Amtrak 2015 Annual Report Download - page 28

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National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Notes to Consolidated Financial Statements (continued)
6. Mortgages and Debt (continued)
26
Equipment Loans
In 2010 and 2009, Amtrak exercised early buyout options to purchase 40 locomotives and eight superliner
passenger cars under capital leases. Amtrak assumed the debt related to the capital leases as new loans from
the lenders for $32.0 million. The loans were payable in semiannual payments through maturity with the
final loan payments due from January 2012 through January 2015. The interest rates varied from 7.37% to
9.61%. The final principal payments on the loans were made during FY2015. The outstanding balance due
on these loans was $4.1 million as of September 30, 2014.
Interest Rates
The annual weighted-average interest rates for all interest-bearing borrowings (inclusive of the impact of
any interest rate swaps) are shown below:
September 30,
2015 2014
Mortgage obligations 5.96 % 6.24 %
PEDFA 30th St. Garage Revenue Bonds 2.39 2.39
Term loans 2.98 2.97
RRIF loan 4.04 4.04
Equipment loans N/A 9.61
The overall weighted-average interest rate on all interest-bearing borrowings (inclusive of the impact of any
interest rate swaps) is 4.6% and 4.7% per annum at September 30, 2015 and 2014, respectively.
Scheduled Debt Maturities
On September 30, 2015, scheduled maturities of debt are (in thousands):
Year Ending September 30,
2016 $ 64,691
2017 102,813
2018 41,981
2019 45,665
2020 47,524
Thereafter 268,000
Principal amount of long-term debt 570,674
Less unamortized discount (3,489)
Total long-term debt $ 567,185
Amtrak is subject to various covenants and restrictions under its borrowing arrangements. A default by Amtrak
or acceleration of Amtrak’s indebtedness may result in cross-default with other debt and may have a material
adverse effect on the Company. As of September 30, 2015, the Company had failed to meet its covenant
obligation under its borrowing arrangements to provide on a timely basis its audited financial statements, as