Quarterly report pursuant to Section 13 or 15(d)

Debt

v3.19.3
Debt
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt
DEBT
As of September 30, 2019, the Company’s debt comprised the following:
 
Commencement Date
Maturity Date
Acceleration Clause(2)
Rate as of
 
 
 
 
September 30, 2019
September 30, 2019
 
December 31, 2018
Senior secured credit facility, interest at varying rates monthly in arrears
June 2015
June 2024
NA
3.84
%
$
81,410

 
$
43,074

Variable rate term loan payable in semi-annual installments
January 2006
February 2021
Yes
4.34
%
774

 
936

Variable rate term loan payable in semi-annual installments
January 2006
June 2024
Yes
4.09
%
6,953

 
7,426

Term loan payable in quarterly installments
March 2011
March 2021
Yes
7.25
%
993

 
1,464

Term loan payable in monthly installments
October 2011
June 2028
NA
6.11
%
3,606

 
3,843

Variable rate term loan payable in quarterly installments
October 2012
June 2020
NA
5.59
%
28,844

 
30,674

Variable rate term loan payable in quarterly installments
September 2015
March 2023
NA
4.59
%
16,782

 
17,208

Term loan payable in quarterly installments
August 2016
July 2031
NA
4.95
%
3,753

 
3,925

Term loan payable in quarterly installments
March 2017
March 2028
NA
5.00
%
3,627

 
3,945

Term loan payable in monthly installments
April 2017
April 2027
NA
4.50
%
23,211

 
22,081

Term loan payable in quarterly installments
April 2017
February 2034
NA
5.61
%
2,661

 
2,735

Variable rate term loan payable in quarterly installments
June 2017
December 2027
NA
4.54
%
12,330

 
12,915

Variable rate term loan payable in quarterly installments
February 2018
August 2022
Yes
9.59
%
16,366

 
21,475

Term loan payable in quarterly installments
June 2018
December 2038
Yes
5.15
%
29,463

 
30,069

Variable rate term loan payable in semi-annual installments
June 2018
June 2033
Yes
4.14
%
9,337

 
9,668

Variable rate term loan payable in monthly/quarterly installments
October 2018
October 2029
Yes
4.60
%
9,086

 
9,072

Long term finance liability in semi-annual installments
July 2019
July 2039
NA
0.28
%
4,872

 
—

Financing leases(1)
 
 
 
 
31,106

 
33,363

 
 
 
 
 
$
285,174

 
$
253,873

Less - current maturities
 
 
 
 
54,958

 
26,890

Less - deferred financing fees
 
 
 
 
6,450

 
7,821

Long term debt and financing lease liabilities
 
 
 
 
$
223,766

 
$
219,162


(1) Financing leases do not include approximately $23,510 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 September 30, 2019 funds of $46,480 are available for borrowing under the revolving credit facility.
July 2019 Long Term Finance Liability
During the third quarter ended September 30, 2019, the Company closed on one solar PV project under the Company’s master lease agreement, as discussed in Note 8, with a twenty-year term. In accordance with ASC 842, Leases, this transaction was accounted for as a failed sale as the Company retains control of the underlying assets. The proceeds received from the transaction were recorded by the Company as a long term financing facility with an interest rate of 0.28%, as a result of tax credits which were transferred to the counterparty. The principal and interest payments are due in semi annual installments and the long term finance facility matures on July 16, 2039, with all remaining unpaid amounts outstanding under the agreement due at that time. At September 30, 2019, $4,872 was outstanding under the long term finance liability.