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Convertible and Long-Term Debt Obligations (Tables)
6 Months Ended
Jun. 30, 2017
Debt Disclosure [Abstract]  
Summary of Debt

The following is a summary of our debt as of June 30, 2017 (in thousands):

 

 

 

Unpaid

 

 

 

 

 

Unused

 

 

 

 

 

 

 

Principal

 

 

Net Carrying Value

 

 

Committed

 

 

Contractual

 

 

 

 

Balance

 

 

Current

 

 

Long-Term

 

 

Amount

 

 

Interest Rate

 

Maturity Date

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.5% Convertible Senior Notes due in 2018

   ("2018 Notes")

 

$

60,170

 

 

$

58,482

 

 

$

 

 

$

 

 

1.5%

 

June 2018

0.25% Convertible Senior Notes due in 2019

   ("2019 Notes")

 

 

920,000

 

 

 

 

 

 

847,935

 

 

 

 

 

0.25%

 

March 2019

1.25% Convertible Senior Notes due in 2021

   ("2021 Notes")

 

 

1,380,000

 

 

 

 

 

 

1,158,463

 

 

 

 

 

1.25%

 

March 2021

2.375% Convertible Senior Notes due in 2022

   ("2022 Notes")

 

 

977,500

 

 

 

 

 

 

827,796

 

 

 

 

 

2.375%

 

March 2022

Credit Agreement

 

 

856,500

 

 

 

 

 

 

856,500

 

 

 

910,808

 

 

1% plus LIBOR

 

June 2020

Secured Revolving Credit Facility

 

 

359,000

 

 

 

359,768

 

 

 

 

 

 

2,838

 

 

4.5%-6.5%

 

December 2017

Vehicle and Other Loans

 

 

23,729

 

 

 

19,625

 

 

 

4,104

 

 

 

 

 

1.8%-7.6%

 

April 2017 -

September 2019

2.75% Convertible Senior Notes due in 2018

 

 

230,000

 

 

 

 

 

 

217,037

 

 

 

 

 

2.75%

 

November 2018

1.625% Convertible Senior Notes due in 2019

 

 

566,000

 

 

 

 

 

 

497,199

 

 

 

 

 

1.625%

 

November 2019

Zero-coupon Convertible Senior Notes due in 2020

 

 

103,000

 

 

 

 

 

 

83,909

 

 

 

 

 

0.0%

 

December 2020

Related Party Promissory Notes due in February 2018

 

 

100,000

 

 

 

100,000

 

 

 

 

 

 

 

 

6.5%

 

February 2018

Solar Bonds

 

 

32,042

 

 

 

5,492

 

 

 

26,089

 

 

 

 

 

2.6%-5.8%

 

March 2018 - January 2031

Total recourse debt

 

 

5,607,941

 

 

 

543,367

 

 

 

4,519,032

 

 

 

913,646

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warehouse Agreement

 

 

478,694

 

 

 

137,069

 

 

 

341,625

 

 

 

121,306

 

 

2.6%-2.9%

 

September 2018

Canada Credit Facility

 

 

58,210

 

 

 

20,031

 

 

 

38,179

 

 

 

 

 

3.6%-4.5%

 

December 2020

Term Loan due in December 2018

 

 

140,186

 

 

 

 

 

 

139,750

 

 

 

6,870

 

 

4.4%

 

December 2018

Term Loan due in January 2021

 

 

180,734

 

 

 

5,615

 

 

 

173,901

 

 

 

 

 

4.5%-4.7%

 

January 2021

Revolving Aggregation Credit Facility

 

 

370,804

 

 

 

 

 

 

368,322

 

 

 

229,196

 

 

3.9%-4.2%

 

December 2019

Solar Renewable Energy Credit Loan Facility

 

 

52,571

 

 

 

17,247

 

 

 

35,558

 

 

 

 

 

6.8%

 

July 2021

Cash Equity Debt I

 

 

118,164

 

 

 

3,328

 

 

 

113,851

 

 

 

 

 

5.7%

 

July 2033

Cash Equity Debt II

 

 

205,130

 

 

 

5,451

 

 

 

187,865

 

 

 

 

 

5.3%

 

July 2034

Cash Equity Debt III

 

 

167,442

 

 

 

3,687

 

 

 

160,700

 

 

 

 

 

5.8%

 

January 2035

Solar Asset-backed Notes, Series 2013-1

 

 

40,146

 

 

 

3,190

 

 

 

36,724

 

 

 

 

 

4.8%

 

November 2038

Solar Asset-backed Notes, Series 2014-1

 

 

58,854

 

 

 

3,055

 

 

 

55,446

 

 

 

 

 

4.6%

 

April 2044

Solar Asset-backed Notes, Series 2014-2

 

 

183,154

 

 

 

7,240

 

 

 

169,854

 

 

 

 

 

4.0%-Class A

5.4%-Class B

 

July 2044

Solar Asset-backed Notes, Series 2015-1

 

 

117,333

 

 

 

2,127

 

 

 

107,885

 

 

 

 

 

4.2%-Class A

5.6%-Class B

 

August 2045

Solar Asset-backed Notes, Series 2016-1

 

 

49,440

 

 

 

1,829

 

 

 

45,743

 

 

 

 

 

5.3%

 

September 2046

Solar Loan-backed Notes, Series 2016-A

 

 

131,066

 

 

 

3,992

 

 

 

123,661

 

 

 

 

 

4.8%-Class A

6.9%-Class B

 

September 2048

Solar Loan-backed Notes, Series 2017-A

 

 

145,000

 

 

 

3,056

 

 

 

137,467

 

 

 

 

 

5.0%-Class A

6.1%-Class B

7.5%-Class C

 

September 2049

Total non-recourse debt

 

 

2,496,928

 

 

 

216,917

 

 

 

2,236,531

 

 

 

357,372

 

 

 

 

 

Total debt

 

$

8,104,869

 

 

$

760,284

 

 

$

6,755,563

 

 

$

1,271,018

 

 

 

 

 

 

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

 

 

 

Unpaid

 

 

 

 

 

Unused

 

 

 

 

 

 

 

 

 

Principal

 

 

Net Carrying Value

 

 

Committed

 

 

Contractual

 

 

 

 

 

Balance

 

 

Current

 

 

Long-Term

 

 

Amount

 

 

Interest Rate

 

 

Maturity Date

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

 

 

 

 

 

2.75%

 

 

November 2018

1.625% Convertible Senior Notes due in 2019

 

 

566,000

 

 

 

 

 

 

483,820

 

 

 

 

 

1.625%

 

 

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.

Schedule of Interest Expense

The following table presents the interest expense related to the contractual interest coupon, the amortization of debt issuance costs and the amortization of debt discounts on convertible senior 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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Contractual interest coupon

 

$

11,256

 

 

$

8,324

 

 

$

17,407

 

 

$

16,715

 

Amortization of debt issuance costs

 

 

2,207

 

 

 

1,985

 

 

 

3,515

 

 

 

3,883

 

Amortization of debt discounts

 

 

30,002

 

 

 

25,642

 

 

 

53,964

 

 

 

50,833

 

Total

 

$

43,465

 

 

$

35,951

 

 

$

74,886

 

 

$

71,431