Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v3.8.0.1
DEBT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Schedule of debt obligations
The following table presents certain information regarding the Company’s debt obligations at March 31, 2018:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Obligation/Collateral
 
Month Issued
 
Outstanding
Face
Amount
 
Carrying
Value
 
Final Stated Maturity
 
Weighted
Average
Coupon (A)
 
Weighted Average
Funding
Cost (B)
 
Weighted Average Life (Years)
 
Face Amount of
Floating Rate Debt
Credit Facilities and Capital Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Traditional Golf term loan (C)(D)
 
June 2016
 
102,000

 
100,255

 
Jul 2019
 
LIBOR+4.70%
 
7.92
%
 
1.3
 
102,000

Vineyard II
 
Dec 1993
 
200

 
200

 
Dec 2043
 
2.20%
 
2.20
%
 
25.7
 
200

Capital leases (Equipment)
 
Jun 2014 - Mar 2018
 
16,593

 
16,593

 
Sep 2018 - Oct 2023
 
3.00% to 16.16%
 
6.61
%
 
3.5
 
—

 
 
 
 
118,793

 
117,048

 
 
 
 
 
7.72
%
 
1.6
 
102,200

Less current portion of obligations under capital leases
 
 
 
4,892

 
4,892

 
 
 
 
 
 
 
 
 
 
Credit facilities and obligations under capital leases - noncurrent
 
 
 
113,901

 
112,156

 
 
 
 
 
 
 
 
 
 
Corporate
 
 
 
 

 
 

 
 
 
 
 
 

 
 
 
 

Junior subordinated notes payable (E)
 
Mar 2006
 
51,004

 
51,206

 
Apr 2035
 
LIBOR+2.25%
 
3.99
%
 
17.1
 
51,004

Total debt obligations
 
 
 
$
169,797

 
$
168,254

 
 
 
 
 
6.59
%
 
6.3
 
$
153,204

(A)
Weighted average, including floating and fixed rate classes.
(B)
Including the effect of deferred financing costs.
(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 $1.7 million as of March 31, 2018.
(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%.
(E)
Interest rate based on 3 month LIBOR plus 2.25%.
Schedule of future minimum lease payments under capital leases
The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of March 31, 2018 are as follows:
April 1, 2018 - December 31, 2018
$
4,384

2019
5,709

2020
4,431

2021
2,864

2022
1,091

2023
190

Total minimum lease payments
18,669

Less: imputed interest
2,076

Present value of net minimum lease payments
$
16,593