Lifetime Fitness 2010 Annual Report Download - page 63

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
57
distributions, we are obligated to make such payments to each of the other two members. To date, Bloomingdale
LLC has generated cash flows sufficient to make all such payments. Each of the three members had the right to
receive distributions from Bloomingdale LLC in the amount of $0.7 million for each of the three years 2010, 2009
and 2008.
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2010 2009
Revolving credit facility, interest only due monthly at interest rates ranging from
LIBOR plus 0.625% to 1.50% or base plus 0.0%, facility expires May 2012,
collateralized by certain personal property .................................................................. $354,200 $358,100
Interest rate swap on notional amount of $125,000 at a fixed annual rate of 4.715%,
expired October 2010 .................................................................................................. – 4,196
Mortgage notes payable, monthly interest and principal payments totaling $836 and
$1,273, respectively, including interest at 8.25% to July 2011, collateralized by
certain related real estate and buildings ....................................................................... 70,925 105,531
Commercial mortgage-backed notes payable with monthly interest and principal
payments totaling $632 including interest at 6.03% to February 2017,
collateralized by certain related real estate and buildings ........................................... 100,000 101,418
Mortgage notes payable to banks with monthly interest and principal payments totaling
$257 including interest ranging from 6.25% to 7.10%, expiring between January
2012 and May 2024, collateralized by certain related real estate and buildings ......... 25,920 27,197
Variable Rate Demand Notes, interest due monthly at a variable rate resetting weekly,
principal due annually according to an agreement with a Letter of Credit provider
that secures the notes, notes mature in July 2033 ........................................................ 33,391 33,831
Promissory note payable to lender, monthly interest and principal payments totaling
$80 including interest at 5.78% to January 2015, collateralized by a certain
interest in secured property ......................................................................................... 6,963 7,503
Other debt including promissory note payable and special assessments payable ............... 3,498 3,861
Total debt (excluding obligations under capital leases) ...................................................... 594,897 641,637
Obligations under capital leases (see below) ...................................................................... 17,647 18,709
Total debt ............................................................................................................................ 612,544 660,346
Less current maturities ....................................................................................................... 7,265 16,716
Total long-term debt ...........................................................................................................$605,279 $643,630
Revolving Credit Facility
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 May 31, 2007, we entered into a Second Amended and Restated Credit Agreement effective May 31,
2007 to amend and restate our U.S. Bank Facility. The material changes to the U.S. Bank Facility at that time were to
increase the amount of the facility from $300.0 million to $400.0 million, establish a $25.0 million accordion feature, and
extend the term of the facility by a little over one year to May 31, 2012. Interest on the amounts borrowed under the U.S.
Bank Facility continues to be based on (i) a base rate, which is the greater of (a) U.S. Bank’s prime rate and (b) the federal
funds rate plus 50 basis points, or (ii) an adjusted Eurodollar rate, plus, in either case (i) or (ii), the applicable margin within
a range based on our consolidated leverage ratio. In connection with the amendment and restatement of the U.S. Bank