Subsequent Events

3 Months Ended

Mar. 31, 2020

Subsequent Events

Subsequent Events

16. Subsequent Events

On May 6, 2020, the Company and Generate amended the Loan Agreement to, among other things, (i) provide an incremental term loan in the amount of $50.0 million, which has been fully funded, (ii) provide for additional, incremental term loans in an aggregate amount not to exceed $50.0 million, which are available to the Company in Generate Capital’s sole discretion, (iii) reduce the interest rate on all loans to 9.50% from 12.00% per annum, and (iv) extend the maturity date to October 31, 2025 from October 6, 2022. Based on the current amortization schedule, the outstanding balance of $157.5 million under the Term Loan Facility will be fully paid by March 31, 2024.    

On April 6, 2020, the Company purchased a convertible note in United Hydrogen Group (UHG), a supplier of hydrogen fuel of the Company, from APV Ventures for $8.0 million. The note is payable in the form of hydrogen fuel delivered, cash payments, or conversion to equity in UHG, or a combination thereof. The interest rate on the note is 7.0%. The purchase price was comprised of $1.0 million in cash and 1.8 million shares of the Company’s common stock.