diff --git a/redbot/core/bot.py b/redbot/core/bot.py
index 23f1b6ddd..142f40b5f 100644
--- a/redbot/core/bot.py
+++ b/redbot/core/bot.py
@@ -261,8 +261,8 @@ class RedBase(commands.GroupMixin, commands.bot.BotBase, RPCMixin):
                 lib.setup(self)
         except Exception as e:
             self._remove_module_references(lib.__name__)
-            self._call_module_finalizers(lib, key)
-            raise errors.ExtensionFailed(key, e) from e
+            self._call_module_finalizers(lib, name)
+            raise errors.CogLoadError() from e
         else:
             self._BotBase__extensions[name] = lib