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BANK DEBT | 9 Months Ended
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Sep. 30, 2025
BANK DEBT |
BANK DEBT |
(5) | BANK DEBT
On June 27, 2025, the Company executed the Third Amendment (“Third Amendment”) to the Fourth Amended and Restated Credit Agreement, dated as of August 2, 2023 (as amended, the “Credit Agreement”), with PNC Bank, National Association (in its capacity as administrative agent, "PNC"), which was accounted for as a debt modification. The primary purpose of the Third Amendment was to provide additional operating flexibility for the remainder of 2025 by redefining covenants, deferring certain covenants until the third quarter of 2025 and moving our October 2025 payment to January 2026. The Third Amendment provides for additional flexibility for the Company to enter into prepaid forward power sale contracts, provided that the Company maintains one hundred percent of the outstanding aggregate principal balance of the Credit Agreement (“Term Loan”) as a compensating balance. During the second quarter of 2025, the Company entered into a $35.0 million prepaid forward power sales contract, as noted in “Note 7 – Revenue” of which $19.0 million of the proceeds were deposited into a money market account with the administrative agent. The compensating balance is classified as “restricted cash” on the condensed consolidated balance sheets at September 30, 2025. As part of the Third Amendment, the required October 2025 principal payment of $6.0 million and the January 2026 principal payment of $6.5 million, pursuant to the Term Loan, are both now due in January 2026. The balance of the Term Loan will be fully repaid no later than March 2026. All payments will be funded by withdrawals from our compensating balance held in our money market account. Furthermore, the Third Amendment defines certain administrative changes which include, among other things modifications to the required timelines related to reporting and the removal of third-party financial advisors. On a net basis, bank debt did not change during the nine months ended September 30, 2025. Bank debt totaled $44.0 million as of September 30, 2025 and is comprised of our Term Loan ($19.0 million as of September 30, 2025) and a $75.0 million revolver ($25.0 million borrowed as of September 30, 2025) under the Credit Agreement. Our debt is recorded at amortized cost, which approximates fair value due to the variable interest rates in the agreement and is collateralized primarily by our assets. Liquidity As of September 30, 2025, we had additional borrowing capacity of $33.8 million under the revolver and total liquidity of $46.4 million. Our additional borrowing capacity is net of $16.2 million in outstanding letters of credit as of September 30, 2025 that were required to maintain surety bonds and other credit support obligations. Liquidity consists of our additional borrowing capacity and unrestricted cash and cash equivalents. The Company is currently in discussions with members of its existing bank group and other lenders to refinance our current Credit Agreement. The revolving credit facility matures August 2, 2026 and our Term Loan matures March 31, 2026. The balance of the Term Loan is scheduled to be repaid in January 2026 and March 2026, utilizing restricted cash as set forth in the Third Amendment. As such, our revolving credit facility and Term Loan are listed as current on the September 30, 2025 condensed consolidated balance sheets. While no definitive agreement has been reached as of the reporting date, management believes it is probable that the Credit Agreement will be refinanced on market terms and conditions for similarly situated borrowers and consistent with the existing Credit Agreement. However, there can be no assurance that such efforts will be successful or completed on favorable terms. Failure to refinance our Credit Agreement debt prior to maturity could adversely affect the Company’s liquidity and financial condition. ​ Fees Unamortized bank fees and other costs incurred in connection with our initial facility totaled $4.3 million. Additional costs incurred with our Debt Agreement amendments totaled $0.9 million, of which $0.3 million related to our Third Amendment. These unamortized bank fees were deferred and are being amortized over the term of the loan. Unamortized bank fees as of September 30, 2025, and December 31, 2024, were $1.3 million and $2.5 million, respectively. Unused borrowing capacity under the facility was $33.8 million as of September 30, 2025. Commitment fees on the unused portion of the facility are 0.50% per annum. Bank debt, less debt issuance costs, is presented below (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2025 |  | 2024
Current bank debt | ​ | $ | 44,000 | ​ | $ | 6,000
Less unamortized debt issuance cost | ​ |  | (1,302) | ​ |  | (1,905)
Net current portion | ​ | $ | 42,698 | ​ | $ | 4,095
​ | ​ | ​ | ​ | ​ | ​ | ​
Long-term bank debt | ​ | $ | — | ​ | $ | 38,000
Less unamortized debt issuance cost | ​ |  | — | ​ |  | (606)
Net long-term portion | ​ | $ | — | ​ | $ | 37,394
​ | ​ | ​ | ​ | ​ | ​ | ​
Total bank debt | ​ | $ | 44,000 | ​ | $ | 44,000
Less total unamortized debt issuance cost | ​ |  | (1,302) | ​ |  | (2,511)
Net bank debt | ​ | $ | 42,698 | ​ | $ | 41,489
​ ​
​ | ​ | ​ | ​
Future Maturities (in thousands): |  |  | ​
2025 |  | $ | —
2026 |  | ​ | 44,000
Total | ​ | $ | 44,000
​ Covenants The Third Amendment, among other things, deferred the Maximum Leverage Ratio and Minimum Debt Service Coverage Ratios until September 2025. The Maximum Leverage Ratio requirement was changed to 3.00 to 1.00 for our fiscal quarter ending September 30, 2025, and is 2.25 to 1.00 thereafter. The Debt Service Coverage Ratio requirement was changed to 3.25 to 1.00 as long as the Company maintains the required compensating balance, if not, remains at 1.25 to 1.00. The Third Amendment removed the First Lien Leverage Ratio (as defined in the First Amendment to the Credit Agreement) while maintaining the minimum liquidity requirement of $10.0 million. ​ As of September 30, 2025, we were in compliance with all covenants defined in the Credit Agreement. Interest Rate The interest rate on the facility ranges from secured overnight financing rate (“SOFR”) plus 4.00% to SOFR plus 5.00%, depending on our Leverage Ratio. As of September 30, 2025, we were paying SOFR plus 5.00% on the outstanding bank debt which equates to an all-in rate of 9.27%.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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