Debt (Tables)

6 Months Ended

Jun. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long Term Debt

The Company’s debt consists of the following for periods presented below (in thousands):

							As of June 30, 2017
	June 30, 2017			December 31, 2016			Contractual Interest Rate			Effective Interest Rate
													Maturity
Corporate-level
Revolving Credit Facility	$	60,000		$	180,000		varies		(1)	3.46	%	(1)	December 2018
2020 Notes	225,000			225,000			4.00	%		6.60	%		July 2020
2024 Notes	350,000			—			5.88	%		5.88	%		February 2024
Project-level
Fixed interest rate
El Arrayán EKF term loan	101,984			103,904			5.56	%		5.56	%		March 2029
Santa Isabel term loan	105,953			107,090			4.57	%		4.57	%		September 2033
Variable interest rate
Ocotillo commercial term loan (2)	188,906			193,257			2.90	%		3.82	%	(3)	August 2020
Lost Creek term loan	100,145			103,846			3.07	%		6.51	%	(3)	September 2027
El Arrayán commercial term loan	92,713			94,458			4.17	%		5.70	%	(3)	March 2029
Spring Valley term loan	127,445			130,658			3.05	%		5.19	%	(3)	June 2030
Ocotillo development term loan	101,200			102,300			3.25	%		4.42	%	(3)	August 2033
St. Joseph term loan (2)	168,016			162,356			2.70	%		3.86	%	(3)	November 2033
Western Interconnect term loan (2)	54,395			—			3.05	%		3.97	%	(3)	April 2027
Imputed interest rate
Hatchet Ridge financing lease obligation	196,363			202,593			1.43	%		1.43	%		December 2032
	1,872,120			1,605,462
Unamortized premium/discount, net (4)	(14,791		)	(17,019		)
Unamortized financing costs	(30,684		)	(24,771		)
Total debt, net	$	1,826,645		1,563,672
As reflected on the consolidated balance sheets
Revolving credit facility	$	60,000		$	180,000
Current portion of long-term debt, net of financing costs	54,975			48,716
Long term debt, net of financing costs	1,711,670			1,334,956
Total debt, net	$	1,826,645		$	1,563,672

⁽¹⁾  Refer to Revolving Credit Facility for interest rate details.

⁽²⁾  The amortization for the Ocotillo commercial term loan, the St. Joseph term loan, and the Western Interconnect term loan are through June 2030, September 2036 and March 2036, respectively, which differs from the stated maturity date of such loans due to prepayment requirements.

⁽³⁾  Includes impact of interest rate derivatives. See Note 10, Derivative Instruments, for discussion of interest rate derivatives.

⁽⁴⁾  Premium amount is related to the Lost Creek term loan and discount amount is related to the 2020 Notes.

Schedule of Reconciliation of Interest Expense

Interest and commitment fees incurred and interest expense for debt consisted of the following (in thousands):

	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016
Corporate-level interest and commitment fees incurred	$	8,497	$	4,952	$	15,612	$	10,005
Project-level interest and commitment fees incurred(1)	13,107		13,356		25,468		26,444
Amortization of debt discount/premium, net	1,125		1,042		2,227		2,074
Amortization of financing costs	1,994		1,752		3,852		3,498
Other interest	116		173		235		315
Interest expense	$	24,839	$	21,275	$	47,394	$	42,336

⁽¹⁾  Includes reclassification of realized gains (losses) on derivative instruments that qualifies as cash flow hedges from accumulated OCI into interest expense and the ineffective portion of the instruments.

Schedule of Convertible Debt

The following table presents a summary of the equity and liability components of the 2020 Notes (in thousands):

	June 30, 2017			December 31, 2016
Principal	$	225,000		$	225,000
Less:
Unamortized debt discount	(15,874		)	(18,196		)
Unamortized financing costs	(3,348		)	(3,894		)
Carrying value of convertible senior notes	$	205,778		$	202,910
Carrying value of the equity component (1)	$	23,743		$	23,743

⁽¹⁾  Included in the consolidated balance sheets as additional paid-in capital, net of $0.7 million in equity issuance costs.