Frontier Airlines 2005 Annual Report Download - page 94

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5. ACCRUED LIABILITIES
Accrued liabilities consist of the following as of December 31:
2005 2004
Accrued wages, benefits and related taxes $ 13,724 $ 9,623
Accrued maintenance 10,709 11,822
Accrued aircraft return costs (see Note 15) — 4,599
Accrued property taxes 2,976 2,004
Accrued interest payable to non-affiliates 11,854 6,726
Accrued liabilities to code-share partners 14,866 8,808
Other 17,519 9,803
Total accrued liabilities $ 71,648 $ 53,385
6. DEBT
Debt consists of the following as of December 31:
2005 2004
Revolving credit facility with Bank of America Business Capital (the "Bank"),
maximum of $25,000 available (including outstanding letters of credit), subject
to 70% of the net book value of spare rotable parts and 40% of the net book
value of spare non-rotable parts and inventory. Interest is payable monthly at
the Bank's LIBOR rate plus spreads ranging from 2.0% to 2.75% or the Bank's
base rate (which is generally equivalent to the prime rate) plus spreads ranging
from 0.25% to 0.75%. The weighted average interest rates for the years ended
December 31, 2005, 2004 and 2003 were 6.0%, 4.2%, and 4.5%, respectively.
Fees are payable at 0.375% on the unused revolver amount. The credit facility
expires on March 31, 2006 and is collateralized by all of Chautauqua's assets,
excluding the owned aircraft and engines. The Company is currently
negotiating to extend or replace this facility.
$ — $ —
Term loans with the Bank due March 2006 or upon termination of the Bank credit
facility, with monthly principal payments of $54, and interest payable monthly
at the Bank's LIBOR rate plus spreads ranging from 2.0% to 2.75% or the
Bank's base rate (which is generally equivalent to the prime rate) plus spreads
ranging from 0.25% to 0.75% (5.3% at December 31, 2005). The term loans
are collateralized by substantially all of Chautauqua's assets, except for aircraft
collateralized by various banks and aircraft manufacturer.
2,624 3,212
Promissory notes with various banks and aircraft manufacturer, collateralized by
aircraft, bearing interest at fixed rates ranging from 4.01% to 7.08% with
semi-annual principal and interest payments of $76,983 through 2019.
1,410,700
846,974
Other 116 683
Total 1,413,440 850,869
Current portion (including Bank term loan) 73,935 46,986
Debt and notes payable—Less current portion $ 1,339,505 $ 803,833
Chautauqua's debt agreements with the Bank contain restrictive covenants that require, among other things, that Chautauqua
maintain a certain fixed charge coverage ratio and a debt to earnings leverage ratio. Chautauqua was in compliance with both ratios at
December 31, 2005. Chautauqua has outstanding letters of credit totaling $7,462 and $4,782 as of December 31, 2005 and 2004,
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, February 27, 2006 Powered by Morningstar® Document Research℠