| DEBT OBLIGATIONS |
DEBT OBLIGATIONS
The following table presents certain information regarding the Company’s debt obligations at June 30, 2017:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
Repurchase Agreements (C) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FNMA/FHLMC Securities |
|
Jun 2017 |
|
$ |
307,689 |
|
|
$ |
307,689 |
|
|
Jul 2017 |
|
1.35% |
|
1.35 |
% |
|
0.1 |
|
$ |
— |
|
|
|
|
|
307,689 |
|
|
307,689 |
|
|
|
|
|
|
1.35 |
% |
|
0.1 |
|
— |
|
Credit Facilities and Capital Leases |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Golf Term Loan (D)(E) |
|
June 2016 |
|
102,000 |
|
|
99,288 |
|
|
Jul 2019 |
|
LIBOR+4.70% |
|
7.92 |
% |
|
2.0 |
|
102,000 |
|
Vineyard II |
|
Dec 1993 |
|
200 |
|
|
200 |
|
|
Dec 2043 |
|
2.20% |
|
2.20 |
% |
|
26.5 |
|
200 |
|
Capital Leases (Equipment) |
|
Jun 2014 - Jun 2017 |
|
16,643 |
|
|
16,643 |
|
|
Sep 2018 - Dec 2022 |
|
3.00% to 16.16% |
|
6.58 |
% |
|
3.8 |
|
— |
|
|
|
|
|
118,843 |
|
|
116,131 |
|
|
|
|
|
|
7.72 |
% |
|
2.3 |
|
102,200 |
|
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Junior subordinated notes payable (F) |
|
Mar 2006 |
|
51,004 |
|
|
51,212 |
|
|
Apr 2035 |
|
LIBOR+2.25% |
|
3.39 |
% |
|
17.8 |
|
51,004 |
|
|
|
|
|
51,004 |
|
|
51,212 |
|
|
|
|
|
|
3.39 |
% |
|
17.8 |
|
51,004 |
|
Total debt obligations |
|
|
|
$ |
477,536 |
|
|
$ |
475,032 |
|
|
|
|
|
|
3.13 |
% |
|
2.5 |
|
$ |
153,204 |
|
|
|
(A) |
Weighted average, including floating and fixed rate classes. |
|
|
(B) |
Including the effect of deferred financing costs. |
|
|
(C) |
The repurchase agreement had $0.2 million of accrued interest payable at June 30, 2017. The counterparty on the repurchase agreement is Citi. The Company has margin exposures on the repurchase agreement related to the financing of FNMA/FHLMC securities. The underlying collateral of the repurchase agreement is fixed rate FNMA/FHLMC securities with the following value at June 30, 2017: $310.7 million outstanding face amount, $318.0 million amortized cost basis, $319.2 million carrying value and a weighted average life of 7.0 years. To the extent that the value of the collateral underlying the repurchase agreement declines, the Company may be required to post margin, which could significantly impact its liquidity.
|
|
|
(D) |
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 $2.7 million as of June 30, 2017.
|
|
|
(E) |
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%.
|
|
|
(F) |
Interest rate based on 3 month LIBOR plus 2.25%.
|
See Note 4 for information about the FNMA/FHLMC repurchase agreement activity for the six months ended June 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 June 30, 2017 are as follows:
|
|
|
|
|
July 1, 2017 - December 31, 2017 |
$ |
2,560 |
|
2018 |
5,127 |
|
2019 |
4,982 |
|
2020 |
3,700 |
|
2021 |
2,126 |
|
2022 |
434 |
|
Thereafter |
— |
|
Total minimum lease payments |
18,929 |
|
Less: imputed interest |
(2,286 |
) |
Present value of net minimum lease payments |
$ |
16,643 |
|
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 June 30, 2017.
|