| Schedule of Debt |
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Deferred Financing Cost Amortization Expense(1)(2)
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For the Three Months Ended |
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For the Nine Months Ended |
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September 30, 2016 |
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September 30, 2015 |
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September 30, 2016 |
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September 30, 2015 |
Regions Credit Facilities |
$ |
272,074 |
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$ |
368,486 |
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$ |
806,452 |
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$ |
723,694 |
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Pinedale Credit Facility |
— |
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129,216 |
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156,330 |
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387,648 |
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Total Deferred Debt Cost Amortization |
$ |
272,074 |
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$ |
497,702 |
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$ |
962,782 |
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$ |
1,111,342 |
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(1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Income. |
(2) For the amount of deferred debt costs amortization relating to the Convertible Notes included in the Consolidated Statements of Income, see the Convertible Debt footnote. |
The following is a summary of our senior notes payable and other debt as of September 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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September 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% Unsecured 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 Secured Credit Facilities: |
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Regions Revolver |
$ |
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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3.80 |
% |
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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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38,355,000 |
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3.78 |
% |
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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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3.78 |
% |
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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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7/31/2017 |
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— |
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4.53 |
% |
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— |
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4.43 |
% |
Pinedale Secured 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 |
% |
$58.5M Term Loan – related party (1)
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$ |
11,085,750 |
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$ |
167,139 |
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3/30/2021 |
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9,574,465 |
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8.00 |
% |
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— |
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— |
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Total Debt |
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$ |
205,929,465 |
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$ |
220,732,000 |
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Less: |
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Unamortized deferred financing costs (2)
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$ |
412,086 |
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$ |
510,401 |
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Unamortized discount on 7% Convertible Senior Notes |
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2,770,894 |
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3,356,847 |
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Long-term debt, net of deferred financing costs |
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$ |
202,746,485 |
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$ |
216,864,752 |
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Debt due within one year |
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$ |
7,128,556 |
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$ |
66,132,000 |
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(1) $47,414,250 of the $58.5 million term loan is payable to CorEnergy under the same terms, and eliminates in consolidation. |
(2) A portion of the unamortized deferred financing costs, related to our revolving credit facilities, are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. See the next table for deferred financing costs included in the Asset section of the Consolidated Balance Sheets. |
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Deferred Financing Costs, net (1)
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September 30, 2016 |
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December 31, 2015 |
Regions Credit Facilities |
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$ |
2,422,105 |
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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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$ |
2,422,105 |
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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. |
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| Schedule of Maturities of Long-term Debt |
The remaining contractual principal payments as of September 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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$ |
1,615,000 |
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$ |
167,139 |
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$ |
1,782,139 |
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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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6,733,102 |
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6,733,102 |
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Total |
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$ |
44,000,000 |
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$ |
38,355,000 |
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$ |
9,574,465 |
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$ |
91,929,465 |
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