Investor Presentaiton
Corporate Structure
Cleco Partners L.P.(¹)
Cleco Group LLC
Cleco Corporate Holdings LLC ("Cleco Holdings")
Cleco Power LLC
Vertically Integrated Regulated Utility
Total Debt: $1.50 billion (2)(3)(4)
A3/BBB+/BBB+
Cleco Cajun LLC
Wholesale Provider
•
Key Cleco Power Commitments from the 2016 Merger and 2019 Cleco Cajun Acquisition by Cleco Holdings
Separate books and records
No Cleco Holdings recourse to Cleco Power
assets
⚫ No obligations unrelated to Cleco Power in
jurisdictional rates
Non-consolidation legal opinion
⚫ No liability for another entity's obligations
No cross-subsidization of non-Cleco Power
activity
Independent director not on Cleco Holdings' board
⚫ LPSC oversight of affiliate transactions
⚫ Distributions require investment grade rating
⚫ at two agencies and a minimum 48% Equity Layer
Cleco Power is solidly ring-fenced with key corporate separateness provisions and
restrictions on the ability to make distributions
CLECO
(2)
(3)
(1) Structural overview reflects principal legal entities but may not reflect all legal entities in the organizational structure
Source: Cleco Power Form 10-Q for the quarter ended 6/30/2021; excludes amounts drawn on Cleco Power's revolving credit facility
Reflects notional value of debt and senior unsecured ratings
5
Connecting Louisiana's future.
(4)
A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any timeView entire presentation