Lifetime Fitness 2006 Annual Report Download - page 57

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(In thousands, except share and per share data)
51
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2006 2005
Term notes payable to insurance company, monthly interest and
principal payments totaling $1,273 including interest at 8.25%
to June 2011, collateralized by certain related real estate and
buildings ....................................................................................... $122,498 $127,439
Revolving credit facility, interest only due monthly at interest rates
ranging from LIBOR plus 0.75% to 1.75% or base plus 0.0% to
0.25%, facility expires April 2011, collateralized by certain
personal property .......................................................................... 245,000 111,000
Mortgage notes payable to bank, due in monthly installments of
$51 through August 2007, including interest at 6.0%,
collateralized by certain interests in related two centers ............... 4,707 5,018
Promissory note payable to bank, monthly interest payments at
LIBOR plus 1.50%, expiring April 2010, collateralized by a
certain interest in secured property, debt retired June 2006 .......... — 5,342
Promissory note payable to a municipality, collateralized by a
mortgage on the underlying property, due in two equal
payments through June 2013, including interest of 0.0%,
(balance shown net of imputed interest of $533) .......................... 1,118 —
Unsecured promissory note, due in various unequal installments,
expiring December 2010, including interest at 5.6% (balance
shown net of imputed interest of $48) .......................................... 502 —
Special assessments payable, due in variable semiannual
installments through September 2028, including interest at
4.25% to 7.00%, secured by the related real estate and
buildings........................................................................................ 2,870 3,096
Total debt (excluding obligations under capital leases)........................ 376,695 251,895
Obligations under capital leases (see below)........................................ 12,860 21,387
Total debt.............................................................................................. 389,555 273,282
Less current maturities ......................................................................... 15,228 14,447
Total long-term debt............................................................................. $374,327 $258,835
On April 15, 2005, we entered into a Credit Agreement, with U.S. Bank National Association, as administrative
agent and lead arranger, J.P. Morgan Securities, Inc., as syndication agent, and the banks party thereto from time to
time (the “U.S. Bank Facility”). On April 26, 2006, we entered into an Amended and Restated Credit Agreement
effective April 28, 2006 to amend and restate the U.S. Bank Facility. The significant changes to the U.S. Bank
Facility increased the amount of the facility from $200.0 million to $300.0 million, which replaced the prior $50.0
million accordion feature, and extended the term for the facility by approximately one year to April 28, 2011. As of
December 31, 2006, $245.0 million was outstanding on the U.S. Bank Facility, plus $18.8 million related to letters
of credit.