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

 

(in millions)
   September 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)

     203.8     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

     31.2     33.5   7.4%

Cadillac term loan, due 2025

     36.0     37.8   6.0% – 8.0%

Piedmont construction loan, due 2013

     76.6 (1)   127.4   Libor plus 3.5%

Meadow Creek term loan, due 2024

     171.4 (2)   208.7   2.9% – 5.1%

Rockland term loan, due 2027

     85.8     86.5   6.4%

Other long-term debt

     1.0     0.3   5.5% – 6.7%

Less: current maturities

     (206.7 )   (121.2 )  
             

Total long-term debt

   $ 1,274.1   $ 1,459.1    
             
Schedule of current maturities

 

 
   September 30, 2013   December 31, 2012   Interest Rate

Current Maturities:

                

Senior unsecured notes, due July 2014

   $ 190.0     —   5.9%

Epsilon Power Partners term facility, due 2019

     4.5     3.0   7.4%

Cadillac term loan, due 2025

     2.1     2.4   6.0% – 8.0%

Piedmont construction loan, due 2013

     4.4 (1)   55.1   Libor plus 3.5%

Meadow Creek term loan, due 2024

     4.1 (2)   59.5   2.9% – 5.1%

Rockland term loan, due 2027

     1.4     1.2   6.4%

Other short-term debt

     0.2     —   5.5 – 6.7%
             

Total current maturities

   $ 206.7   $ 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 ($76.6 million at September 30, 2013) that is expected to convert to a term loan in the fourth 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 us to cover the shortfall resulting from the federal sequester on spending. We expect to commence the repayment of the term loan in the fourth quarter of 2013.

(2)
Meadow Creek debt consists of $171.4 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 than anticipated, primarily as a result of a lower project cost versus budget.