| Long-term Debt |
Long-term Debt The Company’s long-term debt for the following periods is presented below (in thousands): | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2016 | | September 30, | | December 31, | | Contractual Interest Rate | | Effective Interest Rate | | Maturity | | 2016 | | 2015 | | | | Project-level | | | | | | | | | | Fixed interest rate | | | | | | | | | | El Arrayán EKF term loan | $ | 103,904 |
| | $ | 107,160 |
| | 5.56 | % | | 5.56 | % | | March 2029 | Santa Isabel term loan | 107,656 |
| | 109,973 |
| | 4.57 | % | | 4.57 | % | | September 2033 | Variable interest rate | | | | | | | | | | Ocotillo commercial term loan (1) | 194,378 |
| | 208,119 |
| | 2.59 | % | | 3.79 | % | (2) | August 2020 | Lost Creek term loan | 103,846 |
| | 110,846 |
| | 2.89 | % | | 6.50 | % | (2) | September 2027 | El Arrayán commercial term loan | 94,458 |
| | 97,418 |
| | 3.98 | % | | 5.69 | % | (2) | March 2029 | Spring Valley term loan | 131,409 |
| | 132,670 |
| | 2.59 | % | | 5.31 | % | (2) | June 2030 | Ocotillo development term loan | 103,400 |
| | 104,500 |
| | 2.94 | % | | 4.39 | % | (2) | August 2033 | St. Joseph term loan (1) | 166,431 |
| | 158,181 |
| | 2.52 | % | | 3.84 | % | (2) | November 2033 | Imputed interest rate | | | | | | | | | | Hatchet Ridge financing lease obligation | 207,181 |
| | 214,580 |
| | 1.43 | % | | 1.43 | % | | December 2032 | | 1,212,663 |
| | 1,243,447 |
| | | | | | | Unamortized premium, net (3) | 1,227 |
| | 1,380 |
| | | | | | | Unamortized financing costs | (22,138 | ) | | (26,303 | ) | | | | | | | Current portion (4) | (46,324 | ) | | (44,144 | ) | | | | | | | Long-term debt, less current portion | $ | 1,145,428 |
| | $ | 1,174,380 |
| | | | | | |
| | (1) | The amortization for the Ocotillo commercial term loan and the St. Joseph term loan are through June 2030 and September 2036, respectively, which differs from the stated maturity date of such loans due to prepayment requirements. |
| | (2) | Includes impact of interest rate derivatives. Refer to Note 10, Derivative Instruments, for discussion of interest rate derivatives. |
| | (3) | Amount is related to the Lost Creek term loan. |
| | (4) | Amount is presented net of the current portion of unamortized financing costs of $3.6 million and $3.7 million as of September 30, 2016 and December 31, 2015, respectively. |
Interest and commitment fees incurred and interest expense for long-term debt, the Revolving Credit Facility, Convertible Senior Notes and other finance related interest expense consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | 2016 | | 2015 | | 2016 | | 2015 | Interest and commitment fees incurred | $ | 16,854 |
| | $ | 19,144 |
| | $ | 53,356 |
| | $ | 55,682 |
| Capitalized interest, commitment fees, and letter of credit fees | — |
| | (2,083 | ) | | — |
| | (5,656 | ) | Amortization of debt discount/premium, net | 1,073 |
| | 830 |
| | 3,147 |
| | 798 |
| Amortization of financing costs | 1,745 |
| | 1,916 |
| | 5,242 |
| | 5,581 |
| Other interest | 126 |
| | 134 |
| | 389 |
| | 397 |
| Interest expense | $ | 19,798 |
| | $ | 19,941 |
| | $ | 62,134 |
| | $ | 56,802 |
|
Convertible Senior Notes due 2020 In July 2015, the Company issued $225.0 million aggregate principal amount of 4.00% convertible senior notes due 2020 (Convertible Senior Notes or 2020 Notes). The 2020 Notes bear interest at a rate of 4.00% per year, payable semiannually in arrears on January 15 and July 15 of each year, beginning on January 15, 2016. The 2020 Notes will mature on July 15, 2020. The 2020 Notes were sold in a private placement. The following table presents a summary of the equity and liability components of the 2020 Notes (in thousands): | | | | | | | | | | September 30, 2016 | | December 31,
2015 | Principal | $ | 225,000 |
| | $ | 225,000 |
| Less: |
| |
| Unamortized debt discount | (19,324 | ) | | (22,624 | ) | Unamortized financing costs | (4,172 | ) | | (5,014 | ) | Carrying value of convertible senior notes | $ | 201,504 |
| | $ | 197,362 |
| Carrying value of the equity component (1) | $ | 23,743 |
| | $ | 23,743 |
|
| | (1) | Included in the consolidated balance sheets within additional paid-in capital, net of $0.7 million in equity issuance costs. |
During the three and nine months ended September 30, 2016, in relation to the 2020 Notes, the Company recorded contractual coupon interest of $2.4 million and $6.9 million, amortization of financing costs of $0.3 million and $0.8 million and amortization of debt discount of $1.1 million and $3.3 million, respectively, in interest expense in the consolidated statements of operations. |