Debt (Tables)

3 Months Ended

Mar. 31, 2020

As of March 31, 2020 and December 31, 2019, the Company’s debt comprised the following:


	Commencement Date	Maturity Date	Acceleration Clause⁽²⁾	Rate as of
								March 31, 2020		March 31, 2020	December 31, 2019
Senior secured credit facility, interest at varying rates monthly in arrears	June 2015	June 2024	NA	4.36	%	$	142,022	$	112,216
Variable rate term loan payable in semi-annual installments	January 2006	February 2021	Yes	3.70	%	625		625
Variable rate term loan payable in semi-annual installments	January 2006	June 2024	Yes	3.45	%	6,609		6,609
Term loan payable in quarterly installments	March 2011	March 2021	Yes	7.25	%	666		831
Term loan payable in monthly installments	October 2011	June 2028	NA	6.11	%	3,314		3,649
Variable rate term loan payable in quarterly installments	October 2012	May 2020	NA	4.95	%	27,617		28,217
Variable rate term loan payable in quarterly installments	September 2015	March 2023	NA	4.20	%	15,995		15,976
Term loan payable in quarterly installments	August 2016	July 2031	NA	4.95	%	3,392		3,769
Term loan payable in quarterly installments	March 2017	March 2028	NA	5.00	%	3,416		3,521
Term loan payable in monthly installments	April 2017	April 2027	NA	4.50	%	21,823		22,553
Term loan payable in quarterly installments	April 2017	February 2034	NA	5.61	%	2,487		2,706
Variable rate term loan payable in quarterly installments	June 2017	December 2027	NA	3.90	%	11,740		11,740
Variable rate term loan payable in quarterly installments	February 2018	August 2022	Yes	8.95	%	12,436		15,645
Term loan payable in quarterly installments	June 2018	December 2038	Yes	5.15	%	28,073		28,583
Variable rate term loan payable in semi-annual installments	June 2018	June 2033	Yes	3.50	%	9,003		9,003
Variable rate term loan payable in monthly/quarterly installments	October 2018	October 2029	Yes	3.94	%	8,923		9,092
Long term finance liability in semi-annual installments⁽³⁾	July 2019	July 2039	NA	0.28	%	3,785		3,841
Long term finance liability in semi-annual installments⁽³⁾	November 2019	November 2039	NA	—	%	6,970		8,794
Term loan payable in quarterly installments	December 2019	December 2021	Yes	6.500	%	24,167		27,226
Financing leases⁽¹⁾						28,378		28,497
						$	361,441	$	343,093
Less - current maturities						69,282		69,969
Less - deferred financing fees						6,606		6,943
Long term debt and financing lease liabilities						$	285,553	$	266,181

⁽¹⁾Financing leases do not include approximately $21,765 in future interest payments

⁽²⁾These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make due the remaining principal and the required interest balance according to the agreement

⁽³⁾ These agreements are sale-leaseback arrangements that provides for the sale of solar PV projects to a third party investor and the simultaneous leaseback of the projects. In accordance with Topic 842, Leases, these transactions are accounted for as a

failed sale as the Company retains control of the underlying assets and as such, are classified as financing liabilities. The low interest rates are the results of tax credits which were transferred to the counterparty.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details