| Debt |
DEBT As of March 31, 2020 and December 31, 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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March 31, 2020 |
March 31, 2020 |
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December 31, 2019 |
| Senior secured credit facility, interest at varying rates monthly in arrears |
June 2015 |
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June 2024 |
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NA |
4.36 |
% |
$ |
142,022 |
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$ |
112,216 |
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| Variable rate term loan payable in semi-annual installments |
January 2006 |
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February 2021 |
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Yes |
3.70 |
% |
625 |
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625 |
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| Variable rate term loan payable in semi-annual installments |
January 2006 |
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June 2024 |
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Yes |
3.45 |
% |
6,609 |
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6,609 |
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| Term loan payable in quarterly installments |
March 2011 |
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March 2021 |
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Yes |
7.25 |
% |
666 |
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831 |
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| Term loan payable in monthly installments |
October 2011 |
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June 2028 |
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NA |
6.11 |
% |
3,314 |
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3,649 |
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| Variable rate term loan payable in quarterly installments |
October 2012 |
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May 2020 |
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NA |
4.95 |
% |
27,617 |
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28,217 |
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| Variable rate term loan payable in quarterly installments |
September 2015 |
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March 2023 |
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NA |
4.20 |
% |
15,995 |
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15,976 |
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| Term loan payable in quarterly installments |
August 2016 |
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July 2031 |
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NA |
4.95 |
% |
3,392 |
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3,769 |
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| Term loan payable in quarterly installments |
March 2017 |
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March 2028 |
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NA |
5.00 |
% |
3,416 |
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3,521 |
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| Term loan payable in monthly installments |
April 2017 |
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April 2027 |
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NA |
4.50 |
% |
21,823 |
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22,553 |
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Term loan payable in quarterly installments
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April 2017 |
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February 2034 |
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NA |
5.61 |
% |
2,487 |
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2,706 |
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| Variable rate term loan payable in quarterly installments |
June 2017 |
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December 2027 |
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NA |
3.90 |
% |
11,740 |
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11,740 |
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| Variable rate term loan payable in quarterly installments |
February 2018 |
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August 2022 |
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Yes |
8.95 |
% |
12,436 |
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15,645 |
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Term loan payable in quarterly installments
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June 2018 |
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December 2038 |
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Yes |
5.15 |
% |
28,073 |
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28,583 |
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Variable rate term loan payable in semi-annual installments
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June 2018 |
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June 2033 |
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Yes |
3.50 |
% |
9,003 |
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9,003 |
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| Variable rate term loan payable in monthly/quarterly installments |
October 2018 |
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October 2029 |
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Yes |
3.94 |
% |
8,923 |
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9,092 |
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Long term finance liability in semi-annual installments(3)
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July 2019 |
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July 2039 |
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NA |
0.28 |
% |
3,785 |
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3,841 |
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Long term finance liability in semi-annual installments(3)
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November 2019 |
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November 2039 |
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NA |
— |
% |
6,970 |
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8,794 |
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| Term loan payable in quarterly installments |
December 2019 |
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December 2021 |
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Yes |
6.500 |
% |
24,167 |
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27,226 |
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Financing leases(1)
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28,378 |
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28,497 |
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$ |
361,441 |
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$ |
343,093 |
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| Less - current maturities |
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69,282 |
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69,969 |
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| Less - deferred financing fees |
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6,606 |
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6,943 |
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| Long term debt and financing lease liabilities |
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$ |
285,553 |
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$ |
266,181 |
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(1) Financing leases do not include approximately $21,765 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
(3) These agreements are sale-leaseback arrangements that provides for the sale of solar PV projects to a third party investor and the simultaneous leaseback of the projects. In accordance with Topic 842, Leases, these transactions are accounted for as a
failed sale as the Company retains control of the underlying assets and as such, are classified as financing liabilities. The low interest rates are the results of tax credits which were transferred to the counterparty.
Senior Secured Credit Facility - Revolver and Term Loan
As of March 31, 2020, the Company amended the Company’s senior secured credit facility which increased the total funded debt to EBITDA covenant ratio to a maximum of 3.75 from 3.25 for the year ended December 31, 2020. The amendment also increased the Eurocurrency Rate floor to 1% from 0%. The total commitment under the amended credit facility (revolving credit, term loan and swing line) remains unchanged, which is $185,000.
At March 31, 2020, funds of $20,736 are available for borrowing under the revolving credit facility.
Variable Rate Term Loan In December 2019, the Company amended the variable rate term loan, revised certain debt service reserve requirements and certain distribution conditions under the loan agreement. During March 2020, the Company also amended the agreement to extend the date of the final principal payment to the maturity date of the loan, May 31, 2020. This amendment also revised certain distribution conditions under the loan agreement.
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