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Table of Contents
<br />AMERESCO, INC.
<br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
<br />(In thousands, except per share amounts)
<br />(1) Facility has interest at varying rates monthly in arrears.
<br />(2) These agreements have acceleration causes that, in the event of default, as defined, the payee has the option to accelerate payment terms and make the remaining principal and the
<br />required interest balance due according to the agreement.
<br />(3) Facility is payable in semi-annual installments.
<br />(4) Facility is payable in quarterly installments.
<br />(5) Facility is payable in monthly installments.
<br />(6) These agreements are sale -leaseback arrangements and are accounted for as failed sales under the guidance and are classified as financing liabilities. See Note 8.
<br />(7) Financing leases are sale -leaseback arrangements under previous guidance and do not include approximately $12,468 in future interest payments as of December 31, 2023 and $14,212
<br />as of December 31, 2022. See Note 8.
<br />(8) These agreements are now using the Secured Overnight Financing Rate ("SOFR') as the primary reference rate used to calculate interest.
<br />The following table presents the aggregate maturities of long-term debt and financing leases as of December 31, 2023:
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028
<br />Thereafter
<br />Total maturities
<br />Senior Secured Credit Facility - Revolver and Term Loans
<br />In March 2022, we entered into the fifth amended and restated senior secured credit facility withfive banks, which included the following amendments:
<br />324,423
<br />298,569
<br />340,080
<br />62,162
<br />59,250
<br />429,820
<br />$ 1,514,304
<br />• increased the aggregate amount of total commitments from $245,000 to $495,000,
<br />• increased the aggregate amount of the revolving commitments from $180,000 to $200,000,
<br />• increased the existing term loan A from $65,000 to $75,000,
<br />• extended the maturity date of the revolving commitment and term loan A from June 28, 2024 to March 4, 2025,
<br />• added a delayed draw term loan A for up to T20,000 through a September 4, 2023 maturity date,
<br />• increased the total funded debt to EBITDA covenant ratio from a maximum of3.50 to 4.50 for the quarter ended March 31, 2022; 4.25 for the quarter ending June 30,
<br />2022, 4.00 for the quarters ending September 30, 2022 and December 31, 2022; and3.50 thereafter,
<br />• specified the debt service coverage ratio (the ratio of (a) cash flow of the core Ameresco companies, to (b) debt service of the core Ameresco companies as of the end of
<br />each fiscal quarter) to be less than 1.5, and
<br />• increased our limit under an energy conversation project financing to $550,000, which provides us with flexibility to grow our federal business further.
<br />We accounted for this amendment as a modification and at closing we incurred $2,048 in lenders fees which were reflected as debt discount and $352 in third party fees which
<br />were reflected as debt issuance costs. The unamortized debt discount and issuance costs of the previous agreement are being amortized over the remaining tern of the amended
<br />agreement, with the exception of $96 of costs relating to a previous syndicated lender which did not participate in this amendment. These costs were expensed in other expenses,
<br />net during the year ended December 31, 2023.
<br />In June 2022, we entered into the first amendment to the fifth amended and restated senior secured credit facility, which increased the maximum indebtedness incurred under an
<br />energy conservation project financing from $650,000 to $725,000 from and after April 1, 2022, to and including December 30, 2022. As of December 31, 2022, the maximum
<br />indebtedness incurred under an energy conservation project financing reverted back to $650,000.
<br />On March 17, 2023, we entered into amendment number two to the fifth amended and restated senior secured credit facility withfive banks to increase the total funded debt to
<br />EBITDA covenant ratio from a maximum of 3.50 to 4.00 for the quarters ending March 31, 2023 and June 30, 2023, and3.50 thereafter.
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