Quarterly report pursuant to Section 13 or 15(d)

DEBT OBLIGATIONS

v3.19.1
DEBT OBLIGATIONS
3 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS
DEBT OBLIGATIONS

The following table presents certain information regarding the Company’s debt obligations at March 31, 2019 and December 31, 2018:
 
 
 
 
March 31, 2019
 
December 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
 
Outstanding Face Amount
 
Carrying Value
Credit Facilities and Finance Leases
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vineyard II
 
Dec 1993
 
$
200

 
$
200

 
Dec 2043
 
2.80%
 
2.80
%
 
24.7
 
$
200

 
$
200

 
$
200

Finance leases (Equipment)
 
Jun 2014 - Mar 2019
 
19,775

 
19,775

 
May 2019 - Oct 2024
 
3.00% to 15.00%
 
5.13
%
 
3.5
 

 
15,778

 
15,778

 
 
 
 
19,975

 
19,975

 
 
 
 
 
5.11
%
 
3.7
 
200

 
15,978

 
15,978

Less current portion of obligations under finance leases
 
 
 
6,790

 
6,790

 
 
 
 
 
 
 
 
 
 
 
5,489

 
5,489

Credit facilities and obligations under finance leases - noncurrent
 
 
 
13,185

 
13,185

 
 
 
 
 
 
 
 
 
 
 
10,489

 
10,489

Corporate
 
 
 
 

 
 

 
 
 
 
 
 

 
 
 
 

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

 
51,198

 
Apr 2035
 
LIBOR+2.25%
 
4.74
%
 
16.1
 
51,004

 
51,004

 
51,200

Total debt obligations
 
 
 
$
70,979

 
$
71,173

 
 
 
 
 
4.84
%
 
12.6
 
$
51,204

 
$
66,982

 
$
67,178


(A)
Weighted average, including floating and fixed rate classes.
(B)
Including the effect of deferred financing costs.
(C)
Interest rate based on 3 month LIBOR plus 2.25%.

The Company leases certain golf carts and other equipment under finance lease agreements. The agreements typically provide for minimum rentals plus executory costs. Lease terms range from 24 to 66 months. Certain leases include bargain purchase options at lease expiration.