v2.4.0.6
Long-term debt (Tables)
 3 Months Ended
Mar. 31, 2013
Long-term debt  
Schedule of long-term debt

 

 

(in millions)
   March 31,
2013		   December 31,
2012		   Interest Rate

Recourse Debt:

                

Senior unsecured notes, due 2018

   $ 460.0   $ 460.0   9.0%

Senior unsecured notes, due June 2036 (Cdn$210.0)

     206.7     211.1   6.0%

Senior unsecured notes, due July 2014

     190.0     190.0   5.9%

Series A senior unsecured notes, due August 2015

     150.0     150.0   5.9%

Series B senior unsecured notes, due August 2017

     75.0     75.0   6.0%

Non-Recourse Debt:

                

Epsilon Power Partners term facility, due 2019

     32.7     33.5   7.4%

Cadillac term loan, due 2025

     37.2     37.8   6.0% – 8.0%

Piedmont construction loan, due 2013

     127.6 (1)   127.4   Libor plus 3.5%

Meadow Creek term loan, due 2030

     229.3 (2)   208.7   1.3% – 5.1%

Rockland term loan, due 2031

     86.5     86.5   6.4%

Other long-term debt

     0.8     0.3   5.5% – 6.7%

Less current maturities

     (121.7 )   (121.2 )  
             

Total long-term debt

   $ 1,474.1   $ 1,459.1    
             
Schedule of current maturities

 

 

 
   March 31,
2013		   December 31,
2012		   Interest Rate

Current Maturities:

                

Epsilon Power Partners term facility, due 2019

   $ 3.5   $ 3.0   7.4%

Cadillac term loan, due 2025

     2.3     2.4   6.0% – 8.0%

Piedmont construction loan, due 2013

     55.1 (1)   55.1   Libor plus 3.5%

Meadow Creek term loan, due 2013

     59.5 (2)   59.5   1.3% – 5.1%

Rockland term loan, due 2031

     1.2     1.2   6.4%

Other current maturities

     0.1     —   5.5% – 6.7%
             

Total current maturities

   $ 121.7   $ 121.2    
             
(1)
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, and an $82.0 million construction loan that we expect to convert to a term loan. While we fully expect the construction loan to convert to a term loan in second quarter 2013 based on the project meeting specified milestone requirements, if it does not, we have the option of amending or refinancing the construction loan or infusing additional equity into the project. On April 19, 2013, Piedmont achieved commercial operations and expects to submit an application under the 1603 federal grant program within 60 days from this date to recover approximately 30% of its capital cost, subject to the potential impact of the federal sequester on spending which we estimate to be an approximate $2.0 million shortfall. The $51.0 million bridge loan is expected to be repaid by end of third quarter of 2013 and repayment of the expected $82.0 million term loan would commence in 2013.

(2)
Meadow Creek debt consists of $172.8 million drawn on a construction loan which converted to a term loan in March 2013 and a $56.5 million cash grant loan. The cash grant loan was repaid in April 2013 with $49.0 million of proceeds from the 1603 grant with the U.S. Treasury, $4.7 million from the former owners to cover the shortfall resulting from the federal sequester on spending and a $2.8 million contribution from us to cover the shortfall from lower grant-eligible costs, primarily as a result of lower project cost versus budget.