| Schedule of Debt |
The following is a summary of the Company's debt facilities and balances as of March 31, 2017, and December 31, 2016:
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Total Commitment
or Original Principal
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Quarterly Principal Payments |
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March 31, 2017 |
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December 31, 2016 |
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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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$ |
114,000,000 |
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7.00 |
% |
CorEnergy Secured Credit Facility: |
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CorEnergy 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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3.99 |
% |
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44,000,000 |
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3.76 |
% |
CorEnergy Term Loan |
$ |
45,000,000 |
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$ |
1,615,000 |
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12/15/2019 |
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35,125,000 |
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3.98 |
% |
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36,740,000 |
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3.74 |
% |
MoGas Revolver |
$ |
3,000,000 |
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$ |
— |
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12/15/2019 |
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— |
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3.98 |
% |
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— |
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3.77 |
% |
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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4.98 |
% |
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— |
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4.77 |
% |
Pinedale Secured Credit Facility: |
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$58.5M Term Loan – related party (1)
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$ |
11,085,750 |
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$ |
167,139 |
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3/30/2021 |
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8,061,844 |
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8.00 |
% |
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8,860,577 |
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8.00 |
% |
Total Debt |
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$ |
201,186,844 |
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$ |
203,600,577 |
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Less: |
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Unamortized deferred financing costs (2)
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$ |
350,976 |
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$ |
381,531 |
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Unamortized discount on 7% Convertible Senior Notes |
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2,401,439 |
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2,586,166 |
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Long-term debt, net of deferred financing costs |
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$ |
198,434,429 |
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$ |
200,632,880 |
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Debt due within one year |
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$ |
7,128,556 |
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$ |
7,128,556 |
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(1) $47,414,250 of the original $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 Cost Amortization Expense(1)(2)
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For the Three Months Ended |
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March 31, 2017 |
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March 31, 2016 |
CorEnergy Credit Facility |
$ |
272,074 |
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$ |
262,302 |
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Pinedale Credit Facility |
— |
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156,330 |
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Total Deferred Debt Cost Amortization |
$ |
272,074 |
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$ |
418,632 |
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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. |
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Deferred Financing Costs, net (1)
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March 31, 2017 |
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December 31, 2016 |
CorEnergy Credit Facility |
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$ |
1,914,929 |
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$ |
2,168,518 |
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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 March 31, 2017 under the CorEnergy and Pinedale credit facilities are as follows:
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Total Remaining Contractual Payments |
Year |
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CorEnergy
Revolver
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CorEnergy Term Loan |
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Pinedale Credit Facility |
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Total |
2017 |
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$ |
— |
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$ |
4,845,000 |
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$ |
501,416 |
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$ |
5,346,416 |
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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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668,556 |
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668,556 |
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2021 |
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— |
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— |
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5,554,760 |
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5,554,760 |
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Thereafter |
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— |
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— |
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— |
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— |
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Total |
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$ |
44,000,000 |
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$ |
35,125,000 |
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$ |
8,061,844 |
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$ |
87,186,844 |
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