Annual report pursuant to Section 13 and 15(d)

Nonrecourse Debt (Tables)

v3.3.1.900
Nonrecourse Debt (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Disclosure [Abstract]  
Schedule of Outstanding Nonrecourse Asset-Backed Debt and Bank Loans

We have outstanding the following nonrecourse asset-backed debt and bank loans (dollars in millions):

 

     Issue Date      Original
Principal		      Interest
Rate		     Maturity Date      Anticipated
Balance at
Maturity		  

HASI Sustainable Yield Bond 2013-1

      December 2013       $ 100         2.79 %      December 2019       $ 57   

ABS Loan Agreement

      October 2014       $ 115         5.74 %      September 2021       $ 17   

HASI Sustainable Yield Bond 2015-1

      September 2015       $ 101         4.28 %      October 2034       $ —     

HASI SYB Loan Agreement 2015-1

      December 2015       $ 90         3.85 % (1)      December 2021       $ —     

HASI SYB Loan Agreement 2015-2

      December 2015       $ 42         4.36 % (1)      December 2023       $ —     

HASI SYB Loan Agreement 2015-3

      December 2015       $ 162         4.92 %      December 2020       $ 132   

 

(1) Interest rate represents the initial period’s LIBOR based rate plus the spread. Also see the interest rate swap contracts shown in the table below.
Schedule of Outstanding Amounts under Each Nonrecourse Asset-Backed Debt Agreements and Bank Loans and Value of Assets Pledged as Security

Outstanding amounts under the nonrecourse asset-backed debt agreements and bank loans and the value of assets pledged as security are as follows (dollars in millions):

 

     Outstanding
Balance as of
December 31,		     Value of Assets
Pledged as of
December 31,		       
       2015         2014         2015          2014       

Description of Assets Pledged

HASI Sustainable Yield Bond 2013-1

    $ 83      $ 92      $ 99       $ 104       Financing receivables

ABS Loan Agreement

    $ 102      $ 116      $ 117       $ 144       Equity interest in Strong Upwind Holdings I, LLC

HASI Sustainable Yield Bond 2015-1

    $ 100      $ —        $ 139       $ —         Financing receivables, real estate and real estate intangibles

HASI SYB Loan Agreement 2015-1

    $ 90      $ —        $ 117       $ —         Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap

HASI SYB Loan Agreement 2015-2

    $ 42      $ —        $ 71       $ —         Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap

HASI SYB Loan Agreement 2015-3

    $ 162      $ —        $ 175       $ —         Residential Solar Financing receivables

Debt issuance costs

    $ (16 )    $ (2 )         
  

 

 

    

 

 

          

Asset-backed nonrecourse debt

    $ 563      $ 206           
  

 

 

    

 

 

          
Schedule of Interest Rate Swaps Which Are Designated as Cash Flow Hedges

In connection with several of our nonrecourse debt borrowings, we have entered into the following interest rate swaps which are designated as cash flow hedges (dollars in millions):

 

                Notional Value
as of December 31, 		    Fair Value
as of
December 31, 		     
    Base Rate     Hedged
Rate 		      2015         2014       2015     2014     Term

HASI SYB Loan Agreement 2015-1

     3 month Libor        1.55 %    $ 81      $ —        $ (0.3 )    $ —        September 2021

HASI SYB Loan Agreement 2015-2

     3 month Libor        1.52 %    $ 38      $ —        $ (0.1 )    $ —        December 2015 to
December 2018

HASI SYB Loan Agreement 2015-2

     3 month Libor        2.55 %    $ 29      $ —        $ (0.2 )    $ —        December 2018 to
December 2024
     

 

 

    

 

 

    

 

 

    

 

 

    

Total

       $ 148      $ —        $ (0.6 )    $ —       
     

 

 

    

 

 

    

 

 

    

 

 

    
Additional Information Related to Other Nonrecourse Debt by Interest Rate

Additional information related to other nonrecourse debt by interest rate is as follows:

 

As of December 31, 2015

    Balance      Maturity  
     (dollars in millions)  

Fixed-rate promissory notes, interest rates from 2.26% to 5.00% per annum

    $ 33         2017 to 2032   

Fixed-rate promissory notes, interest rates from 5.01% to 6.50% per annum

      46         2017 to 2031   

Fixed-rate promissory notes, interest rates from 6.51% to 8.00% per annum

      22         2019 to 2031   
  

 

 

     

Other nonrecourse debt

    $ 101      
  

 

 

     

 

As of December 31, 2014

    Balance      Maturity  
     (dollars in millions)  

Fixed-rate promissory notes, interest rates from 2.06% to 5.00% per annum

    $ 32         2015 to 2032   

Fixed-rate promissory notes, interest rates from 5.01% to 6.50% per annum

      58         2015 to 2031   

Fixed-rate promissory notes, interest rates from 6.51% to 8.00% per annum

      23         2015 to 2031   
  

 

 

     

Other nonrecourse debt

    $ 113      
  

 

 
Schedule of Minimum Maturities of Nonrecourse Debt

The stated minimum maturities of nonrecourse debt as of December 31, 2015, were as follows:

 

     Nonrecourse Debt  

As of December 31,

    Asset Backed
Nonrecourse Notes		      Other Nonrecourse
Debt		      Total  
     (dollars in millions)  

2016

    $ 30       $ 18       $ 48   

2017

      31         14         45   

2018

      31         7         38   

2019

      92         4         96   

2020

      168         4         172   

Thereafter

      227         54         281   
  

 

 

     

 

 

     

 

 

  

Total minimum maturities

      579         101         680   

Deferred Financing Costs, net

      (16 )       —           (16 ) 
  

 

 

     

 

 

     

 

 

  
   $ 563       $ 101       $ 664