| DEBT OBLIGATIONS |
DEBT OBLIGATIONS
The following table presents certain information regarding the Company’s debt obligations at September 30, 2017:
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Debt Obligation/Collateral |
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Month Issued |
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Outstanding
Face
Amount |
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Carrying
Value |
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Final Stated Maturity |
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Weighted
Average
Coupon (A) |
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Weighted Average
Funding
Cost (B) |
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Weighted Average Life (Years) |
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Face Amount of
Floating Rate Debt |
Credit Facilities and Capital Leases |
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Traditional Golf term loan (C)(D) |
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June 2016 |
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102,000 |
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99,606 |
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Jul 2019 |
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LIBOR+4.70% |
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7.92 |
% |
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1.7 |
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102,000 |
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Vineyard II |
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Dec 1993 |
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200 |
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200 |
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Dec 2043 |
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2.20% |
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2.20 |
% |
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26.2 |
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200 |
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Capital leases (Equipment) |
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Jun 2014 - Sep 2017 |
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17,061 |
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17,061 |
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Sep 2018 - Dec 2022 |
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3.00% to 16.16% |
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6.55 |
% |
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3.7 |
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— |
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119,261 |
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116,867 |
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7.71 |
% |
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2.0 |
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102,200 |
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Less current portion of obligations under capital leases |
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4,484 |
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4,484 |
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Credit facilities and obligations under capital leases - noncurrent |
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114,777 |
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112,383 |
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Corporate |
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Junior subordinated notes payable (E) |
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Mar 2006 |
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51,004 |
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51,210 |
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Apr 2035 |
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LIBOR+2.25% |
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3.53 |
% |
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17.6 |
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51,004 |
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Total debt obligations |
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$ |
165,781 |
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$ |
163,593 |
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6.44 |
% |
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6.7 |
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$ |
153,204 |
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(A) |
Weighted average, including floating and fixed rate classes. |
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(B) |
Including the effect of deferred financing costs. |
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(C) |
The Traditional Golf term loan is collateralized by 22 golf properties. The carrying amount of the Traditional Golf term loan is reported net of amortized deferred financing costs of $2.4 million as of September 30, 2017.
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(D) |
Interest rate based on 1 month LIBOR plus 4.70% with a LIBOR floor of 1.80%. At the time of closing, the Company purchased a co-terminus LIBOR interest rate cap of 1.80%.
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(E) |
Interest rate based on 3 month LIBOR plus 2.25%.
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See Note 7 for information about the FNMA/FHLMC repurchase agreement activity for the nine months ended September 30, 2017.
Traditional Golf leases certain golf carts and other equipment under capital lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 36 to 66 months. Certain leases include bargain purchase options at lease expiration.
The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2017 are as follows:
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October 1, 2017 - December 31, 2017 |
$ |
1,365 |
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2018 |
5,464 |
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2019 |
5,319 |
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2020 |
4,039 |
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2021 |
2,464 |
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2022 |
662 |
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Total minimum lease payments |
19,313 |
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Less: imputed interest |
(2,252 |
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Present value of net minimum lease payments |
$ |
17,061 |
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The Company’s credit facilities contain various customary loan covenants, including certain coverage ratios. The Company was in compliance with all of these covenants as of September 30, 2017.
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