Long-term debt (Tables)

9 Months Ended

Sep. 30, 2017

Long-term debt

Schedule of long-term debt

	September 30,		December 31,
	2017		2016		Interest Rate
Recourse Debt:
Senior secured term loan facility, due 2023(1)	$	562.7	$	639.9	LIBOR(2)	plus	4.25	%
Senior unsecured notes, due June 2036 (Cdn$210.0)		168.3		156.4			5.95	%
Non-Recourse Debt:
Epsilon Power Partners term facility, due 2019		8.8		13.5	LIBOR	plus	3.130	%
Cadillac term loan, due 2025		24.8		27.0	LIBOR	plus	1.37	%
Piedmont term loan, due 2018 (3)		54.6		56.6	LIBOR	plus	3.75	%
Other long-term debt		—		0.2	5.50	%  -	6.70	%
Less: unamortized discount		(13.8)		(17.2)
Less: unamortized deferred financing costs		(11.6)		(15.3)
Less: current maturities		(156.5)		(111.9)
Total long-term debt	$	637.3	$	749.2

Schedule of current maturities

	September 30,		December 31,
	2017		2016		Interest Rate
Current Maturities:
Senior secured term loan facility, due 2023(1)	$	92.5	$	100.0	LIBOR(2)	plus	4.25	%
Epsilon Power Partners term facility, due 2019		6.4		6.2	LIBOR	plus	3.130	%
Cadillac term loan, due 2025		3.0		3.0	LIBOR	plus	1.37	%
Piedmont term loan, due 2018 (3)		54.6		2.5	LIBOR	plus	3.75	%
Other short-term debt		—		0.2	5.50	%  -	6.70	%
Total current maturities	$	156.5	$	111.9

⁽¹⁾ On a quarterly basis, we make a cash sweep payment to fund the principal balance, based on terms as defined in the term loan credit agreement. The portion of the senior secured term loan facility classified as current is based on principal payments required to reduce the aggregate principal amount of senior secured term loan outstanding to achieve a target principal amount that declines quarterly based on a pre-determined specified schedule.

⁽²⁾ LIBOR cannot be less than 1.00%. We have entered into interest rate swap agreements to mitigate the exposure to changes in LIBOR for $354.0 million of the $562.7 million outstanding aggregate borrowings under our senior secured term loan facility at September 30, 2017. See Note 7, Accounting for derivative instruments and hedging activities for further details. On October 18, 2017, the repricing of the $562.7 million senior secured term loan facility became effective. As a result of the repricing, the interest rate margin on the term loan and revolver was reduced by 0.75% to LIBOR plus 3.50%. On October 30, 2017, we also extended the maturity date of our $200 million senior secured revolving credit facility by one year through April 13, 2022.

⁽³⁾ On October 13, 2017, we repaid the $54.6 million Piedmont term loan due August 2018, in full, with cash on hand. In addition to the principal repayment, we paid $0.1 million of accrued interest, $9.4 million to terminate interest rate swap agreements and wrote off $0.9 million of deferred financing costs. The swap termination costs and deferred financing costs write down will be recorded as interest expense in the three months ended December 31, 2017.