HA Sustainable Infrastructure Capital, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Long-term Debt (Tables)

Long-term Debt (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Outstanding Non-Recourse Asset-Backed Debt and Bank Loans

We have outstanding the following asset-backed non-recourse debt and bank loans:



	Outstanding Balance as of									Anticipated Balance at Maturity		Value of Assets Pledged as of
	March 31, 2019			December 31, 2018			Interest Rate		Maturity Date	Anticipated Balance at Maturity		March 31, 2019		December 31, 2018		Description of Assets Pledged
	(dollars in millions)
HASI Sustainable Yield Bond 2013-1	$	38		$	55		2.79%		December 2019	$	35	$	48	$	76	Receivables
HASI Sustainable Yield Bond 2015-1A	89			90			4.28%		October 2034	—		135		135		Receivables, real estate and real estate intangibles
HASI Sustainable Yield Bond 2015-1B Note	13			13			5.41%		October 2034	—		135		135		Class B Bond of HASI Sustainable Yield Bond 2015-1
2017 Credit Agreement	103			112			4.12%		January 2023	—		116		151		Equity interests in Strong Upwind Holdings I, II, III, and IV LLC, and Northern Frontier, LLC
HASI SYB Loan Agreement 2015-2	30			32			6.67%	⁽¹⁾	December 2023	—		71		72		Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap
HASI SYB Trust 2016-2	78			77			4.35%		April 2037	—		81		81		Receivables
2017 Master Repurchase Agreement	61			56			5.11%	⁽¹⁾	July 2019	57		72		67		Receivables and investments
HASI ECON 101 Trust	133			133			3.57%		May 2041	—		137		137		Receivables and investments
HASI SYB Trust 2017-1	158			159			3.86%		March 2042	—		207		208		Receivables, real estate and real estate intangibles
Other non-recourse debt ⁽²⁾	128			125			3.15% - 7.45%		2019 to 2046	18		174		178		Receivables
Debt issuance costs	(16		)	(17		)
Non-recourse debt ⁽³⁾	$	815		$	835


(1)	Interest rate represents the current period’s LIBOR based rate plus the spread. We have hedged the LIBOR rate exposure using interest rate swaps fixed at 2.55% and 2.42% for HASI SYB Loan Agreement 2015-2 and 2017 Master Repurchase Agreement, respectively.


(2)	Other non-recourse debt consists of various debt agreements used to finance certain of our receivables for their term. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying receivables.


(3)	The total collateral pledged against our non-recourse debt was $1,041 million and $1,105 million as of March 31, 2019 and December 31, 2018, respectively. In addition, $42 million and $35 million of our restricted cash balance was pledged as collateral to various non-recourse loans as of March 31, 2019 and December 31, 2018, respectively.

Schedule of Minimum Maturities of Debt

The stated minimum maturities to be paid under the amortization schedule to meet the required target loan balances as of March 31, 2019 are as follows:



	Future minimum maturities
	(in millions)
April 1, 2019 to December 31, 2019	$	8
2020	8
2021	8
2022	8
2023	15
Total	$	47

The stated minimum maturities of non-recourse debt as of March 31, 2019, were as follows:



	Future minimum maturities
	(in millions)
April 1, 2019 to December 31, 2019	$	123
2020	24
2021	26
2022	27
2023	152
2024	34
Thereafter	445
Total minimum maturities	$	831
Deferred financing costs, net	(16		)
Total non-recourse debt	$	815

Summary of Components of Convertible Notes

The following table presents a summary of the components of the convertible notes:



	March 31, 2019			December 31, 2018
	(in millions)
Principal	$	150		$	150
Accrued interest	1			2
Less:
Unamortized financing costs	(4		)	(4		)
Carrying value of convertible notes	$	147		$	148