Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.20.1
Debt
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Debt DEBT
As of March 31, 2020 and December 31, 2019, the Company’s debt comprised the following:
Commencement Date Maturity Date
Acceleration Clause(2)
Rate as of
  March 31, 2020 March 31, 2020 December 31, 2019
Senior secured credit facility, interest at varying rates monthly in arrears June 2015    June 2024    NA 4.36  % $ 142,022    $ 112,216   
Variable rate term loan payable in semi-annual installments January 2006    February 2021    Yes 3.70  % 625    625   
Variable rate term loan payable in semi-annual installments January 2006    June 2024    Yes 3.45  % 6,609    6,609   
Term loan payable in quarterly installments March 2011    March 2021    Yes 7.25  % 666    831   
Term loan payable in monthly installments October 2011    June 2028    NA 6.11  % 3,314    3,649   
Variable rate term loan payable in quarterly installments October 2012    May 2020    NA 4.95  % 27,617    28,217   
Variable rate term loan payable in quarterly installments September 2015    March 2023    NA 4.20  % 15,995    15,976   
Term loan payable in quarterly installments August 2016    July 2031    NA 4.95  % 3,392    3,769   
Term loan payable in quarterly installments March 2017    March 2028    NA 5.00  % 3,416    3,521   
Term loan payable in monthly installments April 2017    April 2027    NA 4.50  % 21,823    22,553   
Term loan payable in quarterly installments
April 2017    February 2034    NA 5.61  % 2,487    2,706   
Variable rate term loan payable in quarterly installments June 2017    December 2027    NA 3.90  % 11,740    11,740   
Variable rate term loan payable in quarterly installments February 2018    August 2022    Yes 8.95  % 12,436    15,645   
Term loan payable in quarterly installments
June 2018    December 2038    Yes 5.15  % 28,073    28,583   
Variable rate term loan payable in semi-annual installments
June 2018    June 2033    Yes 3.50  % 9,003    9,003   
Variable rate term loan payable in monthly/quarterly installments October 2018    October 2029    Yes 3.94  % 8,923    9,092   
Long term finance liability in semi-annual installments(3)
July 2019    July 2039    NA 0.28  % 3,785    3,841   
Long term finance liability in semi-annual installments(3)
November 2019    November 2039    NA —  % 6,970    8,794   
Term loan payable in quarterly installments December 2019    December 2021    Yes 6.500  % 24,167    27,226   
Financing leases(1)
28,378    28,497   
  $ 361,441    $ 343,093   
Less - current maturities 69,282    69,969   
Less - deferred financing fees 6,606    6,943   
Long term debt and financing lease liabilities $ 285,553    $ 266,181   

(1) Financing leases do not include approximately $21,765 in future interest payments
(2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make due the remaining principal and the required interest balance according to the agreement
(3) These agreements are sale-leaseback arrangements that provides for the sale of solar PV projects to a third party investor and the simultaneous leaseback of the projects. In accordance with Topic 842, Leases, these transactions are accounted for as a
failed sale as the Company retains control of the underlying assets and as such, are classified as financing liabilities. The low interest rates are the results of tax credits which were transferred to the counterparty.
Senior Secured Credit Facility - Revolver and Term Loan
As of March 31, 2020, the Company amended the Company’s senior secured credit facility which increased the total funded debt to EBITDA covenant ratio to a maximum of 3.75 from 3.25 for the year ended December 31, 2020. The amendment also increased the Eurocurrency Rate floor to 1% from 0%. The total commitment under the amended credit facility (revolving credit, term loan and swing line) remains unchanged, which is $185,000.
At March 31, 2020, funds of $20,736 are available for borrowing under the revolving credit facility.
Variable Rate Term Loan
In December 2019, the Company amended the variable rate term loan, revised certain debt service reserve requirements and certain distribution conditions under the loan agreement. During March 2020, the Company also amended the agreement to extend the date of the final principal payment to the maturity date of the loan, May 31, 2020. This amendment also revised certain distribution conditions under the loan agreement.