EDGAR 10-K Filing

Company CIK: 18672
Filing Year: 2024
Filename: 18672_10-K_2024_0001910923-24-000005.json

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ITEM 1. BUSINESS
ITEM 1. BUSINESS
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1A. RISK FACTORS
ITEM 1A. RISK FACTORS
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 1B. UNRESOLVED STAFF COMMENTS
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.

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ITEM 2. PROPERTIES
ITEM 2. PROPERTIES
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 3. LEGAL PROCEEDINGS
ITEM 3. LEGAL PROCEEDINGS
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 4. MINE SAFETY DISCLOSURE
ITEM 4. MINE SAFETY DISCLOSURES
None.
CLECO SECURITIZATION I LLC 2023 FORM 10-K
PART II

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ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 6. SELECTED FINANCIAL DATA
ITEM 6. RESERVED

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ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9A. CONTROLS AND PROCEDURES
ITEM 9A. CONTROLS AND PROCEDURES
Omitted pursuant to General Instruction J of Form 10-K.

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ITEM 9B. OTHER INFORMATION
ITEM 9B. OTHER INFORMATION
None.

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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE OF THE REGISTRANT
Overview
As of March 25, 2024, Cleco Securitization I LLC (Cleco Securitization) has five managers. Pursuant to Cleco Securitization’s limited liability company operating agreement, its affairs will be managed by managers to be appointed from time to time by Cleco Power LLC (Cleco Power). Cleco Securitization is required to have at least one independent manager until all of Cleco Securitization's storm recovery bonds and financing costs have been paid in full. The independent manager as defined in Cleco Securitization's operating agreement is a natural person that is not and has not been for at least five years prior to the date of his or her appointment:
•a direct or indirect legal or beneficial owner of Cleco Securitization, Cleco Power, or any of Cleco Securitization’s or Cleco Power’s affiliates,
•a relative, supplier, employee, officer, director (other than as an independent director), manager (other than as an independent manager), contractor, or material creditor of Cleco Securitization, Cleco Power, or any of Cleco Securitization’s or Cleco Power's affiliates, or
•a person who controls (whether directly, indirectly, or otherwise) Cleco Power or its affiliates or any creditor, employee, officer, director, manager or material supplier or contractor of Cleco Power or its affiliates; provided, that the indirect or beneficial ownership of Cleco Power or its affiliates through a mutual fund or similar diversified investment vehicle with respect to which the owner does not have discretion or control over the investments held by such diversified investment vehicle shall not preclude such owner from being an independent manager.
Code of Conduct
Cleco Securitization is a wholly owned subsidiary of Cleco Power. Cleco Power has adopted a Code of Conduct that applies to its principal executive officer, principal financial officer, principal accounting officer, and treasurer. Cleco Power has also adopted an Ethics Guide applicable to all employees and its Board of Managers (the Board). In addition, the Board has adopted Conflicts of Interest and Related Policies to prohibit certain conduct and to reflect the expectation of the Board that its members engage in and promote honest and ethical conduct in carrying out their duties and responsibilities, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships and corporate opportunities. Under the Conflicts of Interest and Related Policies, Cleco Power considers transactions that are reportable under the U.S. Securities and Exchange Commission’s rules for transactions with related parties to be conflicts of interest and prohibits them. Any request, waiver, interpretation or other administration of the policy shall be referred to Cleco Power’s Governance and Public Affairs Committee. Any recommendations by the Governance and Public Affairs Committee to implement a waiver shall be referred to the full Board for a final determination. The Code of Conduct for Financial Managers, Ethics Guide, and Conflicts of Interest and Related Policies can be found at https://cleco.com/about/leadership-governance/codes-of-conduct. Each of these documents is also available free of charge by request sent to: Public Relations, Cleco, P.O. Box 5000, Pineville, LA 71361-5000.
Managers and Executive Officers of Cleco Securitization
The following is a list of the managers and executive officers of Cleco Securitization as of March 25, 2024:
NAME
AGE POSITION AND FIVE-YEAR EMPLOYMENT HISTORY
William G. Fontenot
Cleco Corporate Holdings LLC
Cleco Power LLC (1)
Cleco Cajun LLC (2)
Cleco Securitization I LLC
President and Chief Executive Officer since January 2018.
Chief Executive Officer since February 2019; President and Chief Executive Officer from January 2018 to February 2019.
Chief Executive Officer since February 2019.
President and Manager since June 2022.
F. Tonita Laprarie
Cleco Corporate Holdings LLC
Cleco Power LLC
Cleco Securitization I LLC
Controller and Chief Accounting Officer since July 2016.
Vice President and Manager since June 2022.
Samantha McKee
Cleco Corporate Holdings LLC
Cleco Power LLC
Cleco Securitization I LLC
Assistant Treasurer since March 2021; Director - Tax from June 2018 to March 2021; Manager - Accounting Services from May 2016 to June 2018.
Treasurer and Manager since June 2022.
(1) Cleco Power is a wholly owned subsidiary of Cleco Corporate Holdings LLC.
(2) Cleco Cajun LLC is a wholly owned subsidiary of Cleco Corporate Holdings LLC.
CLECO SECURITIZATION I LLC 2023 FORM 10-K
NAME
AGE POSITION AND FIVE-YEAR EMPLOYMENT HISTORY
Stacy Stubbs
Cleco Corporate Holdings LLC
Cleco Power LLC
Cleco Securitization I LLC
Accounting Policy and Research Advisor since May 2018; Manager - Tax from November 2013 to May 2018.
Secretary and Manager since June 2022.
Kevin P. Burns
Global Securitization Services, LLC
Cleco Securitization I LLC
President and Co-founder since 1996. Fortune 1000 companies have selected Mr. Burns to serve as independent director for their special purpose vehicle subsidiaries established to finance commercial real estate, energy infrastructure and many classes of financial assets.
Independent Manager since June 2022.

