Print Page  |  Close Window

SEC Filings

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

The carrying amounts and classification of the consolidated VIE assets and liabilities included in the Company’s consolidated balance sheets are as follows:
 
As of December 31,
(In thousands)
2016
 
2015
Current assets
$
186,739

 
$
212,295

Non-current assets
423,315

 
579,069

Total assets
$
610,054

 
$
791,364

Current liabilities
$
386,297

 
$
370,395

Non-current liabilities
162,793

 
80,158

Total liabilities
$
549,090

 
$
450,553

The amounts shown in the table above exclude intercompany balances which are eliminated upon consolidation. All of the assets in the table above are restricted for settlement of the VIE obligations, and all of the liabilities in the table above can only be settled using VIE resources.
Subsequent Events

In January 2017, the balance of 26% of the equity interests in the Millenium solar power plant was transferred to the Company, and in March 2017 100% of the equity interests in the SE 25 solar power plant were transferred to the Company. In 2017 these solar power plants will be consolidated and not treated as VIEs.
10. LONG-TERM DEBT
Long-term debt as of December 31, 2016 and 2015 consists of the following:
 
 
As of December 31,
 
 
 
 
(In thousands, except rates)
 
2016
 
2015
 
Interest Type
 
Current Interest Rate (%) (1)
 
Financing Type
Corporate level long-term debt:
 
 
 
 
 
 
 
 
 
 
 
Revolving Credit Facility
 
$

 
$
135,000

 
Variable
 
2.5
%
 
 
Revolving line of credit
Senior Notes due 2022
 
752,813

 
791,826

 
Fixed
 
9.8
%
 
 
Term debt
Project level long-term debt:
 
 
 
 
 
 
 
 
 
 
 
Permanent financing
 
351,607

 
368,935

 
Blended
 
11.9
%
(2) 
 
Term debt
Total long-term debt
 
1,104,420

 
1,295,761

 
 
 
 
 
 
 
Less: deferred financing costs, net (3)
 
18,352

 
23,610

 
 
 
 
 
 
 
Less: current portion of long-term debt (4)
 
327,459

 
319,498

 
 
 
 
 
 
 
Consolidated long-term debt, less current portion
 
$
758,609

 
$
952,653

 
 
 
 
 
 
 
(1)
The weighted average effective interest rate as of December 31, 2016.
(2)
As of December 31, 2016 and 2015, respectively, 8.9% and 8.8% of this balance had fixed interest rate debt and the remaining 91.1% and 91.2%, respectively, had variable interest rate debt, of which a portion is hedged with interest rate swaps.
(3)
Total net debt reflects the reclassification of deferred financing costs to reduce long-term debt as further described in Note 2 - Summary of Significant Accounting Policies.
(4)
$323.3 million and $319.0 million have been classified as current due to non-compliance with certain debt covenants as of December 31, 2016 and 2015, respectively.

Corporate Level Long-Term Debt
Revolving Credit Facility
Concurrently with the IPO, Global Operating LLC entered into the Revolver, which provided for a revolving line of credit of $485.0 million. Commitments under the Revolver expire on August 5, 2019. The Revolver includes borrowing capacity available for letters of credit and allows for incremental commitments of up to $350.0 million. Global LLC and certain of its subsidiaries are guarantors under the Revolver. The Revolver contains certain financial covenants, including a maximum borrower leverage ratio and a minimum borrower debt service coverage ratio. The Revolver also contains covenants that are customary for this type of financing, including limitations on indebtedness, liens, investments and restricted payments; provided, however, that each of Global Operating LLC and Global LLC will be permitted to pay distributions to unit holders


153