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

Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

Debt (Tables)

12 Months Ended

Dec. 31, 2017

The following is a summary of debt facilities and balances as of December 31, 2017 and 2016:



	Total Commitment or Original Principal		Quarterly Principal Payments			December 31, 2017				December 31, 2016
	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	$	—	4.32	%	$	44,000,000	3.76	%
CorEnergy Term Loan ⁽¹⁾	45,000,000		1,615,000		12/15/2019	—		—	%	36,740,000		3.74	%
MoGas Revolver	1,000,000		—		7/28/2022	—		4.32	%	—		3.77	%
Omega Line of Credit	1,500,000		—		7/31/2018	—		5.57	%	—		4.77	%
Pinedale Secured Credit Facility:
$58.5M Term Loan – related party ⁽²⁾	11,085,750		167,139		3/30/2021	—		—	%	8,860,577		8.00	%
Amended Pinedale Term Credit Facility	41,000,000		882,000		12/29/2022	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						$	155,000,000			$	203,600,577
Less:
Unamortized deferred financing costs ⁽³⁾						$	375,309			$	381,531
Unamortized discount on 7.00% Convertible Senior Notes						1,847,254				2,586,166
Long-term debt, net of deferred financing costs						$	152,777,437			$	200,632,880
Debt due within one year						$	3,528,000			$	7,128,556
(1) The CorEnergy Term Loan was paid off during the third quarter of 2017 in connection with entering into the amended and restated CorEnergy Credit Facility discussed below.
(2) $47.4 million of the original $58.5 million term loan was payable to CorEnergy under the same terms and eliminates in consolidation. The term loan was paid off during the fourth quarter of 2017 in connection with the Amended Pinedale Term Credit Facility discussed below.
(3) 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 years ended December 31, 2017, 2016 and 2015 is as follows:



Deferred Financing Cost Amortization Expense ⁽¹⁾⁽²⁾
	For the Years Ended December 31,
	2017		2016		2015
CorEnergy Credit Facility	$	873,601	$	1,078,526	$	926,930
Pinedale Credit Facility	392		156,330		500,326
Total Deferred Debt Cost Amortization	$	873,993	$	1,234,856	$	1,427,256
(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.

Schedule of Maturities of Long-term Debt

The remaining contractual principal payments as of December 31, 2017 under the Pinedale credit facility are as follows:



Year	Pinedale Credit Facility
2018	$	3,528,000
2019	3,528,000
2020	3,528,000
2021	3,528,000
2022	26,888,000
Thereafter	—
Total	$	41,000,000

Components of convertible debt

The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2017, 2016 and 2015:



Convertible Note Interest Expense
	For the Years Ended December 31,
	2017		2016		2015
7.00% Convertible Notes	$	7,980,000	$	8,008,195	$	4,069,722
Discount Amortization	738,912		744,081		380,653
Deferred Debt Issuance Cost Amortization	48,276		48,566		21,656
Total	$	8,767,188	$	8,800,842	$	4,472,031