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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 06/15/2017
Entire Document
 

consolidated balance sheet representing principal and interest due to an investment bank for repurchases completed in December 2015 but settled in January 2016. In January 2016, the Company repurchased $41.0 million of the Senior Notes for $33.2 million and paid $1.9 million of interest and prepayment fees. In total, the Company repurchased $49.6 million of the Senior Notes for $40.0 million plus prepayment fees and interest of $2.3 million. A gain on extinguishment of debt of $6.3 million was recognized in the first quarter of 2016 related to these repurchases.
During the second quarter of 2016, the Company repaid $23.8 million of Indian term debt with variable rates, resulting in a $0.4 million loss on extinguishment of debt. There was no gain or loss recognized on the repayment of the Revolver in 2016.
Interest Income
Interest expense in the consolidated statement of operations is presented net of interest income. During the years ended December 31, 2016 and 2015, the Company received interest income of $5.7 million, and $2.6 million, respectively, from its cash and cash equivalents balances, short-term investments and restricted deposit accounts.
Maturities
The aggregate amounts of contractual payments of long-term debt due after December 31, 2016, excluding amortization of debt discounts and premiums, as stated in the financing agreements, are as follows:
 
Maturities (1)
(In thousands)
Within 1 Year
 
Year 1 through Year 2
 
Year 2 through Year 3
 
Year 3 through Year 4
 
Year 4 through Year 5
 
Thereafter
 
Total
Corporate
$

 
$

 
$

 
$

 
$

 
$
752,813

 
$
752,813

Project level
10,192

 
8,984

 
12,459

 
16,236

 
19,521

 
284,215

 
351,607

Total debt
$
10,192

 
$
8,984

 
$
12,459

 
$
16,236

 
$
19,521

 
$
1,037,028

 
$
1,104,420

(1)
Represents the contractual principal payment due dates for the Company's long-term debt and does not reflect the reclassification of $323.3 million of long-term debt to current as a result of debt defaults under a portion of its non-recourse financing agreements or deferred financing costs that are included with the net long-term balance of the consolidated balance sheet.
ISDA Agreement Event of Default
On June 16, 2016, Global Operating LLC received a breach of agreement notice from one of its foreign currency hedging counterparties under the International Swap Dealers Association, Inc. (ISDA) Master Agreement dated August 6, 2015 (the “ISDA Agreement”). The notice stated that because the applicable foreign currency hedging counterparty did not receive the audited financial statements of the Company within 120 days following the end of the fiscal year, as required under the ISDA Agreement, there would be an event of default under the ISDA Agreement if this deficiency is not remedied within 30 days after the date of the notice.
On July 19, 2016, Global Operating LLC and the applicable foreign currency hedging counterparty entered into an amendment to the ISDA Agreement. The amendment extended the date by which the Company must deliver to the applicable foreign currency hedging counterparty the audited financial statements of the Company for the year ended December 31, 2015 to the date such statements are to be delivered under the Revolver. The Company complied with this obligation.
11. INCOME TAXES
The net loss before income tax expense (benefit) consists of the following:
 
For the Year Ended December 31,
(In thousands)
2016
 
2015
 
2014
U.S.
$
(73,208
)
 
$
(383,411
)
 
$
(858
)
Foreign
3,392

 
19,064

 
(2,481
)
Total
$
(69,816
)
 
$
(364,347
)
 
$
(3,339
)


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