| Schedule of Debt |
As of December 31, 2016, debt consisted of the following (in thousands, except percentages):
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Unused |
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Annual |
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Carrying Values, net of |
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Borrowing |
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Contractual |
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Interest |
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Maturity |
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|
debt discount |
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|
Capacity |
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|
Interest Rate |
|
Rate |
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|
Date |
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Current |
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Long Term |
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Total |
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Recourse debt: |
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Bank line of credit |
|
$ |
— |
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|
$ |
244,000 |
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|
$ |
244,000 |
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|
$ |
3,406 |
|
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Varies (1) |
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3.96% - 5.75% |
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|
April 2018 |
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Total recourse debt |
|
$ |
— |
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|
$ |
244,000 |
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|
$ |
244,000 |
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|
$ |
3,406 |
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Non-recourse debt: |
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Line of credit
(Aggregation Facility) |
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|
— |
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|
|
245,200 |
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|
|
245,200 |
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|
|
9,300 |
|
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Varies (2) |
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2.93% - 3.39% |
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|
December 2020 |
|
Term Loan A |
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|
616 |
|
|
|
146,387 |
|
|
|
147,003 |
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|
|
5,000 |
|
|
LIBOR + 2.75% |
|
|
3.64 |
% |
|
December 2021 |
|
Bank term loan due in
September 2022 |
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|
1,074 |
|
|
|
21,249 |
|
|
|
22,323 |
|
|
|
— |
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|
LIBOR +2.25% |
|
|
2.86 |
% |
|
September 2022 |
|
Bank term loan due in
April 2022 |
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|
1,331 |
|
|
|
26,565 |
|
|
|
27,896 |
|
|
|
— |
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|
4.50% |
|
|
4.50 |
% |
|
April 2022 |
|
Solar asset-backed
notes |
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|
3,730 |
|
|
|
97,565 |
|
|
|
101,295 |
|
|
|
— |
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|
4.40% - Class A |
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|
4.40 |
% |
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July 2024 |
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5.38% - Class B |
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|
5.38 |
% |
|
July 2024 |
|
Term Loan and Term
Loan B |
|
|
116 |
|
|
|
42,870 |
|
|
|
42,986 |
|
|
|
— |
|
|
LIBOR + 5.00% |
|
|
6.00 |
% |
|
December 2020
and 2021 |
|
Bank term loan due in
July 2021 |
|
|
7,286 |
|
|
|
23,802 |
|
|
|
31,088 |
|
|
|
1,032 |
|
|
Varies (3) |
|
6.25% - 9.94% |
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|
July 2021 |
|
Note payable |
|
|
— |
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|
|
36,232 |
|
|
|
36,232 |
|
|
|
— |
|
|
12.00% |
|
|
12.00 |
% |
|
December 2018 |
|
Total non-recourse
debt |
|
|
14,153 |
|
|
|
639,870 |
|
|
|
654,023 |
|
|
|
15,332 |
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|
|
|
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Total debt |
|
$ |
14,153 |
|
|
$ |
883,870 |
|
|
$ |
898,023 |
|
|
$ |
18,738 |
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As of December 31, 2015, debt consisted of the following (in thousands, except percentages):
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|
|
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|
|
|
|
|
|
|
|
Unused |
|
|
Annual |
|
|
|
|
|
|
|
|
|
Carrying Values, net of |
|
|
Borrowing |
|
|
Contractual |
|
Interest |
|
|
Maturity |
|
|
|
debt discount |
|
|
Capacity |
|
|
Interest Rate |
|
Rate |
|
|
Date |
|
|
|
Current |
|
|
Long Term |
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|
Total |
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Recourse debt: |
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
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|
Bank line of credit |
|
$ |
— |
|
|
$ |
197,000 |
|
|
$ |
197,000 |
|
|
$ |
6,571 |
|
|
Varies (1) |
|
|
3.67 |
% |
|
April 2018 |
|
Total recourse debt |
|
$ |
— |
|
|
$ |
197,000 |
|
|
$ |
197,000 |
|
|
$ |
6,571 |
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Non-recourse debt: |
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|
|
|
|
|
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|
|
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|
Term Loan A |
|
|
589 |
|
|
|
146,625 |
|
|
|
147,214 |
|
|
|
5,600 |
|
|
LIBOR + 2.75% |
|
|
3.07 |
% |
|
December 2021 |
|
Bank term loan due in
April 2022 |
|
|
1,159 |
|
|
|
29,580 |
|
|
|
30,739 |
|
|
|
— |
|
|
6.25% |
|
|
6.25 |
% |
|
April 2022 |
|
Solar asset-backed
notes |
|
|
2,858 |
|
|
|
102,042 |
|
|
|
104,900 |
|
|
|
— |
|
|
4.40% - Class A |
|
|
4.40 |
% |
|
July 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
5.38% - Class B |
|
|
5.38 |
% |
|
July 2024 |
|
Term Loan B |
|
|
116 |
|
|
|
22,014 |
|
|
|
22,130 |
|
|
|
— |
|
|
LIBOR + 5.00% |
|
|
6.00 |
% |
|
December 2021 |
|
Note payable |
|
|
— |
|
|
|
32,781 |
|
|
|
32,781 |
|
|
|
— |
|
|
12.00% |
|
|
12.00 |
% |
|
December 2018 |
|
Total non-recourse
debt |
|
|
4,722 |
|
|
|
333,042 |
|
|
|
337,764 |
|
|
|
5,600 |
|
|
|
|
|
|
|
|
|
|
Total debt |
|
$ |
4,722 |
|
|
$ |
530,042 |
|
|
$ |
534,764 |
|
|
$ |
12,171 |
|
|
|
|
|
|
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|
(1) |
Loans under the facility bear interest at LIBOR + 3.25% or the Base Rate + 2.25%. The Base Rate is the highest of the Federal Funds Rate + 0.50%, the Prime Rate, or LIBOR + 1.00%. |
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(2) |
Loans under the facility bear interest at LIBOR + 2.50% for the initial three-year revolving availability period, stepping up to LIBOR + 2.75% in the following two-year period. |
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(3) |
Loans under the facility bear interest at LIBOR + 5.50% for contracted SRECs and LIBOR + 9.00% for uncontracted SRECs. |
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| Schedule of Maturities of Debt, Excluding Debt Discount |
The scheduled maturities of debt, excluding debt discount, as of December 31, 2016 are as follows (in thousands):
|
2017 |
|
$ |
16,107 |
|
|
2018 |
|
|
306,113 |
|
|
2019 |
|
|
27,168 |
|
|
2020 |
|
|
29,139 |
|
|
2021 |
|
|
411,623 |
|
|
Thereafter |
|
|
119,957 |
|
|
Subtotal |
|
|
910,107 |
|
|
Less: Debt discount |
|
|
(12,084 |
) |
|
Total |
|
$ |
898,023 |
|
|