Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2017

Long-term debt as of June 30, 2017 and December 31, 2016 consists of the following:



	As of June 30,		As of December 31,
(In thousands, except rates)	2017		2016		Interest Type	Current Interest Rate (%)⁽¹⁾		Financing Type
Corporate level long-term debt:
Senior Notes	$	753,490	$	752,813	Fixed	9.80%		Term debt
Project level long-term debt:
Permanent financing	352,724		351,607		Blended	11.9%	⁽²⁾	Term debt
Total long-term debt	1,106,214		1,104,420
Less: deferred financing costs, net⁽³⁾	17,136		18,352
Less: current portion of long-term debt ⁽⁴⁾	327,749		327,459
Consolidated long-term debt, less current portion	$	761,329	$	758,609


(1)	The weighted average effective interest rate as of June 30, 2017.


(2)	As of June 30, 2017, 8.6% of this balance had fixed interest rate debt and the remaining 91.4% had variable interest rate debt, of which a portion is hedged with interest rate swaps.


(3)	Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 1 - Nature of Operations.


(4)	Approximately $325.4 million and $323.3 million have been classified as current due to non-compliance with certain debt covenants as of June 30, 2017 and December 31, 2016, respectively.

Schedule of Maturities of Long-term Debt

The aggregate amounts of contractual payments of long-term debt due after June 30, 2017, excluding amortization of debt discounts and premiums, as stated in the financing agreements, are as follows:



	Maturities
(In thousands)	Within 1 Year		Year 1 through Year 2		Year 2 through Year 3		Year 3 through Year 4		Year 4 through Year 5		Thereafter		Total
Project Level	$	8,506	$	10,669	$	15,382	$	18,207	$	21,772	$	278,188	$	352,724
Corporate	—		—		—		—		—		753,490		753,490
Total debt	$	8,506	$	10,669	$	15,382	$	18,207	$	21,772	$	1,031,678	$	1,106,214


(1)	Represents the contractual principal payment due dates for the Company’s long-term debt and does not reflect the reclassification of $325.4 million of long-term debt to current as a result of debt defaults under a portion of its non-recourse financing agreements or deferred financing costs that are included with the net long-term balance of the unaudited condensed consolidated balance sheet.