v2.4.0.8
Long-term debt (Tables)
 6 Months Ended
Jun. 30, 2013
Long-term debt  
Schedule of long-term debt

 

 

(in millions)
   June 30,
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)

     199.7     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

     32.0     33.5   7.4%

Cadillac term loan, due 2025

     36.6     37.8   6.0% – 8.0%

Piedmont construction loan, due 2013

     126.1 (1)   127.4   Libor plus 3.5%

Meadow Creek term loan, due 2024

     171.4 (2)   208.7   5.1% – 5.6%

Rockland term loan, due 2027

     85.8     86.5   6.4% – 6.7%

Other long-term debt

     1.1     0.3   5.5% – 6.7%

Less: current maturities

     (65.7 )   (121.2 )  
             

Total long-term debt

   $ 1,462.0   $ 1,459.1    
             
Schedule of current maturities

 

 
   June 30,
2013		   December 31,
2012		   Interest Rate

Current Maturities:

                

Epsilon Power Partners term facility, due 2019

   $ 4.0   $ 3.0   7.4%

Cadillac term loan, due 2025

     2.2     2.4   6.0% – 8.0%

Piedmont construction loan, due 2013

     53.9 (1)   55.1   Libor plus 3.5%

Meadow Creek term loan, due 2024

     4.1 (2)   59.5   5.1% – 5.6%

Rockland term loan, due 2027

     1.4     1.2   6.4% – 6.7%

Other current maturities

     0.1     —   5.5% – 6.7%
             

Total current maturities

   $ 65.7   $ 121.2    
             
(1)
The terms of the Piedmont project-level debt financing include a $51.0 million bridge loan and an $82.0 million construction loan that is expected to convert to a term loan in the third quarter of 2013. On April 19, 2013, Piedmont achieved commercial operations and submitted an application under the 1603 federal grant program to recover approximately 30% of its capital cost. The grant application was approved and we received a $49.5 million grant from the U.S. Treasury in July 2013. Upon receipt of the grant, we repaid in full the $51.0 million bridge loan with the proceeds of the grant and a $1.5 million contribution from Atlantic Power to cover the shortfall resulting from the federal sequester on spending. We expect to commence the repayment of the $82.0 million term loan in 2013.

(2)
Meadow Creek debt consists of $172.8 million term loan 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 a lower project cost versus budget.