Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

At December 31, 2019 and 2018, the Company’s consolidated long-term debt comprised the following ($ in millions):

	As of December 31,
	2019			2018
IMTT	$	1,109		$	1,109
Atlantic Aviation	1,015			1,025
MIC Hawaii	195			196
MIC Corporate	388			734
Total	2,707			3,064
Current portion	(12		)	(361		)
Long-term portion	2,695			2,703
Unamortized deferred financing costs(1)	(41		)	(50		)
Long-term portion less unamortized debt discount and deferred financing costs	$	2,654		$	2,653

_____________

(1)

The weighted average remaining life of the deferred financing costs at December 31, 2019 was 5.3 years.

Schedule of Future Maturities of Long-Term Debt

The following table represents the future maturities of long-term debt balances at December 31, 2019 and includes the unamortized debt discount of $15 million related to the 2.00% Convertible Senior Notes due October 2023 ($ in millions).

2020	$	12
2021	11
2022	111
2023	494
2024	11
Thereafter	2,083
Total	$	2,722

Convertible Debt

The 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions):

	As of December 31,
	2019			2018
Liability Component:
Principal	$	403		$	403
Unamortized debt discount	(15		)	(19		)
Long-term debt, net of unamortized debt discount	388			384
Unamortized deferred financing costs	(6		)	(7		)
Net carrying amount	$	382		$	377
Equity Component	$	27		$	27

Schedule of Interest Expense Recognized

, total interest expense recognized related to the 2.00% Convertible Senior Notes due October 2023 consisted of the following ($ in millions):

	Year Ended December 31,
	2019		2018		2017
Contractual interest expense	$	8	$	8	$	8
Amortization of debt discount	4		4		3
Amortization of deferred financing costs	1		1		2
Total interest expense	$	13	$	13	$	13

Schedule of Material Terms

The key terms of the term loan, senior secured notes and revolving credit facility of Hawaii Gas are summarized in the table below.

Facility Terms	Holding Company Debt	Operating Company Debt
Borrowers	HGC Holdings LLC (HGC)	The Gas Company, LLC (TGC)
Facilities	$80 million term loan (fully drawn at December 31, 2019)	$100 million senior secured notes (fully drawn at December 31, 2019)	$60 million revolving credit facility (undrawn at December 31, 2019)
Maturity	February 2023	August 2022	February 2023
Amortization	Payable at maturity	Payable at maturity	Revolving, payable at maturity
Interest Rate	LIBOR plus 1.50% at December 31, 2019	4.22% payable semi-annually	LIBOR plus 1.25% at December 31, 2019
Commitment Fees	___	___	0.225% on the undrawn portion
Collateral	First lien on all assets of HGC and its subsidiaries	First lien on all assets of TGC and its subsidiaries	First lien on all assets of TGC and its subsidiaries

The key terms of the term loan and revolving credit facilities are summarized in the table below.

Facility Terms	Term Loan Facility	Revolving Credit Facility
Facilities	$1,025 million senior secured first lien term loan ($1,015 million outstanding at December 31, 2019)	$350 million senior secured first lien revolving credit facility (undrawn at December 31, 2019)
Maturity	December 2025	December 2023
Amortization	1.00% of the initial principal balance per annum	Revolving, payable at maturity
Interest Rate	LIBOR plus 3.75% at December 31, 2019	LIBOR plus 2.00% at December 31, 2019
Commitment Fees	—	0.30% at December 31, 2019
Security	Secured	Secured

The key terms of the senior notes are summarized in the table below.

Facility Terms	Senior Notes, Series A	Senior Notes, Series B
Amount Outstanding at December 31, 2019	$325 million	$275 million
Maturity	May 2025	May 2027
Amortization	Payable at maturity	Payable at maturity
Interest Rate	3.92%	4.02%
Security	Unsecured	Unsecured

The key terms of the senior secured revolving credit facility and the 2.00% Convertible Senior Notes due October 2023 are summarized in the table below.

Facility Terms	Senior Secured Revolving Credit Facility	2.00% Convertible Senior Notes due October 2023
Total Committed Amount	$600 million	—
Amount Outstanding at December 31, 2019	Undrawn	$388 million, net of unamortized discount of $15 million
Maturity	January 2022	October 2023
Amortization	Revolving, payable at maturity	Payable at maturity or convertible at the holder’s option into cash, the Company’s shares or a combination thereof, only upon satisfaction of one or more conditions set forth in the indenture
Interest Rate	LIBOR plus 2.00% at December 31, 2019	2.00% payable on April 1st and October 1st of each year
Commitment Fees	0.350% at December 31, 2019	—
Security	Secured (may fall away if certain ratings and other conditions are met)	Unsecured

The key terms of the IMTT Tax-Exempt Bonds are summarized in the table below.

Facility Terms	Tax-Exempt Bonds
Amount Outstanding at December 31, 2019	$509 million
Maturity	December 2027 to August 2046
Amortization	Payable at maturity, subject to mandatory tender in December 2025
Interest Rate	One-month LIBOR plus revolving credit facility margin plus 0.45% multiplied by 80%
Security	Unsecured

The key terms of IMTT’s U.S. dollar and Canadian dollar denominated revolving credit facilities are summarized in the table below.

Facility Terms	USD Revolving Credit Facility	CAD Revolving Credit Facility
Total Committed Amount	$550 million	$50 million
Amount Outstanding at December 31, 2019	Undrawn	Undrawn
Maturity	December 2023	December 2023
Amortization	Revolving, payable at maturity	Revolving, payable at maturity
Interest Rate	LIBOR plus 1.50% at December 31, 2019	Bankers' Acceptances Rate plus 1.50% at December 31, 2019
Commitment Fees	0.20% at December 31, 2019	0.20% at December 31, 2019
Security	Unsecured	Unsecured