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We have outstanding the following asset-backed non-recourse debt and bank loans:
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Outstanding
Balance as of
December 31,
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Interest
Rate
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Maturity Date |
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Anticipated
Balance at
Maturity
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Carrying Value of
Assets Pledged
as of December 31,
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Description of Assets
Pledged
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2019 |
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2018 |
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2019 |
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2018 |
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(dollars in millions) |
HASI Sustainable Yield Bond 2013-1 (1)
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$ |
— |
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$ |
55 |
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2.79 |
% |
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December
2019 |
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$ |
— |
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$ |
— |
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$ |
76 |
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Receivables |
HASI Sustainable Yield Bond 2015-1A |
85 |
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90 |
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4.28 |
% |
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October 2034 |
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— |
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126 |
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135 |
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Receivables, real estate and real estate intangibles |
HASI Sustainable Yield Bond 2015-1B Note |
13 |
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13 |
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5.41 |
% |
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October 2034 |
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— |
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126 |
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135 |
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Class B Bond of HASI Sustainable Yield Bond 2015-1 |
2017 Credit Agreement |
61 |
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112 |
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4.12 |
% |
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January 2023 |
(2) |
— |
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120 |
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151 |
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Equity interests in Strong Upwind Holdings I, II, III, and IV LLC, and Northern Frontier Wind, LLC |
HASI SYB Loan Agreement 2015-2 |
28 |
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32 |
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6.01 |
% |
(3) |
December 2023 |
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— |
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73 |
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72 |
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Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap |
HASI SYB Trust 2016-2 |
72 |
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77 |
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4.35 |
% |
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April 2037 |
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— |
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76 |
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81 |
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Receivables |
2017 Master Repurchase Agreement |
— |
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56 |
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N/A |
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January 2021 |
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— |
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2 |
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67 |
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Receivables and investments |
HASI ECON 101 Trust |
129 |
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133 |
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3.57 |
% |
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May 2041 |
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— |
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135 |
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137 |
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Receivables and investments |
HASI SYB Trust 2017-1 |
155 |
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159 |
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3.86 |
% |
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March 2042 |
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— |
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206 |
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208 |
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Receivables, real estate and real estate intangibles |
Lannie Mae Series 2019-1 |
96 |
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— |
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3.68 |
% |
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January 2047 |
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— |
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106 |
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— |
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Receivables, real estate and real estate intangibles |
Other non-recourse debt (4)
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77 |
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125 |
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3.15% - 7.45% |
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2022 to 2032 |
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18 |
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77 |
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178 |
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Receivables |
Debt issuance costs |
(16 |
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(17 |
) |
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Non-recourse debt (5)
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$ |
700 |
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$ |
835 |
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(1) |
This bond was prepaid without penalty in the second quarter of 2019. |
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(2) |
This loan was prepaid without penalty in January 2020 using the proceeds from the sale of our interest in Northern Frontier Wind, LLC, as described in Note 6. |
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(3) |
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.
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(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 $921 million and $1,105 million as of December 31, 2019 and December 31, 2018, respectively. In addition, $23 million and $35 million of our restricted cash balance was pledged as collateral to various non-recourse loans as of December 31, 2019 and December 31, 2018, respectively.
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