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, 2020

The following is a summary of debt facilities and balances as of December 31, 2020 and 2019:


	Total Commitment or Original Principal		Quarterly Principal Payments			December 31, 2020				December 31, 2019
					Maturity Date	Amount Outstanding		Interest Rate		Amount Outstanding		Interest Rate
CorEnergy Secured Credit Facility(1):
CorEnergy Revolver	$	160,000,000	$	—	7/28/2022	$	—	2.89	%	$	—	4.51	%

MoGas Revolver	1,000,000		—		7/28/2022	—		2.89	%	—		4.51	%
Omega Line of Credit(2)	1,500,000		—		4/30/2021	—		4.14	%	—		5.76	%
Pinedale Secured Credit Facility:

Amended Pinedale Term Credit Facility(3)	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	—		—	%	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 (4)						$	385,131			$	635,351
Unamortized discount on 7.00% Convertible Senior Notes						—				6,681
Unamortized discount on 5.875% Convertible Senior Notes						2,656,739				3,284,542
Long-term debt, net of deferred financing costs						$	115,008,130			$	152,109,426
Debt due within one year						$	—			$	5,612,178
(1) The CorEnergy Secured Credit Facility was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 16 ("Subsequent Events"). Refer to "CorEnergy Credit Facilities" section below.
(2) The Omega Line of Credit was terminated on February 4, 2021 in connection with the Crimson Transaction described in Note 16 ("Subsequent Events"). Refer to "Mowood/Omega Revolver" section below.
(3) 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.
(4) 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, 2020, 2019 and 2018 is as follows:


Deferred Financing Cost Amortization Expense (1)(2)
	For the Years Ended December 31,
	2020		2019		2018
CorEnergy Credit Facility	$	574,541	$	574,542	$	574,541
Amended Pinedale Term Credit Facility	26,410		52,821		52,728
Total Deferred Debt Cost Amortization	$	600,951	$	627,363	$	627,269
(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 costs amortization relating to the Convertible Notes included in the Consolidated Statements of Operations, refer to the Convertible Note Interest Expense table below.

Summary of Convertible Note Interest Expense

The following is a summary of the impact of Convertible Notes on interest expense for the years ended December 31, 2020, 2019 and 2018:


Convertible Note Interest Expense
	For the Years Ended December 31,
	2020		2019		2018
7.00% Convertible Notes:
Interest Expense	$	55,331	$	3,354,178	$	7,979,118
Discount Amortization	6,682		320,821		738,912
Deferred Debt Issuance Cost Amortization	1,140		21,004		48,276
Total 7.00% Convertible Notes	$	63,153	$	3,696,003	$	8,766,306

5.875% Convertible Notes:
Interest Expense	$	6,972,988	$	2,722,083	$	—
Discount Amortization	577,539		225,458		—
Deferred Debt Issuance Amortization	83,723		31,493		—
Total 5.875% Convertible Notes	$	7,634,250	$	2,979,034	$	—
Total Convertible Note Interest	$	7,697,403	$	6,675,037	$	8,766,306