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Long Term Debt
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3 Months Ended |
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Mar. 31, 2013
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| Debt Disclosure [Abstract] | |
| Long-term Debt |
LONG-TERM DEBT
Variable-Rate Construction and Term Loans
In October 2012, the Company entered into a credit and guaranty agreement with two banks for use in providing limited recourse financing for certain of its landfill gas to energy and Solar PV projects. The credit and guaranty agreement provides for a $47,200,000 construction-to-term loan credit facility and bears interest at a variable rate. At March 31, 2013, $37,800,000 was outstanding under construction loans. The rate at March 31, 2013 was 3.29%.
Senior Secured Credit Facility - Revolver and Term Loan
On June 30, 2011, the Company amended and restated the credit and security agreement and continues as the sole borrower under the agreement. The amended and restated facility extends and expands the Company’s prior facility. The facility consists of a $60,000,000 revolving credit facility and a $40,000,000 term loan. The revolving credit facility may be increased up to an additional $25,000,000 at the Company’s option, if the lenders agree. The facility matures on June 30, 2016, and all remaining unpaid amounts outstanding under the facility will be due at that time. At March 31, 2013, $30,000,000 was outstanding under the term loan and there was no outstanding balance under the revolving credit facility. Payments on the term loan are due in quarterly principal installments of $1,428,571 together with accrued but unpaid interest, with all remaining unpaid principal amounts due June 30, 2016. The obligations under the facility are guaranteed by certain of the Company’s subsidiaries and are secured by a lien on all of the assets of the Company other than renewable energy projects that the Company owns and that are financed by others. The agreement contains certain financial covenants. In light of the Company’s results during the second half of 2012 and continuing into the first quarter of 2013, the minimum EBITDA covenant has been suspended for interim periods during 2013. At March 31, 2013 the Company was in compliance with all financial covenants.
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