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Indebtedness (Tables)
3 Months Ended
Mar. 31, 2017
Debt Disclosure [Abstract]  
Schedule of Debt

As of March 31, 2017, 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

 

$

 

 

$

247,400

 

 

$

247,400

 

 

$

6

 

 

Varies (1)

 

4.19% - 6.25%

 

 

April 2018

Total recourse debt

 

$

 

 

$

247,400

 

 

$

247,400

 

 

$

6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit

   (Aggregation Facility)

 

 

 

 

 

278,900

 

 

 

278,900

 

 

 

5,200

 

 

Varies (2)

 

3.35% - 3.54%

 

 

December 2020

Term Loan A

 

 

575

 

 

 

145,854

 

 

 

146,429

 

 

 

5,000

 

 

LIBOR + 2.75%

 

 

3.79

%

 

December 2021

Bank term loans due in

   September 2022

 

 

1,504

 

 

 

33,015

 

 

 

34,519

 

 

 

 

 

LIBOR + 2.25%

 

 

3.03

%

 

September 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIBOR + 3.00%

 

 

4.03

%

 

September 2022

Bank term loan due in

   April 2022

 

 

1,372

 

 

 

25,886

 

 

 

27,258

 

 

 

 

 

4.50%

 

 

4.50

%

 

April 2022

Solar asset-backed

   notes

 

 

3,789

 

 

 

96,402

 

 

 

100,191

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Term Loan and Term

   Loan B

 

 

116

 

 

 

42,618

 

 

 

42,734

 

 

 

 

 

LIBOR + 5.00%

 

 

6.04

%

 

December 2020

and 2021

Bank term loan due in

   July 2021

 

 

8,441

 

 

 

26,040

 

 

 

34,481

 

 

 

 

 

Varies (3)

 

6.55% - 10.05%

 

 

July 2021

Note payable

 

 

 

 

 

37,363

 

 

 

37,363

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Total non-recourse

   debt

 

 

15,797

 

 

 

686,078

 

 

 

701,875

 

 

 

10,200

 

 

 

 

 

 

 

 

 

Total debt

 

$

15,797

 

 

$

933,478

 

 

$

949,275

 

 

$

10,206

 

 

 

 

 

 

 

 

 

 

As of December 31, 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)

 

3.96% - 5.75%

 

 

April 2018

Total recourse debt

 

$

 

 

$

244,000

 

 

$

244,000

 

 

$

3,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-recourse debt:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Line of credit

   (Aggregation Facility)

 

 

 

 

 

245,200

 

 

 

245,200

 

 

 

9,300

 

 

Varies (2)

 

2.93% - 3.39%

 

 

December 2020

Term Loan A

 

 

616

 

 

 

146,387

 

 

 

147,003

 

 

 

5,000

 

 

LIBOR + 2.75%

 

 

3.64

%

 

December 2021

Bank term loan due in

   September 2022

 

 

1,074

 

 

 

21,249

 

 

 

22,323

 

 

 

 

 

LIBOR + 2.25%

 

 

2.86

%

 

September 2022

Bank term loan due in

   April 2022

 

 

1,331

 

 

 

26,565

 

 

 

27,896

 

 

 

 

 

4.50%

 

 

4.50

%

 

April 2022

Solar asset-backed

   notes

 

 

3,730

 

 

 

97,565

 

 

 

101,295

 

 

 

 

 

4.40% - Class A

 

 

4.40

%

 

July 2024

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5.38% - Class B

 

 

5.38

%

 

July 2024

Term Loan and Term

   Loan B

 

 

116

 

 

 

42,870

 

 

 

42,986

 

 

 

 

 

LIBOR + 5.00%

 

 

6.00

%

 

December 2020

December 2021

Bank term loan due in

   July 2021

 

 

7,286

 

 

 

23,802

 

 

 

31,088

 

 

 

1,032

 

 

Varies (3)

 

6.25% - 9.94%

 

 

July 2021

Note payable

 

 

 

 

 

36,232

 

 

 

36,232

 

 

 

 

 

12.00%

 

 

12.00

%

 

December 2018

Total non-recourse

   debt

 

 

14,153

 

 

 

639,870

 

 

 

654,023

 

 

 

15,332

 

 

 

 

 

 

 

 

 

Total debt

 

$

14,153

 

 

$

883,870

 

 

$

898,023

 

 

$

18,738

 

 

 

 

 

 

 

 

 

 

(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.