| Schedule of Long-term Debt Instruments |
As of September 30, 2020 and December 31, 2019, the Company’s outstanding debt obligations are comprised of the following:
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Commencement Date |
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Maturity Date |
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Acceleration Clause(2)
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Rate as of September 30, 2020 |
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September 30, 2020 |
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December 31, 2019 |
| Senior secured credit facility, interest at varying rates monthly in arrears |
Jun 2015 |
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Jun 2024 |
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NA |
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3.41 |
% |
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$ |
114,632 |
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$ |
112,216 |
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| Variable rate term loan payable in semi-annual installments |
Jan 2006 |
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Feb 2021 |
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Yes |
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2.48 |
% |
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350 |
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625 |
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| Variable rate term loan payable in semi-annual installments |
Jan 2006 |
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Jun 2024 |
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Yes |
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2.23 |
% |
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6,081 |
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6,609 |
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| Term loan payable in quarterly installments |
Mar 2011 |
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Mar 2021 |
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Yes |
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7.25 |
% |
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339 |
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831 |
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| Term loan payable in monthly installments |
Oct 2011 |
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Jun 2028 |
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NA |
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6.11 |
% |
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3,196 |
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3,649 |
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| Variable rate term loan payable in quarterly installments |
Oct 2012 |
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May 2025 |
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NA |
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2.48 |
% |
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39,936 |
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28,217 |
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| Variable rate term loan payable in quarterly installments |
Sep 2015 |
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Mar 2023 |
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NA |
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2.98 |
% |
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15,534 |
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15,976 |
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| Term loan payable in quarterly installments |
Aug 2016 |
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Jul 2031 |
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NA |
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4.95 |
% |
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3,378 |
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3,769 |
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| Term loan payable in quarterly installments |
Mar 2017 |
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Mar 2028 |
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NA |
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5.00 |
% |
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3,204 |
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3,521 |
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| Term loan payable in monthly installments |
Apr 2017 |
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Apr 2027 |
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NA |
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4.50 |
% |
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19,538 |
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22,553 |
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| Term loan payable in quarterly installments |
Apr 2017 |
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Feb 2034 |
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NA |
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5.61 |
% |
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2,479 |
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2,706 |
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| Variable rate term loan payable in quarterly installments |
Jun 2017 |
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Dec 2027 |
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NA |
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2.68 |
% |
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11,126 |
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11,740 |
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| Variable rate term loan payable in quarterly installments |
Feb 2018 |
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Aug 2022 |
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Yes |
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7.73 |
% |
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9,236 |
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15,645 |
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| Term loan payable in quarterly installments |
Jun 2018 |
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Dec 2038 |
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Yes |
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5.15 |
% |
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27,363 |
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28,583 |
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| Variable rate term loan payable in semi-annual installments |
Jun 2018 |
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Jun 2033 |
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Yes |
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2.28 |
% |
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8,665 |
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9,003 |
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| Variable rate term loan payable in monthly/quarterly installments |
Oct 2018 |
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Oct 2029 |
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Yes |
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2.65 |
% |
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8,583 |
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9,092 |
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Long term finance liability in semi-annual installments(3)
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Jul 2019 |
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Jul 2039 |
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NA |
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0.28 |
% |
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3,732 |
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3,841 |
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Long term finance liability in semi-annual installments(3)
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Nov 2019 |
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July 2040 |
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NA |
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— |
% |
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8,312 |
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8,794 |
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| Term loan payable in quarterly installments |
Dec 2019 |
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Dec 2021 |
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Yes |
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6.50 |
% |
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15,655 |
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27,226 |
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| Fixed rate note |
Apr 2020 |
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Apr 2040 |
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NA |
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5.00 |
% |
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218 |
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— |
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| Construction revolver payable July 2021 |
Jul 2020 |
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Jul 2022 |
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Yes |
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1.98 |
% |
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10,659 |
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— |
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| Construction revolver payable Nov 2020 |
Jul 2020 |
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Nov 2020 |
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Yes |
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5.25 |
% |
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7,564 |
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— |
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Financing leases(1)
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26,098 |
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28,497 |
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$ |
345,878 |
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$ |
343,093 |
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| Less - current maturities |
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61,521 |
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69,969 |
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| Less - deferred financing fees |
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6,230 |
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6,943 |
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| Long-term debt and financing lease liabilities, net |
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$ |
278,127 |
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$ |
266,181 |
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(1) Financing leases do not include approximately $20,207 and $22,015 in future interest payments as of September 30, 2020 and December 31, 2019, respectively.
(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 provide 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 failed sales 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.
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