Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.20.2
Debt (Tables)
6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of the Company's debt facilities and balances as of June 30, 2020 and December 31, 2019:
 
Total Commitment
 or Original Principal
 
Quarterly Principal Payments
 
 
 
June 30, 2020
 
December 31, 2019
 
 
 
Maturity
Date
 
Amount Outstanding
 
Interest
Rate
 
Amount Outstanding
 
Interest
Rate
CorEnergy Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
CorEnergy Revolver
$
160,000,000

 
$

 
7/28/2022
 
$

 
2.91
%
 
$

 
4.51
%
MoGas Revolver
1,000,000

 

 
7/28/2022
 

 
2.91
%
 

 
4.51
%
Omega Line of Credit
1,500,000

 

 
10/30/2020
 

 
4.16
%
 

 
5.76
%
Pinedale Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
Amended Pinedale Term Credit Facility (1)
41,000,000

 
882,000

 
12/29/2022
 

 
%
 
33,944,000

 
6.50
%
7.00% Unsecured Convertible Senior Notes
115,000,000

 

 
6/15/2020
 

 
7.00
%
 
2,092,000

 
7.00
%
5.875% Unsecured Convertible Senior Notes
120,000,000

 

 
8/15/2025
 
118,050,000

 
5.875
%
 
120,000,000

 
5.875
%
Total Debt
 
$
118,050,000

 
 
 
$
156,036,000

 
 
Less:
 
 
 
 
 
 
 
 
Unamortized deferred financing costs(2)
 
$
426,767

 
 
 
$
635,351

 
 
Unamortized discount on 7.00% Convertible Senior Notes
 

 
 
 
6,681

 
 
Unamortized discount on 5.875% Convertible Senior Notes
 
2,943,953

 
 
 
3,284,542

 
 
Total Debt, net of deferred financing costs
 
$
114,679,280

 
 
 
$
152,109,426

 
 
Debt due within one year
 
$

 
 
 
$
5,612,178

 
 
(1) The Amended Pinedale Term Credit Facility was settled during the second quarter of 2020 in connection with the sale of the Pinedale LGS asset. Refer to the "Amended Pinedale Term Credit Facility" section below.
(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.

A summary of deferred financing cost amortization expenses for the three and six months ended June 30, 2020 and 2019 is as follows:
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
CorEnergy Credit Facility
$
143,635

 
$
143,635

 
$
287,270

 
$
287,271

Amended Pinedale Term Credit Facility
13,205

 
13,205

 
26,410

 
26,411

Total Deferred Debt Cost Amortization Expense (1)(2)
$
156,840

 
$
156,840

 
$
313,680

 
$
313,682

(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.

Components of Convertible Debt
The following is a summary of the impact of convertible notes on interest expense for the three and six months ended June 30, 2020 and 2019:
Convertible Note Interest Expense
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2020
 
June 30, 2019
 
June 30, 2020
 
June 30, 2019
7.00% Convertible Notes:
 
 
 
 
 
 
 
Interest Expense
$
24,116

 
$
1,226,580

 
$
55,331

 
$
2,633,437

Discount Amortization
3,036

 
117,139

 
6,681

 
250,049

Deferred Debt Issuance Amortization
519

 
7,650

 
1,141

 
16,331

Total 7.00% Convertible Notes
$
27,671

 
$
1,351,369

 
$
63,153

 
$
2,899,817

 
 
 
 
 
 
 
 
5.875% Convertible Notes:
 
 
 
 
 
 
 
Interest Expense
$
1,742,770

 
$

 
$
3,505,270

 
$

Discount Amortization
144,345

 

 
290,325

 

Deferred Debt Issuance Amortization
20,925

 

 
42,087

 

Total 5.875% Convertible Notes
$
1,908,040

 
$

 
$
3,837,682

 
$

Total Convertible Note Interest Expense
$
1,935,711

 
$
1,351,369

 
$
3,900,835

 
$
2,899,817