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

As of September 30, 2016, debt consisted of the following (in thousands, except percentages):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

 

 

$

244,000

 

 

$

244,000

 

 

$

3,406

 

 

Varies (1)

 

3.70% - 5.75%

 

 

April 2018

Total recourse debt

 

$

 

 

$

244,000

 

 

$

244,000

 

 

$

3,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit

   (Aggregation Facility)

 

 

 

 

 

162,800

 

 

 

162,800

 

 

 

27,600

 

 

Varies (2)

 

2.93% - 3.06%

 

 

December 2020

Term Loan A

 

 

672

 

 

 

147,449

 

 

 

148,121

 

 

 

5,000

 

 

LIBOR + 2.75%

 

3.04% - 3.21%

 

 

December 2021

Bank term loan due in

   September 2022

 

 

1,050

 

 

 

21,917

 

 

 

22,967

 

 

 

 

 

LIBOR +2.25%

 

 

2.71

%

 

September 2022

Bank term loan due in

   April 2022

 

 

1,289

 

 

 

27,440

 

 

 

28,729

 

 

 

 

 

4.50%

 

 

4.50

%

 

April 2022

Solar asset-backed

   notes

 

 

3,670

 

 

 

98,929

 

 

 

102,599

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Term Loan and Term

   Loan B

 

 

117

 

 

 

43,137

 

 

 

43,254

 

 

 

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2020

and 2021

Bank term loan due in

   July 2021

 

 

5,775

 

 

 

21,575

 

 

 

27,350

 

 

 

4,720

 

 

Varies (3)

 

6.25% - 9.75%

 

 

July 2021

Note payable

 

 

 

 

 

35,653

 

 

 

35,653

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Total non-recourse

   debt

 

 

12,573

 

 

 

558,900

 

 

 

571,473

 

 

 

37,320

 

 

 

 

 

 

 

 

 

Total debt

 

$

12,573

 

 

$

802,900

 

 

$

815,473

 

 

$

40,726

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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.

(3)

Loans under the facility bear interest at LIBOR + 5.50% for contracted SRECs and LIBOR + 9.00% for uncontracted SRECs.