Quarterly report pursuant to Section 13 or 15(d)

Indebtedness (Tables)

v3.4.0.3
Indebtedness (Tables)
3 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Schedule of Debt

As of March 31, 2016, debt consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unused

 

 

Annual

 

 

 

 

 

 

 

 

Carrying Values, net of

 

 

Borrowing

 

 

Contractual

 

Interest

 

 

Maturity

 

 

debt discount

 

 

Capacity

 

 

Interest Rate

 

Rate

 

 

Date

 

 

Current

 

 

Long Term

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank line of credit

 

$

 

 

$

191,000

 

 

$

191,000

 

 

$

11,501

 

 

Varies (1)

 

3.45% - 5.75%

 

 

April 2018

Total recourse debt

 

$

 

 

$

191,000

 

 

$

191,000

 

 

$

11,501

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit

 

 

 

 

 

77,100

 

 

 

77,100

 

 

 

8,800

 

 

Varies (2)

 

2.93% - 3.16%

 

 

December 2020

Term Loans due in

   December 2020

   and 2021

 

 

117

 

 

 

33,032

 

 

 

33,149

 

 

 

1,400

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2020

and 2021

Term Loan A due in

   December 2021

 

 

727

 

 

 

145,811

 

 

 

146,538

 

 

 

6,400

 

 

LIBOR + 2.75%

 

3.04% - 3.37%

 

 

December 2021

Bank term loan due in

   September 2022

 

 

306

 

 

 

16,219

 

 

 

16,525

 

 

 

4,000

 

 

LIBOR +2.25%

 

 

2.69

%

 

September 2022

Bank term loan due in

   April 2022

 

 

1,206

 

 

 

29,043

 

 

 

30,249

 

 

 

 

 

6.25% (3)

 

 

6.25

%

 

April 2022

Note payable

 

 

 

 

 

33,748

 

 

 

33,748

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Solar asset-backed

   notes

 

 

3,235

 

 

 

101,243

 

 

 

104,478

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Total non-recourse

   debt

 

 

5,591

 

 

 

436,196

 

 

 

441,787

 

 

 

20,600

 

 

 

 

 

 

 

 

 

Total debt

 

$

5,591

 

 

$

627,196

 

 

$

632,787

 

 

$

32,101

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015, debt consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unused

 

 

Annual

 

 

 

 

 

 

 

 

Carrying Values, net of

 

 

Borrowing

 

 

Contractual

 

Interest

 

 

Maturity

 

 

debt discount

 

 

Capacity

 

 

Interest Rate

 

Rate

 

 

Date

 

 

Current

 

 

Long Term

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank line of credit

 

$

 

 

$

197,000

 

 

$

197,000

 

 

$

6,571

 

 

Varies (1)

 

 

3.67

%

 

April 2018

Total recourse debt

 

$

 

 

$

197,000

 

 

$

197,000

 

 

$

6,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan A due in

   December 2021

 

 

589

 

 

 

146,625

 

 

 

147,214

 

 

 

5,600

 

 

LIBOR + 2.75%

 

 

3.07

%

 

December 2021

Term Loan B due in

   December 2021

 

 

116

 

 

 

22,014

 

 

 

22,130

 

 

 

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2021

Bank term loan due in

   April 2022

 

 

1,159

 

 

 

29,580

 

 

 

30,739

 

 

 

 

 

6.25%

 

 

6.25

%

 

April 2022

Note payable

 

 

 

 

 

32,781

 

 

 

32,781

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Solar asset-backed

   notes

 

 

2,858

 

 

 

102,042

 

 

 

104,900

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Total non-recourse

   debt

 

 

4,722

 

 

 

333,042

 

 

 

337,764

 

 

 

5,600

 

 

 

 

 

 

 

 

 

Total debt

 

$

4,722

 

 

$

530,042

 

 

$

534,764

 

 

$

12,171

 

 

 

 

 

 

 

 

 

 

(1)

Loans under the facility bear interest at LIBOR + 3.25% or the Base Rate + 2.25%. The Base Rate is the highest of the Federal Funds Rate + 0.50%, the Prime Rate, or LIBOR + 1.00%.

(2)

Loans under the facility bear interest at LIBOR + 2.50% for the initial three-year revolving availability period, stepping up to LIBOR + 2.75% in the following two-year period, or the Base Rate + 1.50% for the initial three-year revolving availability period, stepping up to 1.75% in the following two-year period. The Base Rate is the highest of the Federal Funds Rate + 0.50%, the Prime Rate, or LIBOR + 1.00%.

(3)

Effective April 1, 2016, the annual contractual interest rate was amended to 4.50%.