|
Long-term debt (Tables)
|
12 Months Ended |
|
Dec. 31, 2012
|
| Long-term debt |
|
| Schedule of long-term debt |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012 |
|
December 31,
2011 |
|
Interest Rate |
|
Recourse Debt: |
|
|
|
|
|
|
|
|
|
Senior unsecured notes, due 2018 |
|
$ |
460,000 |
|
$ |
460,000 |
|
9.00% |
|
Senior unsecured notes, due June 2036 (Cdn$210,000) |
|
|
211,071 |
|
|
206,490 |
|
5.95% |
|
Senior unsecured notes, due July 2014 |
|
|
190,000 |
|
|
190,000 |
|
5.90% |
|
Series A senior unsecured notes, due August 2015 |
|
|
150,000 |
|
|
150,000 |
|
5.87% |
|
Series B senior unsecured notes, due August 2017 |
|
|
75,000 |
|
|
75,000 |
|
5.97% |
|
Non-Recourse Debt: |
|
|
|
|
|
|
|
|
|
Epsilon Power Partners term facility, due 2019 |
|
|
33,482 |
|
|
34,982 |
|
7.40% |
|
Auburndale term loan, due 2013 |
|
|
— |
(3) |
|
11,900 |
|
5.10% |
|
Cadillac term loan, due 2025 |
|
|
37,831 |
|
|
40,231 |
|
6.02% - 8.00% |
|
Piedmont construction loan, due 2013 |
|
|
127,446 |
(2) |
|
100,796 |
|
Libor plus 3.50% |
|
Meadow Creek construction loan, due 2013 |
|
|
208,698 |
(4) |
|
— |
|
1.31% - 5.08% |
|
Rockland term loan, due 2031 |
|
|
86,560 |
|
|
— |
|
6.40% |
|
Ridgeline working capital loan |
|
|
253 |
|
|
— |
|
5.50% - 5.90% |
|
Path 15 senior secured bonds |
|
|
— |
(1) |
|
145,879 |
|
7.90% - 9.00% |
|
Purchase accounting fair value adjustments |
|
|
— |
(1) |
|
10,580 |
|
|
|
Less current maturities |
|
|
(121,203 |
) |
|
(20,958 |
) |
|
| |
|
|
|
|
|
|
|
Total long-term debt |
|
$ |
1,459,138 |
|
$ |
1,404,900 |
|
|
| |
|
|
|
|
|
|
|
| Schedule of current maturities |
|
|
|
|
|
|
|
|
|
|
|
December 31,
2012 |
|
December 31,
2011 |
|
Interest Rate |
|
Current Maturities: |
|
|
|
|
|
|
|
|
|
Epsilon Power Partners term facility, due 2019 |
|
$ |
3,000 |
|
$ |
1,500 |
|
7.40% |
|
Path 15 senior secured bonds |
|
|
— |
(1) |
|
8,667 |
|
7.90% - 9.00% |
|
Auburndale term loan, due 2013 |
|
|
— |
(3) |
|
7,000 |
|
5.10% |
|
Cadillac term loan, due 2025 |
|
|
2,400 |
|
|
3,791 |
|
6.02% - 8.00% |
|
Piedmont construction loan, due 2013 |
|
|
55,061 |
(2) |
|
— |
|
Libor plus 3.50% |
|
Meadow Creek construction loan, due 2013 |
|
|
59,508 |
(4) |
|
— |
|
1.31% - 5.08% |
|
Ridgeline working capital loan |
|
|
7 |
|
|
— |
|
5.50% - 5.90% |
|
Rockland term loan, due 2031 |
|
|
1,227 |
|
|
— |
|
6.40% |
| |
|
|
|
|
|
|
|
Total current maturities |
|
$ |
121,203 |
|
$ |
20,958 |
|
|
| |
|
|
|
|
|
|
- (1)
- During 2012, we designated the Path 15 project as an asset held for sale. Accordingly, Path 15 senior secured bonds current maturities of $9.4 million and long term debt of $128.0 million, including a purchase accounting fair value adjustment of $9.9 million, are recorded as a component of liabilities associated with assets held for sale in the current section of the consolidated balance sheets at year-end December 31, 2012. See Note 19 for further discussion.
- (2)
- The terms of the Piedmont project-level debt financing include a $51.0 million bridge loan, a portion of which we expect to repay with the proceeds from the stimulus grant expected to be received from the U.S. Treasury 60 days after the start of commercial operations, and an $82.0 million construction term loan that will convert to a term loan upon commercial operations of the project. However, because such grant proceeds are subject to Congressional action, we cannot provide any assurances with respect to the timing, availability or amount, if any, of such grants. The $51.0 million bridge loan will be repaid in early 2013 and repayment of the expected $82.0 million term loan will commence in 2013.
- (3)
- During 2012, we designated the Auburndale project as an asset held for sale. Accordingly, the Auburndale term loan due 2013 with current maturities of $4.9 million is recorded as a component of liabilities associated with assets held for sale in the current section of the consolidated balance sheets at year-end December 31, 2012. See Note 19 for further discussion.
- (4)
- Meadow Creek debt consists of $152.2 million drawn on a construction term loan which will become a term loan in June 2013, and a $56.5 million cash grant loan, which we expect to repay in the first half of 2013 through proceeds from a grant expected to be received from the U.S. Treasury.
|
| Schedule of principal payments on the maturities of debt due in next five years |
|
|
|
|
|
|
2013 |
|
$ |
121,203 |
|
|
2014 |
|
|
207,845 |
|
|
2015 |
|
|
170,473 |
|
|
2016 |
|
|
19,138 |
|
|
2017 |
|
|
94,954 |
|
|
Thereafter |
|
|
966,728 |
|
| |
|
|
|
|
|
|
$ |
1,580,341 |
|
| |
|
|
|
|