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

Quarterly report pursuant to Section 13 or 15(d)

Nonrecourse Debt (Tables)

Nonrecourse Debt (Tables)

3 Months Ended

Mar. 31, 2016

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		4.13	%⁽¹⁾	December 2021	$	—
HASI SYB Loan Agreement 2015-2	December 2015	$	42		4.63	%⁽¹⁾	December 2023	$	—
HASI SYB Loan Agreement 2015-3	December 2015	$	162		4.92	%	December 2020	$	132

(1)	Interest rate represents the current 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						Value of Assets Pledged as of,
	March 31, 2016			December 31, 2015			March 31, 2016		December 31, 2015		Description of Assets Pledged
HASI Sustainable Yield Bond 2013-1	$	82		$	83		$	98	$	99	Financing receivables
ABS Loan Agreement	$	99		$	102		$	110	$	117	Equity interest in Strong Upwind Holdings I, LLC
HASI Sustainable Yield Bond 2015-1	$	99		$	100		$	139	$	139	Financing receivables, real estate and real estate intangibles
HASI SYB Loan Agreement 2015-1	$	84		$	90		$	110	$	117	Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap
HASI SYB Loan Agreement 2015-2	$	42		$	42		$	70	$	71	Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap
HASI SYB Loan Agreement 2015-3	$	161		$	162		$	174	$	175	Residential Solar Financing receivables
Debt issuance costs	$	(15	)	$	(16	)

Asset-backed nonrecourse debt	$	552		$	563

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

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


					Notional Value as of				Fair Value as of
	Base Rate	Hedged Rate			March 31, 2016		December 31, 2015		March 31, 2016			December 31, 2015			Term
HASI SYB Loan Agreement 2015-1	3 month Libor		1.55	%	$	77	$	81	$	(1.1	)	$	(0.3	)	December 2015 to September 2021
HASI SYB Loan Agreement 2015-2	3 month Libor		1.52	%	$	37	$	38	$	(0.6	)	$	(0.1	)	December 2015 to December 2018
HASI SYB Loan Agreement 2015-2	3 month Libor		2.55	%	$	29	$	29	$	(0.8	)	$	(0.2	)	December 2018 to December 2024
HASI SYB Loan Agreement 2015-3	1 month Libor		2.34	%	$	119	$	—	$	(1.6	)	$	—		November 2020 to August 2028

Total					$	262	$	148	$	(4.1	)	$	(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 March 31, 2016	Balance		Maturity
	(dollars in millions)
Fixed-rate promissory notes, interest rates from 2.26% to 5.00% per annum	$	31		2017 to 2032
Fixed-rate promissory notes, interest rates from 5.01% to 6.50% per annum		42		2017 to 2031
Fixed-rate promissory notes, interest rates from 6.51% to 8.00% per annum		21		2019 to 2031

Other nonrecourse debt	$	94


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

Schedule of Minimum Maturities of Nonrecourse Debt

The stated minimum maturities of nonrecourse debt as of March 31, 2016, were as follows:


	Nonrecourse Debt
As of March 31,	Asset Backed Nonrecourse Notes			Other Nonrecourse Debt		Total
	(dollars in millions)
2016	$	31		$	16	$	47
2017		31			13		44
2018		31			6		37
2019		92			4		96
2020		164			5		169
Thereafter		218			50		268

	$	567		$	94	$	661
Deferred financing costs, net		(15	)		—		(15	)

	$	552		$	94	$	646