Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS (Tables)

v3.10.0.1
DEBT OBLIGATIONS (Tables)
9 Months Ended
Sep. 30, 2018
Debt Disclosure [Abstract]  
Schedule of debt obligations
The following table presents certain information regarding the Company’s debt obligations at September 30, 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

 
$
100,934

 
Jul 2019
 
LIBOR+4.70%
 
7.92
%
 
0.7
 
$
102,000

Vineyard II
 
Dec 1993
 
200

 
200

 
Dec 2043
 
2.20%
 
2.20
%
 
25.2
 
200

Capital leases (Equipment)
 
Jun 2014 - Sep 2018
 
16,825

 
16,825

 
Oct 2018 - Dec 2023
 
3.00% to 16.16%
 
6.72
%
 
3.3
 

 
 
 
 
119,025

 
117,959

 
 
 
 
 
7.74
%
 
1.2
 
102,200

Current portion of credit facilities
 
 
 
102,000

 
100,934

 
 
 
 
 
 
 
 
 
 
Current portion of obligations under capital leases
 
 
 
5,443

 
5,443

 
 
 
 
 
 
 
 
 
 
Total current portion of credit facilities and obligations under capital leases
 
 
 
107,443

 
106,377

 
 
 
 
 
 
 
 
 
 
Credit facilities and obligations under capital leases - noncurrent
 
 
 
11,582

 
11,582

 
 
 
 
 
 
 
 
 
 
Corporate
 
 
 
 

 
 

 
 
 
 
 
 

 
 
 
 

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

 
51,202

 
Apr 2035
 
LIBOR+2.25%
 
4.56
%
 
16.6
 
51,004

Total debt obligations
 
 
 
$
170,029

 
$
169,161

 
 
 
 
 
6.78
%
 
5.8
 
$
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 $1.1 million as of September 30, 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%.