v3.20.1

Long-term debt | 3 Months Ended
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Mar. 31, 2020
Long-term debt excluding debentures |
Long-term debt | 5. Long‑term debt Long‑term debt consists of the following:
|  | March 31, |  | December 31, |  |  |  |  |
|  | 2020 |  | 2019 |  | Interest Rate |
Recourse Debt: |  |  |  |  |  |  |  |  |  |  |
Senior secured term loan facility, due 2025(1) |  | $ | 360.0 |  | $ | 380.0 |  | LIBOR(2) | plus | 2.50 | %
Senior unsecured notes, due June 2036 (Cdn$210.0) |  |  | 148.0 |  |  | 161.7 |  |  |  | 5.95 | %
Non-Recourse Debt: |  |  |  |  |  |  |  |  |  |  |
Cadillac term loan, due 2025 (3)(4) |  |  | 17.2 |  |  | 18.7 |  | LIBOR | plus | 1.61 | %
Less: unamortized discount |  |  | (5.2) |  |  | (5.8) |  |  |  |  |
Less: unamortized deferred financing costs |  |  | (5.2) |  |  | (4.7) |  |  |  |  |
Less: current maturities |  |  | (78.5) |  |  | (76.4) |  |  |  |  |
Total long-term debt |  | $ | 436.3 |  | $ | 473.5 |  |  |  |  |
Current maturities consist of the following:
|  | March 31, |  | December 31, |  |  |  |  |
|  | 2020 |  | 2019 |  | Interest Rate |
Current Maturities: |  |  |  |  |  |  |  |  |  |  |
Senior secured term loan facility, due 2025(1) |  | $ | 75.5 |  | $ | 72.5 |  | LIBOR(2) | plus | 2.50 | %
Cadillac term loan, due 2025 (3) |  |  | 3.0 |  |  | 3.9 |  | LIBOR | plus | 1.61 | %
Total current maturities |  | $ | 78.5 |  | $ | 76.4 |  |  |  |  |
| (1) |  | On a quarterly basis, we make a cash sweep payment to fund the principal balance, based on terms as defined in the term loan credit agreement. The portion of the senior secured term loan facility classified as current is based on principal payments required to reduce the aggregate principal amount of senior secured term loan outstanding to achieve a target principal amount that declines quarterly based on a pre-determined specified schedule.
| (2) |  | London Interbank Offered Rate (“LIBOR”) cannot be less than 1.00%. We have entered into interest rate swap agreements to mitigate the exposure to changes in LIBOR of the $360.0 million outstanding aggregate borrowings under our senior secured term loan facility at March 31, 2020. See Note 7, Accounting for derivative instruments and hedging activities for further details.
| (3) |  | We have entered into interest rate swap agreements to economically fix our exposure to changes in interest rates for this non-recourse debt. See Note 7, Accounting for derivative instruments and hedging activities, for further details.
| (4) |  | The Cadillac term loan credit agreement (the “Cadillac Term Loan”) contains various affirmative and negative covenants, including, among other things, the operation of the Cadillac plant, compliance with laws, incurrence of additional debt and restricted payments (as defined in the Cadillac Term Loan). One of the negative covenants requires the Cadillac project to meet certain key financial ratios, including a debt service coverage ratio (as defined in the Cadillac Term Loan). As of March 31, 2020, we determined that the Cadillac project did not fulfill the debt service coverage ratio as required by the Cadillac Term Loan. Due to the breach of the covenant clause, the Cadillac project is prevented from making restricted payments (as defined in the Cadillac Term Loan) until several conditions are met, including, among other things, (i) the debt service coverage ratio for the most-recently ended period of four consecutive fiscal quarters is at least 1.2 to 1.0 and (ii) the projected debt service coverage ratio for the four consecutive fiscal quarters immediately following the period described in (i) is at least 1.2 to 1.0. We have not made any restricted payments (as defined in the Cadillac Term Loan) since July 31, 2019.
Term Loan Amendment and Repricing In January 2020, Atlantic Power Limited Partnership Holdings (“APLP Holdings”) completed the repricing of the $380 million Term Loan and revolving credit facility (“Revolver”). As a result of the repricing, the interest rate margin on the Term Loan and the Revolver was reduced by 0.25% to LIBOR plus 2.50% with no change to the 1.00% LIBOR floor. An additional 0.25% step down in the interest rate margin will become effective in the event the Leverage Ratio (as defined in the Credit Agreement) is 2.75:1.00 or lower. Additionally, APLP Holdings amended its existing Term Loan to extend the maturity date by two years to April 2025. The repricing also adds customary new provisions relating to the replacement of LIBOR as the benchmark for the Eurodollar Rate (as defined in the Credit Agreement). Targeted debt balances were adjusted to reflect the previously announced anticipated closing of the sale of our Manchief power plant in 2022, resulting in lower targeted debt repayment in 2020 and higher targeted debt repayment in 2022 as compared to the previous schedule. We recorded $0.6 million of new deferred financing costs associated with the amendment, which will be amortized over the remaining terms of the Term Loan and Revolver. Additionally, we wrote off $0.5 million of existing deferred financing costs to interest expense in the three months ended March 31, 2020. Extension of Revolving Credit Facility On March 18, 2020, we executed an amendment to our senior secured revolving credit facility. The amendment provides for an extension of the Revolver maturity date to April 2025, to coincide with the maturity date of the senior Term Loan. Both the Revolver and the Term Loan are at our APLP Holdings subsidiary. At March 31, 2020, we had no borrowings under the Revolver and utilized $78.1 million of borrowing capacity for letters of credit. In conjunction with the extension, the Revolver capacity was reduced to $180 million from $200 million previously. The amendment allows an upsizing of the Revolver capacity by up to $30 million, to a maximum aggregate amount of $210 million, subject to approval of the two letter of credit issuer banks and increased commitments by existing or new lenders. Such an upsizing would not require a further amendment. There were no other significant changes to the terms of the Revolver. As a result of the extension, we recorded $0.9 million of new deferred financing costs, which will be amortized over the remaining term of the Revolver.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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