Looking at the 10-K I'm seeing $205M of one kind of bonds due in 2018 and $230M of a different kind.
This filing showed up yesterday. These appear to be the closed out bond series. Can anyone find how many of these were issued?
SolarCity - Certification of Termination of Registration
3.00% Solar Bonds, Series 2014/3-3 - $10M
3.00% Solar Bonds, Series 2015/3-3 - $10M
4.40% Solar Bonds, Series 2016/9-1 - $100M, $90M of which was bought by SpaceX
6.50% Solar Bonds, Series 2016/13-18M - $124M, $100M of which was bought by Elon and friends.
So $244M it looks like to me. A bit more than $250M after interest payments. Oddly close in value to the equity portion of the cap raise from a couple weeks ago.
Anybody have any other plausible explanation for what is going on here?
Right now I'm thinking this should be hugely good news come Monday once the analysts have had all weekend to digest what's happened.
Do you think it may have anything to do with this from p 35 of SCTY's 10k ?:
"As of December 31, 2016, we were in compliance with all financial covenants contained in our debt agreements, and we expect to remain in compliance with these financial covenants. However, if our assumptions prove inaccurate and we are unable to adjust our operating plan to comply with these financial covenants, then we could be in default under our debt agreements. In that circumstance, the amounts outstanding under our debt agreements could be accelerated, which would negatively impact our liquidity and capital resources. In particular, under the terms of our secured revolving credit facility, the occurrence of an event of default with respect to a credit facility (including both recourse and non-recourse indebtedness) having an aggregate principal amount of more than $10.0 million could trigger a cross-default that could result in the acceleration of or the taking of other remedies under our secured revolving credit facility. In addition, the occurrence of an event of default that results in the acceleration of more than $50.0 million of recourse indebtedness could trigger a cross-default that could result in the acceleration of or the taking of other remedies under our convertible senior notes.
Under the terms of our secured revolving credit facility, we are subject to the following financial covenants:
Interest Coverage Ratio: We are obligated to maintain an interest coverage ratio of at least 1.5-to-1 as of the end of each fiscal quarter. The interest coverage ratio is measured by dividing (a) an amount equal to the excess of (i) our trailing 12-month consolidated gross profit over (ii) 20% of our trailing 12-month consolidated general and administrative expenses by (b) our unconsolidated trailing 12-month cash interest charges excluding interest charges on non-recourse debt.
Unencumbered Liquidity: We are obligated to maintain unencumbered liquidity at an amount equal to at least 20% of the sum of (a) the amount committed under our secured revolving credit facility
plus (b) the aggregate outstanding principal amount of Solar Bonds that mature prior to our secured revolving credit facility’s maturity date, as of the end of each month. However, unencumbered liquidity must always be greater than $50.0 million, as of the end of each month. Unencumbered liquidity is defined as our average daily balance of cash and cash equivalents, in deposit accounts controlled by the borrower or the guarantors of our secured revolving credit facility.
Under the terms of a borrowing by one of our subsidiaries, the subsidiary is obligated to maintain a debt service coverage ratio of at least 1.05-to-1 as of certain specified dates and periods. The debt service coverage ratio is measured by dividing (a) the specified cash receipts of the subsidiary less the specified cash payments made by the subsidiary in the period by (b) the scheduled principal payments due and payable by the subsidiary plus the interest payments due and payable by the subsidiary, at the end of the period."
