| Schedule of Debt |
The following is a summary of the Company's debt facilities and balances as of September 30, 2018 and December 31, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Commitment
or Original Principal
|
|
Quarterly Principal Payments |
|
|
|
September 30, 2018 |
|
December 31, 2017 |
|
|
|
Maturity
Date
|
|
Amount Outstanding |
|
Interest
Rate |
|
Amount Outstanding |
|
Interest
Rate |
CorEnergy Secured Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
|
|
CorEnergy Revolver |
$ |
160,000,000 |
|
|
$ |
— |
|
|
7/28/2022 |
|
$ |
— |
|
|
5.01 |
% |
|
$ |
— |
|
|
4.32 |
% |
MoGas Revolver |
1,000,000 |
|
|
— |
|
|
7/28/2022 |
|
— |
|
|
5.01 |
% |
|
— |
|
|
4.32 |
% |
Omega Line of Credit |
1,500,000 |
|
|
— |
|
|
7/31/2019 |
|
— |
|
|
6.26 |
% |
|
— |
|
|
5.57 |
% |
Pinedale Secured Credit Facility: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Amended Pinedale Term Credit Facility |
41,000,000 |
|
|
882,000 |
|
|
12/29/2022 |
|
38,354,000 |
|
|
6.50 |
% |
|
41,000,000 |
|
|
6.50 |
% |
7.00% Unsecured Convertible Senior Notes |
115,000,000 |
|
|
— |
|
|
6/15/2020 |
|
113,958,000 |
|
|
7.00 |
% |
|
114,000,000 |
|
|
7.00 |
% |
Total Debt |
|
$ |
152,312,000 |
|
|
|
|
$ |
155,000,000 |
|
|
|
Less: |
|
|
|
|
|
|
|
|
Unamortized deferred financing costs (1)
|
|
$ |
308,552 |
|
|
|
|
$ |
375,309 |
|
|
|
Unamortized discount on 7.00% Convertible Senior Notes |
|
1,293,070 |
|
|
|
|
1,847,254 |
|
|
|
Long-term debt, net of deferred financing costs |
|
$ |
150,710,378 |
|
|
|
|
$ |
152,777,437 |
|
|
|
Debt due within one year |
|
$ |
3,528,000 |
|
|
|
|
$ |
3,528,000 |
|
|
|
(1) 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. |
A summary of deferred financing cost amortization expenses for the three and nine months ended September 30, 2018 and 2017 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
CorEnergy Credit Facility |
$ |
143,636 |
|
|
$ |
185,948 |
|
|
$ |
430,906 |
|
|
$ |
730,096 |
|
Amended Pinedale Term Credit Facility |
13,206 |
|
|
— |
|
|
39,523 |
|
|
— |
|
Total Deferred Debt Cost Amortization Expense (1)(2)
|
$ |
156,842 |
|
|
$ |
185,948 |
|
|
$ |
470,429 |
|
|
$ |
730,096 |
|
(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. |
|
| Schedule of Maturities of Long-term Debt |
The remaining contractual principal payments as of September 30, 2018 under the Amended Pinedale Term Credit Facility are as follows:
|
|
|
|
|
|
Year |
|
Amended Pinedale Term Credit Facility |
2018 |
|
$ |
882,000 |
|
2019 |
|
3,528,000 |
|
2020 |
|
3,528,000 |
|
2021 |
|
3,528,000 |
|
2022 |
|
26,888,000 |
|
Thereafter |
|
— |
|
Total Remaining Contractual Payments |
|
$ |
38,354,000 |
|
|
| 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, 2018 and 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Convertible Note Interest Expense |
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
September 30, 2018 |
|
September 30, 2017 |
|
September 30, 2018 |
|
September 30, 2017 |
7.00% Convertible Notes |
$ |
1,994,853 |
|
|
$ |
1,995,000 |
|
|
$ |
5,984,853 |
|
|
$ |
5,985,000 |
|
Discount Amortization |
184,728 |
|
|
184,728 |
|
|
554,184 |
|
|
554,184 |
|
Deferred Debt Issuance Amortization |
12,069 |
|
|
12,069 |
|
|
36,207 |
|
|
36,207 |
|
Total Convertible Note Interest Expense |
$ |
2,191,650 |
|
|
$ |
2,191,797 |
|
|
$ |
6,575,244 |
|
|
$ |
6,575,391 |
|
|