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Indebtedness (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Debt

As of June 30, 2016, debt consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unused

 

 

Annual

 

 

 

 

 

 

 

 

Carrying Values, net of

 

 

Borrowing

 

 

Contractual

 

Interest

 

 

Maturity

 

 

debt discount

 

 

Capacity

 

 

Interest Rate

 

Rate

 

 

Date

 

 

Current

 

 

Long Term

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank line of credit

 

$

 

 

$

242,400

 

 

$

242,400

 

 

$

6

 

 

Varies (1)

 

3.70% - 5.75%

 

 

April 2018

Total recourse debt

 

$

 

 

$

242,400

 

 

$

242,400

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit

   (Aggregation

   Facility)

 

 

 

 

 

131,900

 

 

 

131,900

 

 

 

8,600

 

 

Varies (2)

 

2.93% - 3.06%

 

 

December 2020

Term Loan A

 

 

666

 

 

 

147,872

 

 

 

148,538

 

 

 

5,000

 

 

LIBOR + 2.75%

 

3.04% - 3.21%

 

 

December 2021

Bank term loan due in

   September 2022

 

 

728

 

 

 

21,607

 

 

 

22,335

 

 

 

1,116

 

 

LIBOR +2.25%

 

 

2.71

%

 

September 2022

Bank term loan due in

   April 2022

 

 

1,247

 

 

 

28,350

 

 

 

29,597

 

 

 

 

 

4.50%

 

 

4.50

%

 

April 2022

Solar asset-backed

   notes

 

 

3,610

 

 

 

100,295

 

 

 

103,905

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Term Loan and Term

   Loan B

 

 

117

 

 

 

41,075

 

 

 

41,192

 

 

 

1,300

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2020

and 2021

Note payable

 

 

 

 

 

34,819

 

 

 

34,819

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Total non-recourse

   debt

 

 

6,368

 

 

 

505,918

 

 

 

512,286

 

 

 

16,016

 

 

 

 

 

 

 

 

 

Total debt

 

$

6,368

 

 

$

748,318

 

 

$

754,686

 

 

$

16,022

 

 

 

 

 

 

 

 

 

 

As of December 31, 2015, debt consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unused

 

 

Annual

 

 

 

 

 

 

 

 

Carrying Values, net of

 

 

Borrowing

 

 

Contractual

 

Interest

 

 

Maturity

 

 

debt discount

 

 

Capacity

 

 

Interest Rate

 

Rate

 

 

Date

 

 

Current

 

 

Long Term

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

Recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bank line of credit

 

$

 

 

$

197,000

 

 

$

197,000

 

 

$

6,571

 

 

Varies (1)

 

 

3.67

%

 

April 2018

Total recourse debt

 

$

 

 

$

197,000

 

 

$

197,000

 

 

$

6,571

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Term Loan A

 

 

589

 

 

 

146,625

 

 

 

147,214

 

 

 

5,600

 

 

LIBOR + 2.75%

 

 

3.07

%

 

December 2021

Bank term loan due in

   April 2022

 

 

1,159

 

 

 

29,580

 

 

 

30,739

 

 

 

 

 

6.25%

 

 

6.25

%

 

April 2022

Solar asset-backed

   notes

 

 

2,858

 

 

 

102,042

 

 

 

104,900

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Term Loan B

 

 

116

 

 

 

22,014

 

 

 

22,130

 

 

 

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2021

Note payable

 

 

 

 

 

32,781

 

 

 

32,781

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Total non-recourse

   debt

 

 

4,722

 

 

 

333,042

 

 

 

337,764

 

 

 

5,600

 

 

 

 

 

 

 

 

 

Total debt

 

$

4,722

 

 

$

530,042

 

 

$

534,764

 

 

$

12,171

 

 

 

 

 

 

 

 

 

 

(1)

Loans under the facility bear interest at LIBOR + 3.25% or the Base Rate + 2.25%. The Base Rate is the highest of the Federal Funds Rate + 0.50%, the Prime Rate, or LIBOR + 1.00%.

(2)

Loans under the facility bear interest at LIBOR + 2.50% for the initial three-year revolving availability period, stepping up to LIBOR + 2.75% in the following two-year period.