Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt

v3.10.0.1
Long-term Debt
 6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Long-term Debt
LONG-TERM DEBT
Long-term debt comprised the following:  
 
 
 
 
 
 
 
Rate as of June 30, 2018
 
June 30, 2018
 
December 31, 2017
 Senior secured credit facility, due June 2020, interest at varying rates monthly in arrears
4.53
%
 
$
53,029

 
$
49,986

Variable rate term loan payable in semi-annual installments through February 2021
4.58
%
 
1,220

 
1,220

Variable rate term loan payable in semi-annual installments through June 2024
4.08
%
 
8,295

 
8,295

Variable rate term loan payable in quarterly installments through December 2024
5.58
%
 
8,041

 
8,757

Term loan payable in quarterly installments through March 2021
7.25
%
 
1,917

 
2,218

Term loan payable in monthly installments through June 2028
6.11
%
 
4,157

 
4,551

Variable rate term loan payable in quarterly installments through June 2020
5.58
%
 
31,835

 
32,711

Variable rate term loan payable in quarterly installments through October 2023
4.83
%
 
17,945

 
18,346

Term loan payable in quarterly installments through June 2031
4.95
%
 
4,187

 
4,605

Term loan payable in quarterly installments through February 2034
5.61
%
 
2,920

 
3,128

Variable rate construction loan payable, due June 2018
7.00
%
 
—

 
1,721

Term loan payable in quarterly installments through April 2027
4.50
%
 
21,055

 
13,325

Term loan payable in quarterly installments through March 2028
5.00
%
 
4,156

 
4,258

Variable rate term loan payable in quarterly installments through December 2027
4.78
%
 
13,475

 
14,034

Variable rate term loan payable in quarterly installments through August 2022
9.83
%
 
27,536

 
—

Term loan payable in quarterly installments through December 2038
5.15
%
 
12,345

 
—

Variable rate term loan payable in semi-annual installments through June 2033
4.38
%
 
9,970

 
—

Capital leases
 
 
34,216

 
35,013

 
 
 
$
256,299

 
$
202,168

Less - current maturities
 
 
27,451

 
22,375

Less - deferred financing fees
 
 
7,574

 
6,556

Long-term debt
 
 
$
221,274

 
$
173,237



February 2018 Term Loan
In February 2018, the Company entered into a credit agreement for gross proceeds of $28,500, with a bank for use in providing non-recourse financing for a new renewable natural gas energy asset at a rate of 7.5% above LIBOR. Principal and interest amounts are due in quarterly installments. The note matures on August 31, 2022 with all remaining unpaid amounts outstanding under the agreement due at that time. At June 30, 2018, $27,536 was outstanding under the term loan. The interest rate at June 30, 2018 was 9.8340%.
Senior Secured Credit Facility - Revolver and Term Loan
In June 2018, the Company entered into an additional amendment to the Third Amended and Restated bank credit facility. The amendment added SunTrust Robinson Humphrey, Inc as an additional lender, increased the aggregate amount of the revolving commitments from $75,000 to $85,000 through the existing June 30, 2020 end date, increased the term loan from $25,000 to $46,000 to reduce the outstanding revolving loan balances by the same amount and, for the period of June 30, 2018 through June 30, 2020, increased the Total Funded Debt to EBITDA covenant ratio from a maximum of 2.75 to 3.00. The total commitment under the amended credit facility (revolving credit, term loan and swing line) was $136,000.
At June 30, 2018 funds of $67,276 is available for borrowing under the revolving credit facility.

June 2018 Term Loan
In June 2018, the Company entered into a non-recourse tern loan with a bank, with an original principal amount of $12,407. The note evidencing the loan bears interest at a fixed rate of 5.15%. The principal and interest payments are due in quarterly installments and matures on December 31, 2038, with all remaining unpaid amounts outstanding under the agreement will be due at that time. At June 30, 2018,  $12,345 was outstanding under the term loan, including debt discounts.
June 2018 Variable Note
In June 2018, the Company entered into a loan agreement for use in providing non-recourse financing for a solar PV project in operation. The loan agreement provides for a $10,000 term loan credit facility and bears interest at a variable rate, with interest payments due in semi-annual installments. The term loan matures on June 15, 2033, and all remaining unpaid amounts outstanding under the facility will be due at that time. At June 30, 2018, $9,970, net of debt discounts, was outstanding under the term loan. The variable interest rate for this loan at June 30, 2018 was 4.38%.
The Company was in compliance with all financial and operational covenants as of June 30, 2018.