Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.8.0.1
Debt (Tables)
9 Months Ended
Sep. 30, 2017
Debt Disclosure [Abstract]  
Schedule of Debt
A summary of deferred financing cost amortization expenses for the three and nine months ended September 30, 2017 and 2016 is as follows:
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
September 30, 2017
 
September 30, 2016
CorEnergy Credit Facility
$
185,948

 
$
272,074

 
$
730,096

 
$
806,452

Pinedale Credit Facility

 

 

 
156,330

Total Deferred Debt Cost Amortization Expense (1)(2)
$
185,948

 
$
272,074

 
$
730,096

 
$
962,782

(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 cost amortization relating to the Convertible Notes included in the Consolidated Statements of Income, refer to the Convertible Note Interest Expense table below.
The following is a summary of the Company's debt facilities and balances as of September 30, 2017 and December 31, 2016:
 
Total Commitment
 or Original Principal
 
Quarterly Principal Payments
 
 
 
September 30, 2017
 
December 31, 2016
 
 
 
Maturity
Date
 
Amount Outstanding
 
Interest
Rate
 
Amount Outstanding
 
Interest
Rate
CorEnergy Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
CorEnergy Revolver
$
160,000,000

 
$

 
7/28/2022
 
$
10,000,000

 
3.99
%
 
$
44,000,000

 
3.76
%
CorEnergy Term Loan (1)
45,000,000

 
1,615,000

 
12/15/2019
 

 

 
36,740,000

 
3.74
%
MoGas Revolver
1,000,000

 

 
7/28/2022
 

 
3.99
%
 

 
3.77
%
Omega Line of Credit
1,500,000

 

 
7/31/2018
 

 
5.24
%
 

 
4.77
%
Pinedale Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
$58.5M Term Loan – related party (2)
11,085,750

 
167,139

 
3/30/2021
 
7,534,177

 
8.23
%
 
8,860,577

 
8.00
%
7.00% Unsecured Convertible Senior Notes
115,000,000

 

 
6/15/2020
 
114,000,000

 
7.00
%
 
114,000,000

 
7.00
%
Total Debt
 
$
131,534,177

 
 
 
$
203,600,577

 
 
Less:
 
 
 
 
 
 
 
 
Unamortized deferred financing costs (3)
 
$
132,732

 
 
 
$
381,531

 
 
Unamortized discount on 7.00% Convertible Senior Notes
 
2,031,983

 
 
 
2,586,166

 
 
Long-term debt, net of deferred financing costs
 
$
129,369,462

 
 
 
$
200,632,880

 
 
Debt due within one year
 
$
668,556

 
 
 
$
7,128,556

 
 
(1) The CorEnergy Term Loan was paid off during the third quarter of 2017 in connection with entering into the amended and restated CorEnergy Credit Facility discussed below.
(2) $47.4 million of the original $58.5 million term loan is payable to CorEnergy under the same terms and eliminates in consolidation.
(3) Unamortized deferred financing costs related to our revolving credit facilities are included in Deferred Costs in the Assets section of the Consolidated Balance Sheets. Refer to the "Deferred Financing Costs" paragraph below.
Schedule of Maturities of Long-term Debt
The remaining contractual principal payments as of September 30, 2017 under the CorEnergy and Pinedale credit facilities are as follows:
Year
 
CorEnergy Revolver
 
Pinedale Credit Facility
 
Total
2017
 
$

 
$
167,139

 
$
167,139

2018
 

 
668,556

 
668,556

2019
 

 
668,556

 
668,556

2020
 

 
668,556

 
668,556

2021
 

 
5,361,370

 
5,361,370

Thereafter
 
10,000,000

 

 
10,000,000

Total Remaining Contractual Payments
 
$
10,000,000

 
$
7,534,177

 
$
17,534,177

Components of convertible debt
The following is a summary of the impact of Convertible Notes on interest expense for the three and nine months ended September 30, 2017 and 2016:
Convertible Note Interest Expense
 
For the Three Months Ended
 
For the Nine Months Ended
 
September 30, 2017
 
September 30, 2016
 
September 30, 2017
 
September 30, 2016
7.00% Convertible Notes
$
1,995,000

 
$
2,017,167

 
$
5,985,000

 
$
6,013,195

Discount Amortization
184,728

 
185,391

 
554,184

 
559,353

Deferred Debt Issuance Amortization
12,069

 
11,539

 
36,207

 
36,497

Total Convertible Note Interest Expense
$
2,191,797

 
$
2,214,097

 
$
6,575,391

 
$
6,609,045