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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 07/21/2017
Entire Document
 

11. LONG-TERM DEBT
    
Long-term debt consists of the following: 
(In thousands, except rates)
Description:
 
December 31, 2016
 
December 31, 2015
 
Interest Type
 
Interest Rate (%)1
 
Financing Type
Corporate-level long-term debt2:
 
 
 
 
 
 
 
 
 
 
Senior Notes due 2023
 
$
950,000

 
$
950,000

 
Fixed
 
6.38
 
Senior notes
Senior Notes due 2025
 
300,000

 
300,000

 
Fixed
 
6.63
 
Senior notes
Revolver
 
552,000

 
655,000

 
Variable
 
3.92
 
Revolving loan
Non-recourse long-term debt3:
 
 
 
 
 
 
 
 
 
 
Permanent financing
 
2,078,009

 
2,546,864

 
Blended4
 
5.965
 
Term debt / Senior notes
Construction financing
 

 
38,063

 
Variable
 
N/A
 
Construction debt
Financing lease obligations
 
123,930

 
136,594

 
Imputed
 
5.635
 
Financing lease obligations
Total principal due for long-term debt and financing lease obligations
 
4,003,939

 
4,626,521

 
 
 
5.825
 
 
Unamortized discount, net
 
(13,620
)
 
(20,821
)
 
 
 
 
 
 
Deferred financing costs, net6
 
(39,405
)
 
(43,051
)
 
 
 
 
 
 
Less current portion of long-term debt and financing lease obligations7
 
(2,212,968
)
 
(2,037,919
)
 
 
 
 
 
 
Long-term debt and financing lease obligations, less current portion8
 
$
1,737,946

 
$
2,524,730

 
 
 
 
 
 
———
(1)
As of December 31, 2016.
(2)
Corporate-level debt represents debt issued by Terra Operating LLC and guaranteed by Terra LLC and certain subsidiaries of Terra Operating LLC other than non-recourse subsidiaries as defined in the relevant debt agreements.
(3)
Non-recourse debt represents debt issued by subsidiaries with no recourse to Terra LLC, Terra Operating LLC or guarantors of the Company's corporate-level debt, other than limited or capped contingent support obligations, which in aggregate are not considered to be material to the Company's business and financial condition.
(4)
Includes variable rate debt and fixed rate debt. As of December 31, 2016, 52% of this balance had a variable interest rate and the remaining 48% of this balance had a fixed interest rate. The Company has entered into interest rate swap agreements to fix the interest rates of certain variable rate permanent financing non-recourse debt (see Note 13. Derivatives).
(5)
Represents the weighted average interest rate as of December 31, 2016.
(6)
Total net long-term debt and financing lease obligations, including current portion, reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2. Summary of Significant Accounting Policies.
(7)
As of December 31, 2016, the Company reclassified $14.7 million from current portion of long-term debt and financing lease obligations to current liabilities related to assets held for sale in the consolidated balance sheet (see Note 4. Assets Held for Sale), which represents non-recourse debt for the U.K. Portfolio and portfolio of residential rooftop solar assets held for sale as of December 31, 2016.
(8)
As of December 31, 2016, the Company reclassified $353.9 million from long-term debt and financing lease obligations, less current portion to non-current liabilities related to assets held for sale in the consolidated balance sheet (see Note 4. Assets Held for Sale), which represents non-recourse debt for the U.K. Portfolio and portfolio of residential rooftop solar assets held for sale as of December 31, 2016.

Corporate-level Long-term Debt

Bridge Credit Facility

On March 28, 2014, the Company entered into a credit and guaranty agreement with Goldman Sachs Bank USA as administrative agent and the lenders party thereto, which originally provided for a senior secured term loan facility in an aggregate principal amount of $250.0 million (the "Bridge Credit Facility"). The Bridge Credit Facility was amended on May 15, 2014 to increase the aggregate principal amount of the facility to $400.0 million (the "Amended Bridge Credit Facility"). The Amended Bridge Credit Facility was repaid following the closing of the IPO on July 23, 2014.


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