Amtrak 2015 Annual Report Download - page 24

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
6. Mortgages and Debt
22
Total debt is recorded at amortized cost in the Consolidated Balance Sheets and consists of the following
(in thousands):
September 30, 2015 September 30, 2014
Current Long-Term Current Long-Term
Long-term debt:
Mortgage obligations:
Penn Station mortgage $ 27,405 $ 64,290 $ 25,040 $ 91,695
High speed maintenance facilities 7,397 54,780 6,954 62,177
Frequency converter facility 1,740 135,115 1,675 136,855
Subtotal 36,542 254,185 33,669 290,727
PEDFA 30th St. Garage Revenue Bonds 1,774 35,421 1,732 37,195
Term Loan A 17,672 90,911 17,192 108,582
Term Loan B 6,248 56,211 6,042 62,459
RRIF loan* 2,455 69,255 4,624 190,615
Equipment loans — — 4,112 —
Principal amount of long-term debt 64,691 505,983 67,371 689,578
Less unamortized discount (328) (3,161) (470) (8,368)
Total long-term debt $ 64,363 $ 502,822 $ 66,901 $ 681,210
* Debt component of RRIF loan obligation (see below and Note 7).
Letters of Credit
The Company has an unsecured commercial letter of credit of $2.5 million that supports the issuance of auto
fleet insurance. As of September 30, 2015 and 2014, there were no draws against this letter of credit.
Mortgage Obligations
Penn Station Mortgage
In June 2001, PSL mortgaged a substantial portion of improvements located at Penn Station in New York,
New York for $300.0 million at a fixed rate of interest of 9.25% per annum, which increased to 9.50% effective
October 2002, receiving net cash proceeds of $296.2 million. Of this amount, $34.3 million was deposited
into escrow for the benefit of the lender and is recorded in “Deferred charges, deposits, and other” in the
Consolidated Balance Sheets as of both September 30, 2015 and 2014. Semiannual principal plus interest
payments are due on the mortgage through maturity in June 2017. The outstanding balance due on the
mortgage was $91.7 million and $116.7 million as of September 30, 2015 and 2014, respectively. The
mortgage loan is not insured or guaranteed by any governmental entity, private mortgage or other insurer,
trustee, or any other person.