Debt Obligations

1 Months Ended

Mar. 31, 2020

Debt obligations consist of the following (in millions):


	March 31,		December 31,
	2020		2019
Construction
LIBOR plus 5.85% Note, due 2023	$	75.6	$	77.0
LIBOR plus 1.50% Line of Credit	49.7		48.9
Obligations under finance leases	0.2		0.2
Energy
LIBOR plus 3.0% Term Loan due in 2023	26.3		27.1
5.00% Term Loan due in 2022	10.9		11.2
4.50% Note due in 2022	9.9		10.2
Other, various maturity dates	3.0		2.4
Broadcasting

8.50% Note due 2020	39.3		36.2
10.50% Note due 2020	42.5		42.5
Other, various maturity dates	5.1		7.9
Obligations under finance leases	1.2		1.4
Non-Operating Corporate
11.50% Senior Secured Notes, due 2021	393.0		470.0
7.50% Convertible Senior Notes, due 2022	55.0		55.0
LIBOR plus 6.75% Line of Credit⁽¹⁾	—		15.0
Total	711.7		805.0
Issuance discount, net and deferred financing costs	(25.7)		(31.4)
Total debt obligations	$	686.0	$	773.6

⁽¹⁾On April 16, 2020, HC2 drew $10.0 million on its 2020 Revolving Credit Agreement. HC2 intends to use the proceeds for general corporate purposes.

Aggregate finance lease and debt payments, including interest are as follows (in millions):


	Finance Leases		Debt		Total
2020	$	1.0	$	178.0	$	179.0
2021	0.5		459.0		459.5
2022	—		76.7		76.7
2023	—		93.8		93.8
2024	—		11.3		11.3
Thereafter	—		7.5		7.5
Total minimum principal & interest payments	1.5		826.3		827.8
Less: Amount representing interest	(0.1)		(116.0)		(116.1)
Total aggregate finance lease and debt payments	$	1.4	$	710.3	$	711.7

The interest rates on the finance leases range from approximately 2.0% to 11.5%.

Broadcasting

In February 2020, Broadcasting amended its agreement governing its privately placed note funded by MSD Partners, L.P., increasing the principal balance to $39.3 million. The proceeds were used to repay principal and interest on existing debt.

Non-Operating Corporate

In March 2020, with the cash proceeds from the sale of GMSL, HC2 fully repaid its $15.0 million secured revolving line of credit with MSD PCOF Partners IX, LLC (the "2019 Revolving Credit Agreement")

In March 2020 HC2 entered into a new $15.0 million secured revolving credit agreement (the “2020 Revolving Credit Agreement”). The 2020 Revolving Credit Agreement matures in June 2021. Loans under the Revolving Credit Agreement bear interest at a per annum rate equal to, at HC2's option, one, two or three month LIBOR plus a margin of 6.75%.

In March 2020, with the cash proceeds from the sale of GMSL, HC2 redeemed $76.9 million of its 11.50% senior secured notes due 2021 (the "Senior Secured Notes") at a price equal to 104.5% of the principal amount plus accrued interest through the redemption date.

For the three months ended March 31, 2020, HC2 recognized $0.4 million and $5.4 million in extinguishment loss related to the repayments of 2019 Revolving Credit Agreement and the redemption of the Senior Secured Notes, respectively, which were included in Loss on early extinguishment or restructuring of debt in our Condensed Consolidated Statements of Operations.