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ITEM 11. EXECUTIVE COMPENSATION
ITEM 11. EXECUTIVE COMPENSATION
Kevin P. Burns, representative of Global Securitization Services, LLC, serves as the independent manager of Cleco Securitization. Cleco Securitization pays an annual fee of $5,000 to Global Securitization Services, LLC for Mr. Burns' service. Cleco Securitization does not pay any compensation to its executive officers or other managers.
The information required by this item with respect to Cleco Power is incorporated herein by reference to Item 11. Executive Compensation of the Annual Report on Form 10-K of Cleco Power for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”) on March 8, 2024.

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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
None.

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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
None.

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ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Omitted pursuant to General Instructions J of Form 10-K.
CLECO SECURITIZATION I LLC 2023 FORM 10-K
PART IV

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ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
DESCRIPTION
15(a)(1) Financial Statements
Not Applicable.
15(a)(2) Financial Statements Schedules
Not Applicable.
15(a)(3) and 15(b) List of Exhibits
See Exhibits listed below, which are incorporated herein by reference.
15(c) Not Applicable.
The Exhibits designated by an asterisk are filed herewith. The Exhibits not so designated previously have been filed with the SEC and are incorporated herein by reference.
EXHIBITS
EXHIBIT NUMBER DESCRIPTION SEC FILE OR
REGISTRATION
NUMBER REGISTRATION
STATEMENT OR
REPORT
EXHIBIT
NUMBER
3.1 Amended and Restated Articles of Organization of Cleco Securitization I LLC, dated as of June 20, 2022
333-264319 8-K(6/22/22) 3.2
3.2 Amended and Restated Limited Liability Company Operating Agreement of Cleco Securitization I LLC, dated as of June 20, 2022
333-264319 8-K(6/22/22) 3.4
4.1
Indenture between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022
333-264319 8-K(6/22/22)
4.1
4.2 Series Supplement (including the form of the Storm Recovery Bonds) between Cleco Securitization I LLC and The Bank of New York Mellon Trust Company, National Association, as Trustee, dated as of June 22, 2022
333-264319 8-K(6/22/22) 4.2
10.1
Storm Recovery Property Servicing Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022
333-264319 8-K(6/22/22)
10.1
10.2
Storm Recovery Property Sale Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022
333-264319 8-K(6/22/22)
10.2
10.3
Administration Agreement between Cleco Securitization I LLC and Cleco Power LLC dated as of June 22, 2022
333-264319 8-K(6/22/22)
10.3
*31.1 Certification pursuant to Rule 13a-14(d)/15d-14(d)
*33.1 Report on assessment of compliance with servicing criteria for asset-backed securities for Cleco Power LLC
*33.2 Assertion of compliance with applicable servicing criteria for The Bank of New York Mellon Trust Company, National Association
*34.1
Attestation report on assessment of compliance with servicing criteria for asset-backed securities of PricewaterhouseCoopers LLP on behalf of Cleco Power LLC
*34.2
Attestation report on assessment of compliance with servicing criteria for asset-backed securities of KPMG on behalf of The Bank of New York Mellon Trust Company, National Association
*35.1 Servicer compliance statement