Frontier Airlines 2008 Annual Report Download - page 76

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$526,200. The debt was obtained from banks and the aircraft manufacturer for five to fifteen year terms at interest rates ranging from
2.73% to 6.91%.
The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in an arm's
length transaction between knowledgeable, willing parties. The fair value of long term debt is estimated based on discounting
expected cash flows at the rates currently offered to the Company for debt with similar remaining maturities and reflective of credit
spreads. As of December 31, 2008 and 2007 respectively, the carrying value of long-term debt was greater than its fair value by
approximately $130,000 and $112,000.
-43-
Source: REPUBLIC AIRWAYS HOLDINGS INC, 10-K, March 16, 2009 Powered by Morningstar® Document Research℠