| Debt |
DEBT
As of June 30, 2019, the Company’s debt comprised 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, 2019 |
June 30, 2019 |
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December 31, 2018 |
Senior secured credit facility, interest at varying rates monthly in arrears |
June 2015 |
June 2024 |
NA |
4.10 |
% |
$ |
82,613 |
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|
$ |
43,074 |
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Variable rate term loan payable in semi-annual installments |
January 2006 |
February 2021 |
Yes |
4.57 |
% |
774 |
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|
936 |
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Variable rate term loan payable in semi-annual installments |
January 2006 |
June 2024 |
Yes |
4.32 |
% |
6,953 |
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|
7,426 |
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Term loan payable in quarterly installments |
March 2011 |
March 2021 |
Yes |
7.25 |
% |
1,308 |
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|
1,464 |
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Term loan payable in monthly installments |
October 2011 |
June 2028 |
NA |
6.11 |
% |
3,803 |
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|
3,843 |
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Variable rate term loan payable in quarterly installments |
October 2012 |
June 2020 |
NA |
5.82 |
% |
29,501 |
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30,674 |
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Variable rate term loan payable in quarterly installments |
September 2015 |
March 2023 |
NA |
4.82 |
% |
16,763 |
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17,208 |
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Term loan payable in quarterly installments |
August 2016 |
July 2031 |
NA |
4.95 |
% |
3,869 |
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3,925 |
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Term loan payable in quarterly installments |
March 2017 |
March 2028 |
NA |
5.00 |
% |
3,733 |
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3,945 |
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Term loan payable in monthly installments |
April 2017 |
April 2027 |
NA |
4.50 |
% |
23,946 |
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22,081 |
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Term loan payable in quarterly installments
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April 2017 |
February 2034 |
NA |
5.61 |
% |
2,775 |
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2,735 |
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Variable rate term loan payable in quarterly installments |
June 2017 |
December 2027 |
NA |
4.77 |
% |
12,327 |
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|
12,915 |
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Variable rate term loan payable in quarterly installments |
February 2018 |
August 2022 |
Yes |
9.82 |
% |
17,218 |
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21,475 |
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Term loan payable in quarterly installments
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June 2018 |
December 2038 |
Yes |
5.15 |
% |
30,007 |
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30,069 |
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Variable rate term loan payable in semi-annual installments
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June 2018 |
June 2033 |
Yes |
4.37 |
% |
9,336 |
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9,668 |
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Variable rate term loan payable in monthly/quarterly installments |
October 2018 |
October 2029 |
Yes |
4.94 |
% |
9,082 |
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9,072 |
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Financing leases(1)
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31,144 |
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33,363 |
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$ |
285,152 |
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$ |
253,873 |
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Less - current maturities |
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54,351 |
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26,890 |
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Less - deferred financing fees |
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6,776 |
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7,821 |
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Long-term debt and financing lease liabilities |
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$ |
224,025 |
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$ |
219,162 |
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(1) Financing leases do not include approximately $23,651 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
Senior Secured Credit Facility - Revolver and Term Loan
In June 2019, the Company amended and restated the Company’s senior secured credit facility. The amendment increased the aggregate amount of the revolving commitments from $85,000 to $115,000 through an extended June 28, 2024 maturity date, increased the term loan from $40,000 to $65,000 to reduce the outstanding revolving loan balance by the same amount and extend the maturity date from June 30, 2020 to June 28, 2024, and increased the total funded debt to EBITDA covenant ratio from a maximum of 3.00 to 3.25. The total commitment under the amended credit facility (revolving credit, term loan and swing line) is $185,000.
At June 30, 2019 funds of $63,366 are available for borrowing under the revolving credit facility.
As of June 30, 2019, the Company was not in compliance with certain financial covenant requirements on one of the Company’s project financing debt facilities. The Company has received a waiver from the financial institution to waive the failure as of June 30, 2019.
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