XML 51 R33.htm IDEA: XBRL DOCUMENT v3.7.0.1
Convertible and Long-Term Debt Obligations (Tables)
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Summary of Debt

The following is a summary of our debt as of March 31, 2017 (in thousands):

 

 

 

Unpaid

 

 

 

 

 

Unused

 

 

 

 

 

 

 

 

 

Principal

 

 

Net Carrying Value

 

 

Committed

 

 

 

 

 

 

 

 

 

Balance

 

 

Current

 

 

Long-Term

 

 

Amount

 

 

Interest Rate

 

 

Maturity Dates

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.5% Convertible Senior Notes due in 2018 ("2018 Notes")

 

$

204,993

 

 

$

197,710

 

 

 

 

 

 

 

 

 

1.5%

 

 

June 2018

0.25% Convertible Senior Notes due in 2019 ("2019 Notes")

 

 

920,000

 

 

 

 

 

 

837,661

 

 

 

 

 

 

0.25%

 

 

March 2019

1.25% Convertible Senior Notes due in 2021 ("2021 Notes")

 

 

1,380,000

 

 

 

 

 

 

1,145,078

 

 

 

 

 

 

1.25%

 

 

March 2021

2.375% Convertible Senior Notes due in 2022 ("2022

   Notes")

 

 

977,500

 

 

 

 

 

 

820,938

 

 

 

 

 

 

2.375%

 

 

March 2022

Credit Agreement

 

 

934,000

 

 

 

 

 

 

934,000

 

 

 

210,169

 

 

1% plus LIBOR

 

 

June 2020

Secured Revolving Credit Facility

 

 

359,000

 

 

 

360,474

 

 

 

 

 

 

4,312

 

 

4.2%-6.5%

 

 

December 2017

Vehicle and Other Loans

 

 

28,201

 

 

 

20,004

 

 

 

8,197

 

 

 

 

 

1.1%-7.6%

 

 

April 2017 -

September 2019

2.75% Convertible Senior Notes due in 2018

 

 

230,000

 

 

 

 

 

 

216,172

 

 

 

 

 

2.8%

 

 

November 2018

1.625% Convertible Senior Notes due in 2019

 

 

566,000

 

 

 

 

 

 

492,705

 

 

 

 

 

1.6%

 

 

November 2019

Zero-coupon Convertible Senior Notes due in 2020

 

 

113,000

 

 

 

 

 

 

90,745

 

 

 

 

 

0.0%

 

 

December 2020

Solar Bonds

 

 

233,059

 

 

 

200,904

 

 

 

30,797

 

 

*

 

 

2.5%-6.5%

 

 

May 2017 -

January 2031

Total recourse debt

 

 

5,945,753

 

 

 

779,092

 

 

 

4,576,293

 

 

 

214,481

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse Agreement

 

 

444,709

 

 

 

113,831

 

 

 

330,877

 

 

 

155,291

 

 

Various

 

 

September 2018

Canada Credit Facility

 

 

62,287

 

 

 

18,907

 

 

 

43,380

 

 

 

 

 

3.6%-4.5%

 

 

December 2020

Term Loan due in December 2018

 

 

106,028

 

 

 

 

 

 

105,524

 

 

 

30,781

 

 

 

4.4%

 

 

December 2018

Term Loan due in January 2021

 

 

181,102

 

 

 

5,956

 

 

 

173,870

 

 

 

 

 

4.5%

 

 

January 2021

Revolving Aggregation Credit Facility

 

 

509,386

 

 

 

 

 

 

512,043

 

 

 

250,614

 

 

4.2%-4.8%

 

 

December 2018

Solar Renewable Energy Credit Loan Facility

 

 

53,159

 

 

 

12,392

 

 

 

41,043

 

 

 

1,841

 

 

 

6.6%

 

 

July 2021

Cash Equity Debt I

 

 

118,956

 

 

 

3,333

 

 

 

114,622

 

 

 

 

 

5.7%

 

 

July 2033

Cash Equity Debt II

 

 

205,251

 

 

 

5,458

 

 

 

187,806

 

 

 

 

 

5.3%

 

 

July 2034

Cash Equity Debt III

 

 

167,501

 

 

