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Debt and Financing Lease Liabilities | 3 Months Ended
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Mar. 31, 2022
Debt Disclosure [Abstract] |
Debt and Financing Lease Liabilities | DEBT AND FINANCING LEASE LIABILITIES Our debt and financing lease liabilities comprised of the following:
| March 31, 2022 |  | December 31, 2021
Senior secured revolving credit facility (1) | $ | 121,000 |  |  | $ | 45,000 |
Senior secured term loans | 275,000 |  |  | 52,813 |
Non-recourse construction revolvers | 31,910 |  |  | 31,698 |
Non-recourse term loans (4) | 205,329 |  |  | 218,136 |
Long-term financing facilities (2) | 104,417 |  |  | 104,615 |
Financing lease liabilities (3) | 19,199 |  |  | 19,226 |
Total debt and financing lease liabilities | 756,855 |  |  | 471,488 |
Less: current maturities | 80,191 |  |  | 78,934 |
Less: unamortized discount and debt issuance costs | 16,969 |  |  | 15,370 |
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs | $ | 659,695 |  |  | $ | 377,184 |
(1) At March 31, 2022, funds of $47,341 were available for borrowing under this facility.
(2) These facilities are sale-leaseback arrangements and are accounted for as failed sales. See Note 6 for additional disclosures.
(3) Financing lease liabilities are sale-leaseback arrangements under previous guidance. See Note 6 for additional disclosures.
(4) As of March 31, 2021, we were in default on one non-recourse term loan with a balance of $3,809 for failure to meet the debt service coverage ratio of 1 to 1, however, a waiver was received in April 2022.
Senior Secured Credit Facility - Revolver and Term Loans On March 4, 2022, we entered into the fifth amended and restated senior secured credit facility with five banks, which included the following amendments: •increased the aggregate amount of total commitments from $245,000 to $495,000, •increased the aggregate amount of the revolving commitments from $180,000 to $200,000, •increased the existing term loan A from $65,000 to $75,000, •extended the maturity date of the revolving commitment and term loan A from June 28, 2024 to March 4, 2025, •added a delayed draw term loan A for up to $220,000 through a September 4, 2023 maturity date, •increased the total funded debt to EBITDA covenant ratio from a maximum of 3.50 to 4.50 for the quarter ended March 31, 2022; 4.25 for the quarter ending June 30, 2022, 4.00 for the quarters ending September 30, 2022 and December 31, 2022; and 3.50 thereafter, •specified the debt service coverage ratio (the ratio of (a) cash flow of the core Ameresco companies, to (b) debt service of the core Ameresco companies as of the end of each fiscal quarter to be less than 1.5, and •increased our limit under an energy conversation project financing to $650,000, which provides us with flexibility to grow our federal business further. The revolving credit facility may be increased by an amount up to an additional $100,000 in increments of at least $25,000 at the approval of the lenders, subject to certain conditions. We accounted for this amendment as a modification and at closing we incurred $2,048 in lenders fees which were reflected as debt discount and $352 in third party fees which were reflected as debt issuance costs. The unamortized debt discount and issuance costs of the previous agreement are being amortized over the remaining term of the amended agreement, with the exception of $96 of costs relating to a previous syndicated lender which did not participate in this amendment. These costs were expensed in other expenses, net during the three months ended March 31, 2022. Construction Revolvers Construction Revolver, 1.74%, due June 2022 In March 2022, we entered into a fourth amendment to the 1.74% construction revolver to extend this facility from March 2022 to June 2022. All remaining unpaid amounts outstanding under the facility are due at that time. As of March 31, 2022, $73,946 was available for borrowing under this facility. On April 29, 2022, a wholly-owned subsidiary of ours executed a joinder agreement to the 1.74% construction revolver, which added it as an additional borrower under the master construction loan agreement. At closing, we borrowed $9,800 for a solar and storage project. Construction Revolver, 1.99%, due July 2022 As of March 31, 2022, $24,145 was available for borrowing under the 1.74% construction 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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