| Schedule of Long-term Debt Instruments |
As of June 30, 2020 and December 31, 2019, the Company’s outstanding debt obligations comprised of the following:
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Commencement Date |
Maturity Date |
Acceleration Clause(2)
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Rate as of |
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June 30, 2020 |
June 30, 2020 |
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December 31, 2019 |
| Senior secured credit facility, interest at varying rates monthly in arrears |
June 2015 |
June 2024 |
NA |
3.52 |
% |
$ |
125,828 |
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|
$ |
112,216 |
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| Variable rate term loan payable in semi-annual installments |
January 2006 |
February 2021 |
Yes |
2.55 |
% |
350 |
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|
625 |
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| Variable rate term loan payable in semi-annual installments |
January 2006 |
June 2024 |
Yes |
2.30 |
% |
6,081 |
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|
6,609 |
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| Term loan payable in quarterly installments |
March 2011 |
March 2021 |
Yes |
7.25 |
% |
504 |
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|
831 |
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| Term loan payable in monthly installments |
October 2011 |
June 2028 |
NA |
6.11 |
% |
3,285 |
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3,649 |
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| Variable rate term loan payable in quarterly installments |
October 2012 |
May 2025 |
NA |
2.55 |
% |
40,255 |
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28,217 |
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| Variable rate term loan payable in quarterly installments |
September 2015 |
March 2023 |
NA |
3.05 |
% |
15,516 |
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15,976 |
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| Term loan payable in quarterly installments |
August 2016 |
July 2031 |
NA |
4.95 |
% |
3,383 |
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3,769 |
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| Term loan payable in quarterly installments |
March 2017 |
March 2028 |
NA |
5.00 |
% |
3,310 |
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3,521 |
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| Term loan payable in monthly installments |
April 2017 |
April 2027 |
NA |
4.50 |
% |
21,373 |
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22,553 |
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| Term loan payable in quarterly installments |
April 2017 |
February 2034 |
NA |
5.61 |
% |
2,511 |
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2,706 |
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| Variable rate term loan payable in quarterly installments |
June 2017 |
December 2027 |
NA |
2.75 |
% |
11,123 |
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11,740 |
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| Variable rate term loan payable in quarterly installments |
February 2018 |
August 2022 |
Yes |
7.80 |
% |
10,442 |
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15,645 |
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| Term loan payable in quarterly installments |
June 2018 |
December 2038 |
Yes |
5.15 |
% |
27,911 |
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28,583 |
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| Variable rate term loan payable in semi-annual installments |
June 2018 |
June 2033 |
Yes |
2.35 |
% |
8,665 |
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9,003 |
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| Variable rate term loan payable in monthly/quarterly installments |
October 2018 |
October 2029 |
Yes |
2.66 |
% |
8,753 |
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9,092 |
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| Fixed rate note |
April 2020 |
April 2040 |
NA |
5.00 |
% |
204 |
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— |
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Long term finance liability in semi-annual installments(3)
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July 2019 |
July 2039 |
NA |
0.28 |
% |
3,785 |
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3,841 |
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Long term finance liability in semi-annual installments(3)
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November 2019 |
November 2039 |
NA |
— |
% |
6,970 |
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8,794 |
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| Term loan payable in quarterly installments |
December 2019 |
December 2021 |
Yes |
6.50 |
% |
19,734 |
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27,226 |
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Financing leases(1)
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26,155 |
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28,497 |
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$ |
346,138 |
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$ |
343,093 |
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| Less - current maturities |
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44,216 |
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69,969 |
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| Less - deferred financing fees |
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6,874 |
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6,943 |
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| Long term debt and financing lease liabilities |
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$ |
295,048 |
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$ |
266,181 |
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(1) Financing leases do not include approximately $20,338 and $22,015 in future interest payments for June 30, 2020 and December 31, 2019, respectively.
(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.
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