CorEnergy Infrastructure Trust, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

Debt (Tables)

3 Months Ended

Mar. 31, 2020

A summary of deferred financing cost amortization expenses for the three months ended March 31, 2020 and 2019 is as follows:



	For the Three Months Ended
	March 31, 2020		March 31, 2019
CorEnergy Credit Facility	$	143,635	$	143,636
Amended Pinedale Term Credit Facility	13,205		13,205
Total Deferred Debt Cost Amortization Expense ⁽¹⁾⁽²⁾	$	156,840	$	156,841
(1) Amortization of deferred debt issuance costs is included in interest expense in the Consolidated Statements of Operations.
(2) For the amount of deferred debt cost amortization relating to the convertible notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below.

The following is a summary of the Company's debt facilities and balances as of March 31, 2020 and December 31, 2019:



	Total Commitment or Original Principal		Quarterly Principal Payments			March 31, 2020				December 31, 2019
	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	$	—	3.74	%	$	—	4.51	%
MoGas Revolver	1,000,000		—		7/28/2022	—		3.74	%	—		4.51	%
Omega Line of Credit	1,500,000		—		7/31/2020	—		4.99	%	—		5.76	%
Pinedale Secured Credit Facility:
Amended Pinedale Term Credit Facility⁽¹⁾	41,000,000		882,000		12/29/2022	33,062,000		6.50	%	33,944,000		6.50	%
7.00% Unsecured Convertible Senior Notes	115,000,000		—		6/15/2020	1,676,000		7.00	%	2,092,000		7.00	%
5.875% Unsecured Convertible Senior Notes	120,000,000		—		8/15/2025	120,000,000		5.875	%	120,000,000		5.875	%
Total Debt						$	154,738,000			$	156,036,000
Less:
Unamortized deferred financing costs⁽²⁾						$	600,362			$	635,351
Unamortized discount on 7.00% Convertible Senior Notes						3,036				6,681
Unamortized discount on 5.875% Convertible Senior Notes						3,138,562				3,284,542
Total Debt, net of deferred financing costs						$	150,996,040			$	152,109,426
Debt due within one year						$	5,200,445			$	5,612,178
(1) Effective May 8, 2020 and in conjunction with the Standstill Agreement discussed below, the interest rate on the Amended Pinedale Term Credit Facility increased to the Default Rate of 8.50%
(2) 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.

Schedule of Maturities of Long-term Debt

The remaining contractual principal payments as of March 31, 2020 under the Amended Pinedale Term Credit Facility are as follows:



Year	Amended Pinedale Term Credit Facility
2020	$	2,646,000
2021	3,528,000
2022	26,888,000
2023	—
2024	—
Thereafter	—
Total Remaining Contractual Payments	$	33,062,000

Components of Convertible Debt

The following is a summary of the impact of convertible notes on interest expense for the three months ended March 31, 2020 and 2019:



Convertible Note Interest Expense
	For the Three Months Ended
	March 31, 2020		March 31, 2019
7.00% Convertible Notes:
Interest Expense	$	31,215	$	1,406,857
Discount Amortization	3,645		132,910
Deferred Debt Issuance Amortization	622		8,681
Total 7.00% Convertible Notes	$	35,482	$	1,548,448

5.875% Convertible Notes:
Interest Expense	$	1,762,500	$	—
Discount Amortization	145,980		—
Deferred Debt Issuance Amortization	21,162		—
Total 5.875% Convertible Notes	$	1,929,642	$	—
Total Convertible Note Interest Expense	$	1,965,124	$	1,548,448