 

3,646

 

 

 

160,751

 

 

 

 

 

5.8%

 

 

January 2035

Solar Asset-backed Notes, Series 2013-1

 

 

41,025

 

 

 

3,289

 

 

 

37,513

 

 

 

 

 

 

4.8%

 

 

November 2038

Solar Asset-backed Notes, Series 2014-1

 

 

59,824

 

 

 

3,019

 

 

 

56,471

 

 

 

 

 

4.6%

 

 

April 2044

Solar Asset-backed Notes, Series 2014-2

 

 

183,154

 

 

 

7,240

 

 

 

169,798

 

 

 

 

 

4.0%-Class A

5.4%-Class B

 

 

July 2044

Solar Asset-backed Notes, Series 2015-1

 

 

117,333

 

 

 

2,393

 

 

 

107,554

 

 

 

 

 

4.2%-Class A

5.6%-Class B

 

 

August 2045

Solar Asset-backed Notes, Series 2016-1

 

 

49,440

 

 

 

1,202

 

 

 

46,350

 

 

 

 

 

5.3%-Class A

7.5%-Class B

 

 

September 2046

Solar Loan-backed Notes, Series 2016-A

 

 

131,066

 

 

 

3,514

 

 

 

124,030

 

 

 

 

 

4.8%-Class A

6.9%-Class B

 

 

September 2048

Solar Loan-backed Notes, Series 2017-A

 

 

145,000

 

 

 

465

 

 

 

140,012

 

 

 

 

 

5.0%-Class A

6.1%-Class B

7.5%-Class C

 

 

September 2049

Total non-recourse debt

 

 

2,575,221

 

 

 

184,645

 

 

 

2,351,644

 

 

 

438,527

 

 

 

 

 

 

 

Total debt

 

$

8,520,974

 

 

$

963,737

 

 

$

6,927,937

 

 

$

653,008

 

 

 

 

 

 

 

*

Out of the $350.0 million authorized to be issued, $116.9 million remained available to be issued. See below and Note 16, Related Party Transactions, for Solar Bonds issued to related parties.

The following is a summary of our debt as of December 31, 2016 (in thousands):

 

 

 

Unpaid

 

 

 

 

 

Unused

 

 

 

 

 

 

 

 

 

Principal

 

 

Net Carrying Value

 

 

Committed

 

 

 

 

 

 

 

 

 

Balance

 

 

Current

 

 

Long-Term

 

 

Amount

 

 

Interest Rate

 

 

Maturity Dates

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 Notes

 

$

205,013

 

 

$

196,229

 

 

 

 

 

 

 

 

 

1.5%

 

 

June 2018

2019 Notes

 

 

920,000

 

 

 

 

 

 

827,620

 

 

 

 

 

 

0.25%

 

 

March 2019

2021 Notes

 

 

1,380,000

 

 

 

 

 

 

1,132,029

 

 

 

 

 

 

1.25%

 

 

March 2021

Credit Agreement

 

 

969,000

 

 

 

 

 

 

969,000

 

 

 

181,000

 

 

1% plus LIBOR

 

 

June 2020

Secured Revolving Credit Facility

 

 

364,000

 

 

 

366,247

 

 

 

 

 

 

24,305

 

 

4.0%-6.0%

 

 

January 2017 -

December 2017

Vehicle and Other Loans

 

 

23,771

 

 

 

17,235

 

 

 

6,536

 

 

 

 

 

2.9%-7.6%

 

 

March 2017 -

June 2019

2.75% Convertible Senior Notes due in 2018

 

 

230,000

 

 

 

 

 

 

212,223

 

 

 

 

 

2.8%

 

 

November 2018

1.625% Convertible Senior Notes due in 2019

 

 

566,000

 

 

 

 

 

 

483,820

 

 

 

 

 

1.6%

 

 

November 2019

Zero-coupon Convertible Senior Notes due in 2020

 

 

113,000

 

 

 

 

 

 

89,418

 

 

 

 

 

0.0%

 

 

December 2020

Solar Bonds

 

 

332,060

 

 

 

181,582

 

 

 

148,948

 

 

#

 

 

1.1%-6.5%

 

 

January 2017 -

January 2031

Total recourse debt

 

