| Summary of Debt |
Debt was comprised of the following:
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As of December 31, |
|
2023 |
|
2022 |
Senior secured credit facility, 9.12%, due January 2024 to March 2025 (1) (8)
|
$ |
279,900 |
|
|
$ |
477,900 |
|
|
|
|
|
June 2020 construction revolver, 6.96%, due March 2024 (2) (8)
|
$ |
20,705 |
|
|
$ |
39,536 |
|
July 2020 construction revolver, 5.92%, due June 2023 (2) (8)
|
— |
|
|
5,855 |
|
April 2023 construction credit facility, 6.82%, due July 2024 |
134,415 |
|
|
— |
|
August 2023 construction credit facility, 9.34%, due August 2026 |
278,858 |
|
|
— |
|
August 2023 construction revolver, 6.85%, due April 2030 |
36,270 |
|
|
— |
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| Subtotal energy asset construction facilities |
$ |
470,248 |
|
|
$ |
45,391 |
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|
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January 2006 variable rate term loan, 0.00%, due June 2024 (2) (3)
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$ |
— |
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|
$ |
3,403 |
|
October 2011 term loan, 6.11% due June 2028 (5)
|
1,976 |
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|
2,348 |
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October 2012 variable rate term loan, 7.88%, due June 2025 (4) (8)
|
34,453 |
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|
37,204 |
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September 2015 variable rate term loan, 7.21%, due March 2028 (4) (8)
|
13,747 |
|
|
14,084 |
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August 2016 term loan, 4.95%, due June 2031 (4)
|
2,253 |
|
|
2,588 |
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March 2017 term loan, 5.00%, due March 2028 (4)
|
— |
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|
2,258 |
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April 2017 term loan, 4.50%, due April 2027 (5)
|
— |
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|
1,846 |
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April 2017 term loan, 5.61%, due February 2034 (4)
|
1,348 |
|
|
1,437 |
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June 2017 variable rate term loan, 7.81%, due December 2027 (4) (8)
|
7,158 |
|
|
7,874 |
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June 2018 term loan, 5.15%, due December 2038 (2) (4)
|
21,063 |
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|
23,255 |
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June 2018 variable rate term loan, 7.41%, due June 2033 (2) (8) (3)
|
6,592 |
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|
6,951 |
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October 2018 variable rate term loan, 7.86%, due October 2029 (2) (8) (5)
|
6,145 |
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|
6,977 |
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November 2020 fixed rate note, 3.58%, due December 2027 (4)
|
2,004 |
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|
2,425 |
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June 2021 fixed rate note, 4.92%, due June 2045 (4)
|
3,489 |
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|
3,474 |
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July 2021 fixed rate note, 3.25%, due March 2046 (2) (4)
|
35,090 |
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|
37,302 |
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July 2021 variable rate term loan, 9.01%, due July 2030 (2) (4) (8)
|
2,140 |
|
|
2,915 |
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June 2022 fixed rate shelf note, 5.45%, due March 2042 (2) (4)
|
6,395 |
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|
6,859 |
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October 2022 fixed rate financing facility, 6.70%, due August 2039 |
349,093 |
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|
92,203 |
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March 2023 fixed rate shelf note 5.99%, due, December 2047 (2) (4)
|
21,984 |
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|
— |
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August 2023 seller's promissory note, 5.00%, due January 2024 |
28,294 |
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|
— |
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August 2023 fixed rate note, 5.70%, due April 2047 (2)
|
3,520 |
|
|
— |
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Various Enerqos financing facilities |
17,786 |
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|
— |
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| Subtotal energy asset term loans |
$ |
564,530 |
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|
$ |
255,403 |
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August 2018 master sale-leaseback, 0.00% to 1.86%, due July 2039 to July 2047 (3) (6)
|
$ |
163,504 |
|
|
$ |
104,011 |
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December 2020 master sale-leaseback, 0.00%, due December 2040 to March 2043 (4) (6)
|
22,194 |
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|
16,912 |
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| Subtotal sale-leasebacks |
$ |
185,698 |
|
|
$ |
120,923 |
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|
Financing leases (7)
|
$ |
13,928 |
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|
$ |
16,060 |
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|
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| Total debt and financing leases |
$ |
1,514,304 |
|
|
$ |
915,677 |
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Less: current maturities, net of unamortized discount |
322,247 |
|
|
331,479 |
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| Less: unamortized discount and debt issuance costs |
21,982 |
|
|
15,563 |
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| Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs |
$ |
1,170,075 |
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|
$ |
568,635 |
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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. |
| (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 $12,468 in future interest payments as of December 31, 2023 and $14,212 as of December 31, 2022. See Note 8. |
| (8) These agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest. |
The table below sets forth amounts outstanding under the senior credit facility:
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Rate as of December 31, 2023 |
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As of December 31, |
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|
2023 |
|
2022 |
| Term loan A |
8.70 |
% |
|
$ |
75,000 |
|
|
$ |
75,000 |
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| Delayed draw term loan A |
8.70 |
% |
|
$ |
65,000 |
|
|
$ |
220,000 |
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| Revolving credit facility |
9.54 |
% |
|
$ |
139,900 |
|
|
$ |
182,900 |
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| Total senior secured credit facility outstanding |
$ |
279,900 |
|
|
$ |
477,900 |
|
| Less: unamortized debt discount and debt issuance costs |
$ |
(884) |
|
|
$ |
(1,562) |
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| Total senior secured credit facility outstanding, net |
$ |
279,016 |
|
|
$ |
476,338 |
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