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)

9 Months Ended

Sep. 30, 2016

Schedule of Outstanding Asset-Backed Nonrecourse Debt and Bank Loans

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


	Outstanding Balance as of													Value of Assets Pledged as of
	September 30, 2016			December 31, 2015			Interest Rate			Maturity Date		Anticipated Balance at Maturity		September 30, 2016		December 31, 2015		Description of Assets Pledged
HASI Sustainable Yield Bond 2013-1	$	77		$	83			2.79	%		December 2019	$	57	$	93	$	99	Financing receivables
ABS Loan Agreement	$	92		$	102			5.74	%		September 2021	$	17	$	100	$	117	Equity interest in Strong Upwind Holdings I, LLC
HASI Sustainable Yield Bond 2015-1	$	98		$	100			4.28	%		October 2034	$	—	$	138	$	139	Financing receivables, real estate and real estate intangibles
HASI SYB Loan Agreement 2015-1	$	76		$	90			4.34	% ⁽¹⁾		December 2021	$	—	$	100	$	117	Equity interest in Strong Upwind Holdings II and III, LLC, related interest rate swap
HASI SYB Loan Agreement 2015-2	$	41		$	42			4.92	% ⁽¹⁾		December 2023	$	—	$	70	$	71	Equity interest in Buckeye Wind Energy Class B Holdings LLC, related interest rate swap
HASI SYB Loan Agreement 2015-3	$	152		$	162			4.92	%		December 2020	$	132	$	176	$	175	Residential Solar Financing receivables
Other nonrecourse debt ⁽²⁾	$	88		$	101			2.26	% - 7.45%		2017 to 2032	$	—	$	86	$	97	Financing receivables
Debt issuance costs	$	(14	)	$	(16	)

Nonrecourse debt	$	610		$	664

(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.

(2)

Other nonrecourse debt consists of various debt agreements used to finance certain of our financing receivables for the term of the financing receivables. Debt service payment requirements, in a majority of cases, are equal to or less than the cash flows received from the underlying financing receivables.

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			September 30, 2016		December 31, 2015		September 30, 2016			December 31, 2015			Term
HASI SYB Loan Agreement 2015-1		3 month Libor		1.55	%	$	70	$	81	$	(0.8	)	$	(0.3	)	December 2015 to September 2021
HASI SYB Loan Agreement 2015-2		3 month Libor		1.52	%	$	37	$	38	$	(0.4	)	$	(0.1	)	December 2015 to December 2018
HASI SYB Loan Agreement 2015-2		3 month Libor		2.55	%	$	29	$	29	$	(1.1	)	$	(0.2	)	December 2018 to December 2024
HASI SYB Loan Agreement 2015-3		1 month Libor		2.34	%	$	119	$	—	$	(3.9	)	$	—		November 2020 to August 2028

Total						$	255	$	148	$	(6.2	)	$	(0.6	)

Schedule of Minimum Maturities of Nonrecourse Debt

The next 12-months of stated minimum maturities of nonrecourse debt are as follows:


As of September 30,	(dollars in millions)
2016	$	49
2017		40
2018		38
2019		95
2020		164
Thereafter		238

	$	624
Deferred financing costs, net		(14	)

Total nonrecourse debt	$	610