Debt and Financing Lease Liabilities (Tables)

12 Months Ended

Dec. 31, 2024

Debt was comprised of the following:


	As of December 31,
	2024		2023
Senior secured credit facility, 7.90%, due January 2024 to December 2028 (1) (2) (8)	$	148,000	$	279,900
Second lien term loan, 10.57%, due June 2029(1) (2) (8)	100,000		—
Energy Asset Construction Facilities
June 2020, 6.14%, due March 2025 (2) (8)	$	20,385	$	20,705

April 2023, 6.82%, due July 2024	—		134,415
August 2023, 8.53%, due December 2027 (1) (2) (8)	318,824		278,858
August 2023, 6.33%, due February 2024	—		36,270
Subtotal energy asset construction facilities	$	339,209	$	470,248
Energy Asset Operating Facilities

October 2011 fixed rate 6.11% due June 2028 (5)	$	1,417	$	1,976
October 2012 variable rate 7.22%, due June 2025 (4) (8)	31,660		34,453
September 2015 variable rate 6.54%, due March 2028 (4) (8)	13,271		13,747
August 2016 fixed rate 4.95%, due June 2031 (4)	1,813		2,253


April 2017 fixed rate 5.61%, due February 2034 (4)	1,128		1,348
June 2017 variable rate 7.14%, due December 2027 (4) (8)	4,944		7,158
June 2018 fixed rate 5.15%, due December 2038 (2) (4)	18,883		21,063
June 2018 variable rate 6.74%, due June 2033 (2) (8) (3)	5,500		6,592
October 2018 variable rate 7.20%, due October 2029 (2) (8) (5)	5,264		6,145
November 2020 fixed rate 3.58%, due December 2027 (4)	1,400		2,004
June 2021 fixed rate 4.92%, due June 2045 (4)	3,154		3,489
July 2021 fixed rate 3.25%, due March 2046 (2) (4)	33,214		35,090
July 2021 variable rate 8.34%, due July 2030 (2) (4) (8)	—		2,140
June 2022 fixed rate 5.45%, due March 2042 (2) (4)	5,942		6,395
October 2022 fixed rate 6.70%, due August 2039 (2) (4)	362,583		349,093
March 2023 fixed rate 5.99%, due, December 2047 (2) (4)	21,290		21,984
August 2023 seller's promissory note, 5.00%, due January 2024	—		28,294
August 2023 fixed rate 5.83%, due April 2047 (2)	12,290		3,520
April 2024 fixed rate 6.20%, due June 2042(2) (4)	89,846		—
April 2024 fixed rate 8.00%, due June 2042 (2) (4)	12,566		—
February 2024 variable rate 6.33%, due April 2030 (2) (4)	34,605		—
Various Enerqos financing facilities	13,934		17,786
Subtotal energy asset operating facilities	$	674,704	$	564,530
Sale-leasebacks
August 2018 master sale-leaseback, 0.00% to 1.86%, due July 2039 to December 2049 (3) (6)	$	205,565	$	163,504
December 2020 master sale-leaseback, 0.00%, due December 2040 to March 2043 (4) (6)	21,111		22,194
August 2024 master sale-leaseback, 0.00%, due August 2034 to August 2044(2) (4)(6)	172,694		—
Subtotal sale-leasebacks	$	399,370	$	185,698
Financing Leases (7)	$	12,904	$	13,928
Total debt and financing leases	$	1,674,187	$	1,514,304
Less: current maturities, net of unamortized discount	149,363		322,247
Less: unamortized discount and debt issuance costs	40,924		21,982
Long-term debt and financing lease liabilities, net of current portion, unamortized discount and debt issuance costs	$	1,483,900	$	1,170,075


(1) Facility has interest at varying rates monthly or quarterly in arrears.
(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 required interest balance due according to the agreement.
(3) Facility is payable in semi-annual installments.
(4) Facility is payable in quarterly installments.
(5) Facility is payable in monthly installments.
(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.
(7) Financing leases are sale-leaseback arrangements under previous guidance and do not include approximately $10,862 in future interest payments as of December 31, 2024 and $12,468 as of December 31, 2023. See Note 8.
(8) These agreements are now using the Secured Overnight Financing Rate (“SOFR”) as the primary reference rate used to calculate interest.

The table below sets forth amounts outstanding under the senior secured credit facility:


	Rate as of December 31, 2024		As of December 31,
			2024		2023
Revolving credit facility	7.99	%	$	135,000	$	139,900
Term loan A	6.96	%	13,000		75,000
Delayed draw term loan A	—	%	—		65,000
Total senior secured credit facility outstanding			148,000		279,900
Less: unamortized debt discount and debt issuance costs			(177)		(884)
Total senior secured credit facility outstanding, net			$	147,823	$	279,016

Schedule of Aggregate Maturities of Long-Term Debt

The following table presents the aggregate maturities of long-term debt and financing leases as of December 31, 2024:


2025	$	149,363
2026	78,201
2027	395,886
2028	206,115
2029	167,686
Thereafter	676,936
Total maturities	$	1,674,187

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Ameresco, Inc. 10-K