| Schedule of Debt |
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Deferred Financing Costs, net (1)
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June 30, 2016 |
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December 31, 2015 |
Regions Credit Facilities |
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$ |
2,675,693 |
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$ |
2,975,476 |
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Pinedale Credit Facility |
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— |
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|
156,330 |
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Total Deferred Debt Costs, net |
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$ |
2,675,693 |
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$ |
3,131,806 |
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(1) This is the portion of deferred financing costs which relate to a revolving credit facility and are not presented as a reduction to Long-term debt but rather as Deferred Costs in the Asset section of the Consolidated Balance Sheets. |
The following is a summary of our senior notes payable and other debt as of June 30, 2016, and December 31, 2015:
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Total Commitment
or Original Principal
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Quarterly Principal Payments |
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June 30, 2016 |
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December 31, 2015 |
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Maturity
Date
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Amount Outstanding |
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Interest
Rate |
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Amount Outstanding |
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Interest
Rate |
7% Convertible Senior Notes |
$ |
115,000,000 |
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$ |
— |
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6/15/2020 |
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$ |
114,000,000 |
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7.00 |
% |
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$ |
115,000,000 |
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7.00 |
% |
Regions Credit Facilities: |
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Regions Revolver (1)
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$ |
105,000,000 |
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$ |
— |
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12/15/2019 |
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44,000,000 |
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3.70 |
% |
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— |
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3.07 |
% |
Regions Term Loan |
$ |
45,000,000 |
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$ |
1,615,000 |
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12/15/2019 |
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41,400,000 |
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3.70 |
% |
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43,200,000 |
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|
3.07 |
% |
MoGas Revolver |
$ |
3,000,000 |
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$ |
— |
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12/15/2019 |
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— |
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3.70 |
% |
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— |
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3.07 |
% |
Omega Line of Credit |
$ |
1,500,000 |
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$ |
— |
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7/31/2016 |
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— |
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4.47 |
% |
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— |
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4.43 |
% |
Pinedale Credit Facility: |
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$70M Term Loan |
$ |
70,000,000 |
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$ |
— |
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3/30/2016 |
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— |
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— |
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62,532,000 |
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4.67 |
% |
$58.5M Term Loan – related party (2)
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$ |
11,085,750 |
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$ |
167,139 |
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3/30/2021 |
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10,329,185 |
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8.00 |
% |
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— |
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— |
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Total Debt |
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$ |
209,729,185 |
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$ |
220,732,000 |
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Less: |
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Unamortized deferred financing costs (3)
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$ |
442,111 |
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$ |
510,401 |
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Unamortized discount on 7% Convertible Senior Notes |
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2,956,285 |
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3,356,847 |
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Long-term debt, net of deferred financing costs |
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$ |
206,330,789 |
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$ |
216,864,752 |
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(1) Included in the Consolidated Balance Sheet as Line of Credit. |
(2) $47,414,250 of the $58.5M term loan is payable to CorEnergy under the same terms, and eliminates in consolidation. |
(3) A portion of the unamortized deferred financing costs, related to our revolving credit facilities, are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. See the next table for deferred financing costs included in the Asset section of the Consolidated Balance Sheets. |
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Deferred Financing Cost Amortization Expense(1)
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For the Three Months Ended |
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For the Six Months Ended |
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June 30, 2016 |
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June 30, 2015 |
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June 30, 2016 |
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June 30, 2015 |
Regions Credit Facilities |
$ |
284,779 |
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$ |
178,714 |
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$ |
559,336 |
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$ |
355,208 |
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Pinedale Credit Facility |
— |
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129,216 |
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|
156,330 |
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|
258,432 |
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Total Deferred Debt Cost Amortization |
$ |
284,779 |
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$ |
307,930 |
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$ |
715,666 |
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$ |
613,640 |
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(1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Income. |
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| Schedule of Maturities of Long-term Debt |
The remaining contractual principal payments as of June 30, 2016, under our Regions and Pinedale credit facilities are as follows:
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Total Remaining Contractual Payments |
Year |
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Regions
Revolver
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Regions Term Loan |
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Pinedale Credit Facility |
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Total |
2016 |
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$ |
— |
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$ |
4,660,000 |
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$ |
334,278 |
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$ |
4,994,278 |
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2017 |
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— |
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6,460,000 |
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|
668,556 |
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7,128,556 |
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2018 |
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— |
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6,460,000 |
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668,556 |
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7,128,556 |
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2019 |
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44,000,000 |
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23,820,000 |
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|
668,556 |
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68,488,556 |
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2020 |
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— |
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— |
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668,556 |
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668,556 |
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Thereafter |
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— |
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— |
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7,320,683 |
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7,320,683 |
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Total |
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$ |
44,000,000 |
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$ |
41,400,000 |
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$ |
10,329,185 |
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$ |
95,729,185 |
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