Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.19.1
Debt (Tables)
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
Schedule of Debt
The following is a summary of the Company's debt facilities and balances as of March 31, 2019 and December 31, 2018:
 
Total Commitment
 or Original Principal
 
Quarterly Principal Payments
 
 
 
March 31, 2019
 
December 31, 2018
 
 
 
Maturity
Date
 
Amount Outstanding
 
Interest
Rate
 
Amount Outstanding
 
Interest
Rate
CorEnergy Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
CorEnergy Revolver
$
160,000,000

 
$

 
7/28/2022
 
$

 
5.24
%
 
$

 
5.25
%
MoGas Revolver
1,000,000

 

 
7/28/2022
 

 
5.24
%
 

 
5.25
%
Omega Line of Credit
1,500,000

 

 
7/31/2019
 

 
6.49
%
 

 
6.50
%
Pinedale Secured Credit Facility:
 
 
 
 
 
 
 
 
 
 
 
 
 
Amended Pinedale Term Credit Facility
41,000,000

 
882,000

 
12/29/2022
 
36,590,000

 
6.50
%
 
37,472,000

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

 

 
6/15/2020
 
70,176,000

 
7.00
%
 
113,958,000

 
7.00
%
Total Debt
 
$
106,766,000

 
 
 
$
151,430,000

 
 
Less:
 
 
 
 
 
 
 
 
Unamortized deferred financing costs (1)
 
$
234,663

 
 
 
$
283,278

 
 
Unamortized discount on 7.00% Convertible Senior Notes
 
566,173

 
 
 
1,108,342

 
 
Long-term debt, net of deferred financing costs
 
$
105,965,164

 
 
 
$
150,038,380

 
 
Debt due within one year
 
$
3,528,000

 
 
 
$
3,528,000

 
 
(1) 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 months ended March 31, 2019 and 2018 is as follows:
 
For the Three Months Ended
 
March 31, 2019
 
March 31, 2018
CorEnergy Credit Facility
$
143,636

 
$
143,635

Amended Pinedale Term Credit Facility
13,205

 
13,112

Total Deferred Debt Cost Amortization Expense (1)(2)
$
156,841

 
$
156,747

(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 March 31, 2019 under the Amended Pinedale Term Credit Facility are as follows:
Year
 
Amended Pinedale Term Credit Facility
2019
 
$
2,646,000

2020
 
3,528,000

2021
 
3,528,000

2022
 
26,888,000

2023
 

Thereafter
 

Total Remaining Contractual Payments
 
$
36,590,000

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, 2019 and 2018:
Convertible Note Interest Expense
 
For the Three Months Ended
 
March 31, 2019
 
March 31, 2018
7.00% Convertible Notes
$
1,406,857

 
$
1,995,000

Discount Amortization
132,910

 
184,728

Deferred Debt Issuance Amortization
8,681

 
12,069

Total Convertible Note Interest Expense
$
1,548,448

 
$
2,191,797