Quarterly report pursuant to Section 13 or 15(d)

Credit Facilities (Tables)

v3.5.0.2
Credit Facilities (Tables)
6 Months Ended
Jun. 30, 2016
Debt Disclosure [Abstract]  
Schedule of Debt
Deferred Financing Costs, net (1)
 
 
June 30, 2016
 
December 31, 2015
Regions Credit Facilities
 
$
2,675,693

 
$
2,975,476

Pinedale Credit Facility
 

 
156,330

Total Deferred Debt Costs, net
 
$
2,675,693

 
$
3,131,806

(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:
 
Total Commitment
 or Original Principal
 
Quarterly Principal Payments
 
 
 
June 30, 2016
 
December 31, 2015
 
 
 
Maturity
Date
 
Amount Outstanding
 
Interest
Rate
 
Amount Outstanding
 
Interest
Rate
7% Convertible Senior Notes
$
115,000,000

 
$

 
6/15/2020
 
$
114,000,000

 
7.00
%
 
$
115,000,000

 
7.00
%
Regions Credit Facilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Regions Revolver (1)
$
105,000,000

 
$

 
12/15/2019
 
44,000,000

 
3.70
%
 

 
3.07
%
Regions Term Loan
$
45,000,000

 
$
1,615,000

 
12/15/2019
 
41,400,000

 
3.70
%
 
43,200,000

 
3.07
%
MoGas Revolver
$
3,000,000

 
$

 
12/15/2019
 

 
3.70
%
 

 
3.07
%
Omega Line of Credit
$
1,500,000

 
$

 
7/31/2016
 

 
4.47
%
 

 
4.43
%
Pinedale Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
$70M Term Loan
$
70,000,000

 
$

 
3/30/2016
 

 

 
62,532,000

 
4.67
%
$58.5M Term Loan – related party (2)
$
11,085,750

 
$
167,139

 
3/30/2021
 
10,329,185

 
8.00
%
 

 

Total Debt
 
$
209,729,185

 
 
 
$
220,732,000

 
 
Less:
 
 
 
 
 
 
 
 
Unamortized deferred financing costs (3)
 
$
442,111

 
 
 
$
510,401

 
 
Unamortized discount on 7% Convertible Senior Notes
 
2,956,285

 
 
 
3,356,847

 
 
Long-term debt, net of deferred financing costs
 
$
206,330,789

 
 
 
$
216,864,752

 
 
(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.
Deferred Financing Cost Amortization Expense(1)
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2016
 
June 30, 2015
 
June 30, 2016
 
June 30, 2015
Regions Credit Facilities
$
284,779

 
$
178,714

 
$
559,336

 
$
355,208

Pinedale Credit Facility

 
129,216

 
156,330

 
258,432

Total Deferred Debt Cost Amortization
$
284,779

 
$
307,930

 
$
715,666

 
$
613,640

(1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Income.
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:
Total Remaining Contractual Payments
Year
 
Regions
Revolver
 
Regions Term Loan
 
Pinedale Credit Facility
 
Total
2016
 
$

 
$
4,660,000

 
$
334,278

 
$
4,994,278

2017
 

 
6,460,000

 
668,556

 
7,128,556

2018
 

 
6,460,000

 
668,556

 
7,128,556

2019
 
44,000,000

 
23,820,000

 
668,556

 
68,488,556

2020
 

 

 
668,556

 
668,556

Thereafter
 

 

 
7,320,683

 
7,320,683

Total
 
$
44,000,000

 
$
41,400,000

 
$
10,329,185

 
$
95,729,185