Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.10.0.1
Debt (Tables)
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of the Company's debt facilities and balances as of June 30, 2018 and December 31, 2017:
 
Total Commitment
 or Original Principal
 
Quarterly Principal Payments
 
 
 
June 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
 
$

 
4.84
%
 
$

 
4.32
%
MoGas Revolver
1,000,000

 

 
7/28/2022
 

 
4.84
%
 

 
4.32
%
Omega Line of Credit
1,500,000

 

 
7/31/2019
 

 
6.09
%
 

 
5.57
%
Pinedale Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
Amended Pinedale Term Credit Facility
41,000,000

 
882,000

 
12/29/2022
 
39,236,000

 
6.50
%
 
41,000,000

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

 

 
6/15/2020
 
114,000,000

 
7.00
%
 
114,000,000

 
7.00
%
Total Debt
 
$
153,236,000

 
 
 
$
155,000,000

 
 
Less:
 
 
 
 
 
 
 
 
Unamortized deferred financing costs (1)
 
$
333,827

 
 
 
$
375,309

 
 
Unamortized discount on 7.00% Convertible Senior Notes
 
1,477,798

 
 
 
1,847,254

 
 
Long-term debt, net of deferred financing costs
 
$
151,424,375

 
 
 
$
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 six months ended June 30, 2018 and 2017 is as follows:
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2018
 
June 30, 2017
 
June 30, 2018
 
June 30, 2017
CorEnergy Credit Facility
$
143,635

 
$
272,074

 
$
287,270

 
$
544,148

Pinedale Credit Facility
13,205

 

 
26,317

 

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

 
$
272,074

 
$
313,587

 
$
544,148

(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 June 30, 2018 under the Pinedale credit facility are as follows:
Year
 
Pinedale Credit Facility
2018
 
$
1,764,000

2019
 
3,528,000

2020
 
3,528,000

2021
 
3,528,000

2022
 
26,888,000

Thereafter
 

Total Remaining Contractual Payments
 
$
39,236,000

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, 2018 and 2017:
Convertible Note Interest Expense
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2018
 
June 30, 2017
 
June 30, 2018
 
June 30, 2017
7.00% Convertible Notes
$
1,995,000

 
$
1,995,000

 
$
3,990,000

 
$
3,990,000

Discount Amortization
184,728

 
184,728

 
369,456

 
369,456

Deferred Debt Issuance Amortization
12,069

 
12,069

 
24,138

 
24,138

Total Convertible Note Interest Expense
$
2,191,797

 
$
2,191,797

 
$
4,383,594

 
$
4,383,594