 

5,102,844

 

 

 

761,293

 

 

 

3,869,594

 

 

 

205,305

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse Agreement

 

 

390,000

 

 

 

73,708

 

 

 

316,292

 

 

 

210,000

 

 

Various

 

 

September 2018

Canada Credit Facility

 

 

67,342

 

 

 

18,489

 

 

 

48,853

 

 

 

 

 

3.6%- 4.5%

 

 

December 2020

Term Loan due in December 2017

 

 

75,467

 

 

 

75,715

 

 

 

 

 

 

52,173

 

 

4.2%

 

 

December 2017

Term Loan due in January 2021

 

 

183,388

 

 

 

5,860

 

 

 

176,169

 

 

 

 

 

4.5%

 

 

January 2021

MyPower Revolving Credit Facility

 

 

133,762

 

 

 

133,827

 

 

 

 

 

 

56,238

 

 

4.1%-6.6%

 

 

January 2017

Revolving Aggregation Credit Facility

 

 

424,757

 

 

 

 

 

 

427,944

 

 

 

335,243

 

 

4.0%-4.8%

 

 

December 2018

Solar Renewable Energy Credit Term Loan

 

 

38,124

 

 

 

12,491

 

 

 

26,262

 

 

 

 

 

6.6%-9.9%

 

 

April 2017 -

July 2021

Cash Equity Debt I

 

 

119,753

 

 

 

3,272

 

 

 

115,464

 

 

 

 

 

5.7%

 

 

July 2033

Cash Equity Debt II

 

 

206,901

 

 

 

5,376

 

 

 

189,424

 

 

 

 

 

5.3%

 

 

July 2034

Cash Equity Debt III

 

 

170,000

 

 

 

4,994

 

 

 

161,853

 

 

 

 

 

 

5.8%

 

 

January 2035

Solar Asset-backed Notes, Series 2013-1

 

 

41,899

 

 

 

3,329

 

 

 

38,346

 

 

 

 

 

4.8%

 

 

November 2038

Solar Asset-backed Notes, Series 2014-1

 

 

60,768

 

 

 

3,016

 

 

 

57,417

 

 

 

 

 

4.6%

 

 

April 2044

Solar Asset-backed Notes, Series 2014-2

 

 

186,851

 

 

 

7,055

 

 

 

173,625

 

 

 

 

 

4.0%-Class A

5.4%-Class B

 

 

July 2044

Solar Asset-backed Notes, Series 2015-1

 

 

119,199

 

 

 

1,511

 

 

 

110,238

 

 

 

 

 

4.2%-Class A

5.6%-Class B

 

 

August 2045

Solar Asset-backed Notes, Series 2016-1

 

 

50,119

 

 

 

1,202

 

 

 

47,025

 

 

 

 

 

5.3%-Class A

7.5%-Class B

 

 

September 2046

Solar Loan-backed Notes, Series 2016-A

 

 

140,586

 

 

 

3,514

 

 

 

133,510

 

 

 

 

 

4.8%-Class A

6.9%-Class B

 

 

September 2048

Total non-recourse debt

 

 

2,408,916

 

 

 

353,359

 

 

 

2,022,422

 

 

 

653,654

 

 

 

 

 

 

 

Total debt

 

$

7,511,760

 

 

$

1,114,652

 

 

$

5,892,016

 

 

$

858,959

 

 

 

 

 

 

 

#

Out of the $350.0 million authorized to be issued, $17.9 million remained available to be issued. See below and Note 16, Related Party Transactions, for Solar Bonds issued to related parties.

Schedule of Aggregate Amount of Interest Expense Recognized

The following table presents the aggregate amount of interest expense recognized relating to the contractual interest coupon and amortization of the debt issuance costs and debt discount on convertible notes with cash conversion features, which includes the 2018 Notes, the 2019 Notes, the 2021 Notes and the 2022 Notes (in thousands):

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Contractual interest coupon

 

$

6,151

 

 

$

8,391

 

Amortization of debt issuance costs

 

 

1,308

 

 

 

1,898

 

Amortization of debt discount

 

 

23,962

 

 

 

25,191

 

Total

 

$

31,421

 

 

$

35,480