notes due in 2023. As a result, the interest rate of the

senior notes changed to a floating interest rate equal to SOFR plus 1.725% and the maturity date was extended from May 1, 2023, to May 1, 2025.

At June 30, 2023, and December 31, 2022, Cleco’s long-term debt and finance leases outstanding due within one year was $371.8 million and $340.9 million, respectively. The increase of $30.9 million is primarily due to the reclassification of $125.0 million of Cleco Power’s bank term loan due in May 2024, $66.7 million of Cleco Holdings’ bank term loan due in May 2024, and an additional $4.6 million of scheduled principal payments on Cleco Securitization I’s storm recovery bonds. These increases are partially offset by the reclassification of Cleco Holdings’ $165.0 million senior notes due in 2023 to long-term debt as a result of the extension of the maturity date of such senior notes to May 1, 2025.

At June 30, 2023, and December 31, 2022, Cleco Power’s long-term debt and finance leases outstanding due within one year was $239.9 million and $110.3 million, respectively. The increase of $129.6 million is primarily due to the reclassification of Cleco Power’s $125.0 million bank term loan due in May

2024 and an additional $4.6 million of scheduled principal payments on Cleco Securitization I’s storm recovery bonds.