Business Context and Reporting Period
Company: Hannon Armstrong Sustainable Infrastructure Capital, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 25, 2016
Event: Entry into a Material Definitive Agreement and Creation of a Direct Financial Obligation involving amendments to the Company's senior secured revolving credit facility.
Key Financial Metrics and Debt Structure
The filing details an amendment to the Company's senior secured revolving credit facility, which consists of two components: the G&I Facility and the PF Facility. The filing does not provide revenue, profit, cash flow, or margin data.
| Metric | Value |
|---|---|
| Maximum Total Advances (Aggregate) | $1.5 billion |
| Aggregate Amount Outstanding (Limit) | $500 million |
| Maximum Outstanding (G&I Facility) | $250 million |
| Maximum Outstanding (PF Facility) | $250 million |
| Maximum Total Advances (G&I Facility) | $600 million |
| Maximum Total Advances (PF Facility) | $900 million |
Material Changes Versus Prior Period
The amendment did not alter the aggregate maximum total advances ($1.5 billion) or the aggregate amount outstanding at any point in time ($500 million). The primary change was an adjustment of borrowing capacity between the two facility components:
- Capacity Shift: Borrowing capacity was adjusted from the PF Facility to the G&I Facility.
- Outstanding Limits: The maximum amounts outstanding at any point in time were set to $250 million for each facility (G&I and PF).
- Advance Limits: The maximum total advances were capped at $600 million for the G&I Facility and $900 million for the PF Facility.
Management Commentary, Risks, and Unusual Items
Agreements Executed:
- Fifth Amendment to the Amended and Restated Loan Agreement (G&I) with Bank of America, N.A.
- Fifth Amendment to the Amended and Restated Loan Agreement (PF) with Bank of America, N.A.
- Reaffirmation of Guaranty for both the G&I and PF Facilities.
Risks and Contingencies: The filing states that the descriptions of the amendments and guaranty reaffirmations are not complete and are qualified in their entirety by reference to the full texts of the attached exhibits. No specific new risks or unusual items were disclosed beyond the structural changes to the credit facility.
Important Facts for Investor Verification
- Verify the full text of the G&I and PF Amendments (Exhibits 1.1 and 1.2) to understand specific covenant changes or interest rate implications not detailed in the summary.
- Confirm the current utilization of the $500 million aggregate outstanding limit to assess immediate liquidity needs.
- Review the Reaffirmation of Guaranty documents (Exhibits 1.3 and 1.4) to ensure no changes in subsidiary guarantee obligations.
- Note that this filing does not contain operational financial results (revenue, earnings, cash flow) for the period.