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Corporate debt | 9 Months Ended
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Sep. 30, 2018
Corporate debt [Abstract] |
Corporate debt | Note 14. - Corporate debt The breakdown of the corporate debt as of September 30, 2018 and December 31, 2017 is as follows:
|  | Balance as of September 30, |  |  | Balance as of December 31, |
|  | 2018 |  |  | 2017 |
|  | ($ in thousands) |
Non-current |  |  | 622,433 |  |  |  | 574,176 |
Current |  |  | 19,352 |  |  |  | 68,907 |
Total Corporate Debt |  |  | 641,785 |  |  |  | 643,083 |
The repayment schedule for the corporate debt as of September 30, 2018 is as follows:
|  | Remainder of 2018 |  |  | Between January and September 2019 |  |  | Between October and December 2019 |  |  | 2020 |  |  | 2021 |  |  | 2022 |  |  | Subsequent years |  |  | Total |
New Revolving Credit Facility |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 57,464 |  |  |  | - |  |  |  | - |  |  |  | 57,464 |
Note Issuance Facility |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 104,033 |  |  |  | 206,934 |  |  |  | 310,967 |
2017 Credit Facility |  |  | - |  |  |  | 11,667 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 11,667 |
2019 Notes |  |  | 7,685 |  |  |  | - |  |  |  | 254,002 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 261,687 |
Total |  |  | 7,685 |  |  |  | 11,667 |  |  |  | 254,002 |  |  |  | - |  |  |  | 57,464 |  |  |  | 104,033 |  |  |  | 206,934 |  |  |  | 641,785 |
On November 17, 2014, the Company issued the Senior Notes due 2019 in an aggregate principal amount of $255,000 thousand (the “2019 Notes”). The 2019 Notes accrue annual interest of 7.00% payable semi-annually beginning on May 15, 2015 until their maturity date of November 15, 2019. On December 3, 2014, the Company entered into a credit facility of up to $125,000 thousand with Banco Santander, S.A., Bank of America, N.A., Citigroup Global Markets Limited, HSBC Bank plc and RBC Capital Markets, as joint lead arrangers and joint bookrunners (the “Former Revolving Credit Facility” or ”Former RCF”). On December 22, 2014, the Company drew down $125,000 thousand under the Former RCF. $71,000 thousand of the Former RCF were partially repaid in 2017. The remaining $54,000 of nominal of the Former RCF has been entirely repaid on May 16, 2018 and the credit facility canceled. On February 10, 2017, the Company issued Senior Notes due 2022, 2023, 2024 (the “Note Issuance Facility”), in an aggregate principal amount of €275,000 thousand. The 2022 to 2024 Notes accrue annual interest, equal to the sum of (i) EURIBOR plus (ii) 4.90%, as determined by the Agent. Interest on the Notes will be payable in cash quarterly in arrears on each interest payment date. The Company will make each interest payment to the holders of record on each interest payment date. The interest rate on the Note Issuance Facility is fully hedged by two interest rate swaps contracted with Jefferies Financial Services, Inc. with effective date March 31, 2017 and maturity date December 31, 2022, resulting in the Company paying a net fixed interest rate of 5.5% on the Note Issuance Facility. Changes in fair value of these interest rate swaps have been recorded in the consolidated income statement. The Note Issuance Facility is a € denominated liability for which the Company applies net investment hedge accounting. When converted to US$ at US$/€ closing exchange rate, it contributes to reduce the impact in translation difference reserves generated in the equity of these consolidated financial statements by the conversion of the net assets of the Spanish solar assets into US$. On July 20, 2017, the Company signed a credit facility (the “2017 Credit Facility”) for up to €10 million, approximately $11.7 million, which is available in euros or U.S. dollars. Amounts drawn accrue interest at a rate per year equal to EURIBOR plus 2.25% or LIBOR plus 2.25%, depending on the currency. As of December 31, 2017, the Company drew down the credit facility in full and used the entire proceeds to prepay a part of the Tranche A of the Credit Facility. The credit facility had a maturity date in July 2018. It has been renewed during the month of July 2018 and the new maturity date is July 20, 2019. On May 10, 2018, the Company entered into a $215 million revolving credit facility (the “New Revolving Credit Facility”) with Royal Bank of Canada, as administrative agent and Royal Bank of Canada and Canadian Imperial Bank of Commerce, as issuers of letters of credit. The Company has the option to increase the amount of the Revolving Credit Facility by up to $85 million to $300 million, subject to certain conditions being met. Amounts drawn down accrue interest at a rate per year equal to (A) for Eurodollar rate loans, LIBOR plus a percentage determined by reference to our leverage ratio, ranging between 1.60% and 2.25% and (B) for base rate loans, the highest of (i) the rate per annum equal to the weighted average of the rates on overnight U.S. Federal funds transactions with members of the U.S. Federal Reserve System arranged by U.S. Federal funds brokers on such day plus ½ of 1.00%, (ii) the U.S. prime rate and (iii) LIBOR plus 1.00%, in any case, plus a percentage determined by reference to the leverage ratio of the Company, ranging between 0.60% and 1.00%. Letters of credit may be issued using up to $70 million of the Revolving Credit Facility. The maturity of the Revolving Credit Facility is December 31, 2021. As of September 30, 2018, the Company had drawn down an amount of $58 million (net of debt issuance costs). Current corporate debt corresponds mainly to the accrued interest on the 2019 Notes and to the amount of the 2017 Credit Facility.

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