CorEnergy Infrastructure Trust, Inc. Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

12 Months Ended

Dec. 31, 2019

The following is a summary of debt facilities and balances as of December 31, 2019 and 2018:



	Total Commitment or Original Principal		Quarterly Principal Payments			December 31, 2019				December 31, 2018
	Total Commitment or Original Principal		Quarterly Principal Payments		Maturity Date	Amount Outstanding		Interest Rate		Amount Outstanding		Interest Rate
CorEnergy Secured Credit Facility:
CorEnergy Revolver	$	160,000,000	$	—	7/28/2022	$	—	4.51	%	$	—	5.25	%
MoGas Revolver	1,000,000		—		7/28/2022	—		4.51	%	—		5.25	%
Omega Line of Credit	1,500,000		—		7/31/2020	—		5.76	%	—		6.50	%
Pinedale Secured Credit Facility:
Amended Pinedale Term Credit Facility	41,000,000		882,000		12/29/2022	33,944,000		6.50	%	37,472,000		6.50	%
7.00% Unsecured Convertible Senior Notes	115,000,000		—		6/15/2020	2,092,000		7.00	%	113,958,000		7.00	%
5.875% Unsecured Convertible Senior Notes	120,000,000		—		8/15/2025	120,000,000		5.875	%	—		—	%
Total Debt						$	156,036,000			$	151,430,000
Less:
Unamortized deferred financing costs ⁽¹⁾						$	635,351			$	283,278
Unamortized discount on 7.00% Convertible Senior Notes						6,681				1,108,342
Unamortized discount on 5.875% Convertible Senior Notes						3,284,542				—
Long-term debt, net of deferred financing costs						$	152,109,426			$	150,038,380
Debt due within one year						$	5,612,178			$	3,528,000
(1) Unamortized deferred financing costs related to the Company's 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 years ended December 31, 2019, 2018 and 2017 is as follows:



Deferred Financing Cost Amortization Expense ⁽¹⁾⁽²⁾
	For the Years Ended December 31,
	2019		2018		2017
CorEnergy Credit Facility	$	574,542	$	574,541	$	873,601
Amended Pinedale Term Credit Facility	52,821		52,728		392
Total Deferred Debt Cost Amortization	$	627,363	$	627,269	$	873,993
(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, refer to the Convertible Note Interest Expense table below.

The remaining contractual principal payments as of December 31, 2019 under the Amended Pinedale Term Credit Facility are as follows:



Year	Amended Pinedale Term Credit Facility
2020	$	3,528,000
2021	3,528,000
2022	26,888,000
2023	—
2024	—
Thereafter	—
Total	$	33,944,000

The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2019, 2018 and 2017:



Convertible Note Interest Expense
	For the Years Ended December 31,
	2019		2018		2017
7.00% Convertible Notes:
Interest Expense	$	3,354,178	$	7,979,118	$	7,980,000
Discount Amortization	320,821		738,912		738,912
Deferred Debt Issuance Cost Amortization	21,004		48,276		48,276
Total 7.00% Convertible Notes	$	3,696,003	$	8,766,306	$	8,767,188

5.875% Convertible Notes:
Interest Expense	$	2,722,083	$	—	$	—
Discount Amortization	225,458		—		—
Deferred Debt Issuance Amortization	31,493		—		—
Total 5.875% Convertible Notes	$	2,979,034	$	—	$	—
Total Convertible Note Interest	$	6,675,037	$	8,766,306	$	8,767,188