|9 Months Ended|
Sep. 30, 2019
|Subsequent Events [Abstract]|
Issuance of Asset-Backed Notes. On October 28, 2019, a subsidiary of the Company issued $312.4 million in solar asset-backed notes secured by net cash flows from Customer Agreements less certain operating, maintenance and other expenses that are available to the issuer after distributions to tax equity investors. The Notes were issued at a discount of 0.05% with an interest rate of 3.61% and mature on February 1, 2055.
Working Capital Facility Amendment. On November 12, 2019, the Company and certain of its subsidiaries entered into Amendment No. 7 (the "Amendment") to the Company's $250.0 million syndicated working capital facility dated as of April 1, 2015, as amended from time to time with the lenders thereto. The Amendment extends the maturity date of the facility to April 1, 2022 from its current maturity date of April 1, 2020. Other terms of the facility remain substantially the same, except for future periods the Amendment (i) increases the minimum interest coverage ratio from 3.0:1.0 to 3.5:1.0 and (ii) increases the minimum required quarter-end unencumbered cash balance from $30.0 million to $35.0 million.
Stock Repurchase Program Authorization. On November 12, 2019, the Company announced that its Board of Directors had approved a stock repurchase program authorizing the Company to repurchase up to $50.0 million of its common stock from time to time over the next three years. Stock repurchases under this program may be made through open market transactions, negotiated purchases or otherwise, at times and in such amounts as the Company considers appropriate and in accordance with applicable regulations of the SEC. The timing of repurchases and the number of shares repurchased will depend on a variety of factors including price, regulatory requirements, and other market conditions. The Company may limit, amend, suspend, or terminate the stock repurchase program at any time without prior notice. Any shares repurchased under the program will be returned to the status of authorized, but unissued shares of common stock.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef