|
We have outstanding the following asset-backed non-recourse debt and bank loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding Balance
as of |
|
|
|
|
|
|
|
Anticipated
Balance at
Maturity |
|
Carrying Value of Assets Pledged as of |
|
|
|
September 30, 2019 |
|
December 31, 2018 |
|
Interest
Rate |
|
|
|
Maturity Date |
|
|
September 30,
2019 |
|
December 31, 2018 |
|
Description
of Assets Pledged |
|
(dollars in millions) |
|
|
HASI Sustainable Yield Bond 2013-1 (1)
|
$ |
— |
|
|
$ |
55 |
|
|
2.79% |
|
|
|
December 2019 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
76 |
|
|
Receivables |
HASI Sustainable Yield Bond 2015-1A |
87 |
|
|
90 |
|
|
4.28% |
|
|
|
October 2034 |
|
— |
|
|
127 |
|
|
135 |
|
|
Receivables, real estate and real estate intangibles |
HASI Sustainable Yield Bond 2015-1B Note |
13 |
|
|
13 |
|
|
5.41% |
|
|
|
October 2034 |
|
— |
|
|
127 |
|
|
135 |
|
|
Class B Bond of HASI Sustainable Yield Bond 2015-1 |
2017 Credit Agreement |
77 |
|
|
112 |
|
|
4.12% |
|
|
|
January 2023 |
|
— |
|
|
93 |
|
|
151 |
|
|
Equity interests in Strong Upwind Holdings I, II, III, and IV LLC, and Northern Frontier, LLC |
HASI SYB Loan Agreement 2015-2 |
29 |
|
|
32 |
|
|
6.17% |
|
(2) |
|
December 2023 |
|
— |
|
|
73 |
|
|
72 |
|
|
Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap |
HASI SYB Trust 2016-2 |
76 |
|
|
77 |
|
|
4.35% |
|
|
|
April 2037 |
|
— |
|
|
77 |
|
|
81 |
|
|
Receivables |
2017 Master Repurchase Agreement |
— |
|
|
56 |
|
|
—% |
|
|
|
January 2020 |
(3) |
— |
|
|
62 |
|
|
67 |
|
|
Receivables and investments |
HASI ECON 101 Trust |
129 |
|
|
133 |
|
|
3.57% |
|
|
|
May 2041 |
|
— |
|
|
134 |
|
|
137 |
|
|
Receivables and investments |
HASI SYB Trust 2017-1 |
156 |
|
|
159 |
|
|
3.86% |
|
|
|
March 2042 |
|
— |
|
|
207 |
|
|
208 |
|
|
Receivables, real estate and real estate intangibles |
|
Other non-recourse
debt (4)
|
113 |
|
|
125 |
|
|
3.15% - 7.45% |
|
|
|
2019 to 2046 |
|
18 |
|
|
114 |
|
|
178 |
|
|
Receivables |
Debt issuance costs |
(15 |
) |
|
(17 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-recourse debt (5)
|
$ |
665 |
|
|
$ |
835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
This bond was prepaid without penalty in the second quarter of 2019. |
|
|
(2) |
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% for HASI SYB Loan Agreement 2015-2.
|
|
|
(3) |
We modified this agreement in the second quarter of 2019 to extend the maturity date to October 2019, and again in the fourth quarter of 2019 to extend the maturity to January 2020. |
|
|
(4) |
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. |
(5)
The total collateral pledged against our non-recourse debt was $887 million and $1,105 million as of September 30, 2019 and December 31, 2018, respectively. In addition, $41 million and $35 million of our restricted cash balance was pledged as collateral to various non-recourse loans as of September 30, 2019 and December 31, 2018, respectively.
|