| Summary of Long-term Debt |
Long-term debt was comprised of the following:
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As of December 31, |
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2022 |
|
2021 |
Senior secured credit facility, 6.58%, due September 2023 to March 2025 (1) (8)
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$ |
477,900 |
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$ |
97,813 |
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June 2020 construction revolver, 5.68%, due June 2023 (2) (8)
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$ |
39,536 |
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$ |
23,935 |
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July 2020 construction revolver, 5.92%, due June 2023 (2) (8)
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5,855 |
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|
7,763 |
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| Subtotal non-recourse construction revolvers |
$ |
45,391 |
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$ |
31,698 |
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Variable rate term loan, 7.02%, due June 2024 (2) (3)
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$ |
3,403 |
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$ |
4,264 |
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Term loan, 6.11% due June 2028 (5)
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2,348 |
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|
2,933 |
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Variable rate term loan, 7.02%, due May 2025 (4)
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37,204 |
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|
38,844 |
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Variable rate term loan, 7.52%, due March 2023 (4)
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14,084 |
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|
14,442 |
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Term loan, 4.95%, due July 2031 (4)
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2,588 |
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|
3,157 |
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Term loan, 5.00%, due March 2028 (4)
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2,258 |
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|
2,688 |
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Term loan, 4.50%, due April 2027 (5)
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1,846 |
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|
10,302 |
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Term loan, 5.61%, due February 2034 (4)
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1,437 |
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|
2,423 |
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Variable rate term loan, 7.22%, due December 2027 (4)
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7,874 |
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|
9,238 |
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Variable rate term loan, due March 2026 (2) (4)
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— |
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|
38,753 |
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Fixed rate note, 6.50%, due October 2037 |
92,203 |
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|
— |
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Term loan, 5.15%, due December 2038 (2) (4)
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23,255 |
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|
25,465 |
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Variable rate term loan, 6.82%, due June 2033 (2) (3)
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6,951 |
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|
7,657 |
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Variable rate term loan, 6.89%, due October 2029 (2) (5)
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6,977 |
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|
7,762 |
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Fixed rate note, due April 2040 |
— |
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|
224 |
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Fixed rate note, 3.58%, due December 2027 (4)
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2,425 |
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|
3,072 |
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Fixed rate note, 4.92%, due June 2045 (4)
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3,474 |
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|
3,776 |
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Fixed rate note, 3.25%, due March 2046 (4)
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37,302 |
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|
39,474 |
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Variable rate term loan, 7.27%, due July 2030 (4) (8)
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2,915 |
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|
3,662 |
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Fixed rate note, 5.45%, due March 2046 |
6,859 |
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$ |
— |
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| Subtotal non-recourse term loans |
$ |
255,403 |
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$ |
218,136 |
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August 2018 master sale-leaseback, —% to 1.17% , due July 2039 to July 2047 (3) (6)
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$ |
104,011 |
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$ |
99,654 |
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December 2020 master sale-leaseback, —%, due December 2040 to December 2042 (4) (6)
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16,912 |
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|
4,961 |
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| Subtotal non-recourse sale-leasebacks |
$ |
120,923 |
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$ |
104,615 |
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Financing leases (7)
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$ |
16,060 |
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$ |
19,226 |
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| Total debt and financing leases |
$ |
915,677 |
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$ |
471,488 |
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| Less: current maturities |
331,479 |
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|
78,934 |
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| Less: unamortized discount and debt issuance costs |
15,563 |
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|
15,370 |
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| Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
$ |
568,635 |
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|
$ |
377,184 |
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| (1) Facility has interest at varying rates monthly in arrears. |
| (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 the remaining principal and the required interest balance due according to the agreement. |
| (3) Facility is payable in semi-annual installments. |
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| (4) Facility is payable in quarterly installments. |
| (5) Facility is payable in monthly installments. |
(6) These agreements are sale-leaseback arrangements and are accounted for as failed sales under the guidance and are classified as financing liabilities. See Note 8. |
(7) Financing leases are sale-leaseback arrangements under previous guidance and do not include approximately $14,212 in future interest payments as of December 31, 2022 and $16,272 as of December 31, 2021. See Note 8. |
(8) These agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest. See Note 8. |
The table below sets forth amounts outstanding under the credit facility, net of unamortized debt discounts and debt issuance costs:
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Rate as of December 31, 2022 |
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As of December 31, |
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2022 |
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2021 |
| Term loan A |
6.13 |
% |
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$ |
75,000 |
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$ |
52,720 |
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| Delayed draw term loan |
6.09 |
% |
|
$ |
220,000 |
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|
$ |
— |
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| Revolving credit facility |
7.35 |
% |
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$ |
182,900 |
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$ |
44,681 |
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Total senior secured credit facility outstanding (1)
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$ |
477,900 |
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$ |
97,401 |
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(1) Net of unamortized debt discount and debt issuance costs of $1,562 in 2022 and $412 in 2021. |
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