| Schedule of debt obligations |
The following table presents certain information regarding the Company’s debt obligations at September 30, 2018:
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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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$ |
100,934 |
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Jul 2019 |
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LIBOR+4.70% |
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7.92 |
% |
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0.7 |
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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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25.2 |
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200 |
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Capital leases (Equipment) |
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Jun 2014 - Sep 2018 |
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16,825 |
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16,825 |
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Oct 2018 - Dec 2023 |
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3.00% to 16.16% |
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6.72 |
% |
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3.3 |
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— |
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119,025 |
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117,959 |
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7.74 |
% |
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1.2 |
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102,200 |
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Current portion of credit facilities |
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102,000 |
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100,934 |
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Current portion of obligations under capital leases |
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5,443 |
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5,443 |
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Total current portion of credit facilities and obligations under capital leases |
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107,443 |
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106,377 |
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Credit facilities and obligations under capital leases - noncurrent |
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11,582 |
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11,582 |
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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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51,202 |
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Apr 2035 |
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LIBOR+2.25% |
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4.56 |
% |
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16.6 |
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51,004 |
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Total debt obligations |
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$ |
170,029 |
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$ |
169,161 |
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6.78 |
% |
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5.8 |
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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 $1.1 million as of September 30, 2018.
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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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