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SEC Filings
10-Q
TERRAFORM POWER, INC. filed this Form 10-Q on 11/09/2018
Entire Document
 


The following table summarizes corporate liquidity and available capital as of September 30, 2018 and December 31, 2017:
(In thousands)
 
September 30, 2018
 
December 31, 2017
Unrestricted corporate cash
 
$
110,683

 
$
46,810

Project-level distributable cash
 
38,356

 
21,180

Cash available to corporate
 
149,039

 
67,990

Credit facilities:
 
 
 
 
Committed revolving credit facilities1
 
739,000

 
450,000

Drawn portion of revolving credit facilities
 
(487,810
)
 
(60,000
)
Revolving line of credit commitments
 
(82,500
)
 
(102,637
)
Undrawn portion of Sponsor Line2
 
500,000

 
500,000

Available portion of credit facilities
 
668,690

 
787,363

Corporate liquidity
 
$
817,729

 
$
855,353

Other project-level unrestricted cash
 
200,524

 
60,097

Project-level restricted cash3
 
160,432

 
96,700

Project-level credit commitments
 
178,407

 
2,800

Available capital
 
$
1,357,092

 
$
1,014,950

———
(1)
On February 6, 2018, Terra Operating LLC elected to increase the total borrowing capacity of the Revolver from $450.0 million to $600.0 million. On October 5, 2018, Terra Operating LLC entered into an amendment to the Revolver, as discussed below.
(2)
Represents a $500.0 million secured revolving credit facility we entered into pursuant to a credit agreement (the “Sponsor Line”) with Brookfield and one of its affiliates that may only be used to fund all or a portion of certain funded acquisitions or growth capital expenditures. During the nine months ended September 30, 2018, the Company drew and repaid $86.0 million under the Sponsor Line.
(3)
Represents short-term and long-term restricted cash and includes $11.7 million of cash trapped at our project-level subsidiaries as of September 30, 2018 which is presented as current restricted cash as the cash balances were subject to distribution restrictions related to debt defaults that existed as of the balance sheet date (see Note 2. Summary of Significant Accounting Policies to our unaudited condensed consolidated financial statements for additional details).

Repricing Amendment to the Revolver

On October 5, 2018, the Company entered into a repricing amendment to the Revolver whereby the interest rate was reduced by 0.75% per annum. The Revolver would bear interest at a rate equal to, at the Company’s option, either (i) LIBOR plus an applicable margin ranging from 1.50% to 2.25% per annum, or (ii) a base rate plus an applicable margin ranging from 0.50% to 1.25% per annum. In addition, the repricing amendment extended the maturity date of the Revolver to October 5, 2023. The Company did not incur additional debt or receive any proceeds in connection with the repricing amendment.

Debt Service Obligations

We remain focused on refinancing near-term facilities on acceptable terms and maintaining a manageable maturity ladder. We do not anticipate material issues in addressing our borrowings through 2022 on acceptable terms and will do so opportunistically based on the prevailing interest rate environment.

The aggregate contractual principal payments of long-term debt due after September 30, 2018, including financing lease obligations and excluding amortization of debt discounts, premiums and deferred financing costs, as stated in the financing agreements, are as follows:
(In thousands)
 
Remainder of 2018
 
2019
 
2020
 
2021
 
2022
 
Thereafter
 
Total
Maturities of long-term debt1
 
$
90,947

 
$
257,488

 
$
256,380

 
$
259,267

 
$
751,624

 
$
4,381,388

 
$
5,997,094



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