| Long-term Debt |
LONG-TERM DEBT
Long-term debt comprised the following:
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Rate as of March 31, 2018 |
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March 31, 2018 |
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December 31, 2017 |
Senior secured credit facility, due June 2020, interest at varying rates monthly in arrears |
4.31 |
% |
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$ |
65,950 |
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$ |
49,986 |
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Variable rate term loan payable in semi-annual installments through February 2021 |
4.55 |
% |
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1,220 |
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1,220 |
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Variable rate term loan payable in semi-annual installments through June 2024 |
4.05 |
% |
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8,295 |
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8,295 |
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Variable rate term loan payable in quarterly installments through December 2024 |
4.95 |
% |
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8,757 |
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8,757 |
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Term loan payable in quarterly installments through March 2021 |
7.25 |
% |
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1,917 |
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2,218 |
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Term loan payable in monthly installments through June 2028 |
6.11 |
% |
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4,393 |
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4,551 |
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Variable rate term loan payable in quarterly installments through June 2020 |
5.31 |
% |
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32,322 |
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32,711 |
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Variable rate term loan payable in quarterly installments through October 2023 |
4.80 |
% |
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18,367 |
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18,346 |
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Term loan payable in quarterly installments through June 2031 |
4.95 |
% |
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4,411 |
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4,605 |
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Term loan payable in quarterly installments through February 2034 |
5.61 |
% |
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3,044 |
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3,128 |
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Variable rate construction loan payable, due June 2018 |
7.00 |
% |
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1,696 |
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1,721 |
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Term loan payable in quarterly installments through April 2027 |
4.50 |
% |
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18,327 |
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13,325 |
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Term loan payable in quarterly installments through March 2028 |
5.00 |
% |
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4,262 |
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4,258 |
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Variable rate term loan payable in quarterly installments through December 2027 |
4.58 |
% |
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14,038 |
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14,034 |
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Variable rate term loan payable in quarterly installments through August 2022 |
9.27 |
% |
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28,500 |
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— |
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Capital leases |
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35,867 |
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35,013 |
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$ |
251,366 |
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$ |
202,168 |
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Less - current maturities |
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26,253 |
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22,375 |
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Less - deferred financing fees |
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6,715 |
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6,556 |
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Long-term debt |
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$ |
218,398 |
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$ |
173,237 |
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At March 31, 2018 funds of $22,648 is available for the revolving credit facility. Additionally, the Company was in compliance with all financial and operational covenants.
February 2018 Term Loan
In February 2018, the Company entered into a credit agreement for gross proceeds of $28,500, with a bank for use in providing non-recourse financing for a new renewable natural gas energy asset at a rate of 7.5% above LIBOR. Principal and interest amounts are due in quarterly installments. The note matures on August 31, 2022 with all remaining unpaid amounts outstanding under the agreement due at that time. At March 31, 2018, $28,500 was outstanding under the term loan. March 31, 2018 was 9.2734%.
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