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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 |
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Anticipated
Balance at
Maturity |
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Carrying Value of Assets Pledged as of |
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March 31, 2020 |
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December 31, 2019 |
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Interest
Rate |
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Maturity Date |
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March 31,
2020 |
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December 31, 2019 |
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Description
of Assets Pledged |
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(dollars in millions) |
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HASI Sustainable Yield Bond 2015-1A |
$ |
84 |
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$ |
85 |
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4.28% |
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October 2034 |
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$ |
— |
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$ |
134 |
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$ |
126 |
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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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134 |
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126 |
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Class B Bond of HASI Sustainable Yield Bond 2015-1 |
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2017 Credit
Agreement (1)
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— |
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61 |
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4.12% |
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January 2023 |
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— |
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— |
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120 |
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Equity interests in Strong Upwind Holdings I, II, III, and IV LLC, and Northern Frontier, LLC |
HASI SYB Loan Agreement 2015-2 |
25 |
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28 |
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5.51% |
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(2) |
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December 2023 |
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— |
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70 |
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73 |
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Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap |
HASI SYB Trust 2016-2 |
73 |
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72 |
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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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76 |
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Receivables |
HASI ECON 101 Trust |
129 |
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129 |
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3.57% |
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May 2041 |
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— |
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136 |
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135 |
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Receivables and investments |
HASI SYB Trust 2017-1 |
154 |
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155 |
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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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206 |
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Receivables, real estate and real estate intangibles |
Lannie Mae Series 2019-01 |
96 |
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96 |
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3.68% |
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53,690 |
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January 2047 |
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106 |
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106 |
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Receivables, real estate and real estate intangibles |
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Other non-recourse
debt (3)
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74 |
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77 |
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3.15% - 7.23% |
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2022 to 2032 |
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18 |
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74 |
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77 |
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Receivables |
Debt issuance costs |
(15 |
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(16 |
) |
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Non-recourse debt (4)
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$ |
633 |
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$ |
700 |
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(1) |
This loan was prepaid in January 2020. |
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(2) |
Interest rate represents the current period’s LIBOR based rate plus the spread. We have hedged the LIBOR rate exposure for the HASI SYB Loan Agreement 2015-2 using interest rate swaps fixed at 2.55%.
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(3) |
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. |
(4)
The total collateral pledged against our non-recourse debt was $802 million and $921 million as of March 31, 2020 and December 31, 2019, respectively. In addition, $27 million and $23 million of our restricted cash balance was pledged as collateral to various non-recourse loans as of March 31, 2020 and December 31, 2019, respectively.
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