SkyWest Airlines 2004 Annual Report Download - page 45

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(2) Long-term Debt
Long-term debt consisted of the following as of December 31, 2004 and 2003 (in thousands):
2004 2003
Notes payable to banks, due in semi-annual installments plus
interest based on six-month LIBOR plus 1.30% to 1.375%
through 2019, secured by aircraft $ 113,484 $ 120,330
Notes payable to banks, due in semi-annual installments plus
interest at 6.10% at December 31, 2004 and 6.09% at December 31, 2003
through 2020, secured by aircraft 98,725 103,350
Notes payable to banks, due in semi-annual installments plus
interest based on six-month LIBOR plus 1.40%
through 2019, secured by aircraft 80,824 85,168
Notes payable to banks, due in semi-annual installments plus
interest at 6.06% to 6.45% through 2018, secured by aircraft 58,532 61,206
Notes payable to banks, due in quarterly installments plus
interest based on three-month LIBOR plus 0.75%
through 2019, secured by aircraft 56,193 59,424
Notes payable to banks, due in monthly installments plus
interest of 6.09% through 2020, secured by aircraft 33,045 -
Notes payable to banks, due in semi-annual installments plus
interest at 3.72% to 3.86%, net of the benefits of interest
rate subsidies through the Brazilian Export financing
program, through 2011, secured by aircraft 15,897 18,160
Note payable to bank, due in semi-annual installments plus
interest at 7.18% through 2012, secured by aircraft 13,459 14,298
Note payable to bank, due in semi-annual installments plus
interest based on six-month LIBOR plus 0.60%
through 2016, secured by aircraft 13,222 13,876
Notes payable to bank, due in monthly installments plus
interest based on one-month LIBOR through 2012, secured by building 7,865 8,319
Notes payable to banks, due in monthly installments including
interest at 6.70% to 7.37% through 2006, secured by aircraft 3,822 7,528
Other notes payable, secured by aircraft 750 1,991
495,818 493,650
Less current maturities (32,585) (30,877)
$463,233 $462,773
At December 31, 2004, the three-month and six-month LIBOR rates were 2.558% and 2.775%, respectively.
The aggregate amounts of principal maturities of long-term debt as of December 31, 2004 were as follows (in thousands):
Year ending December 31,
2005 $ 32,585
2006 29,943
2007 30,835
2008 31,848
2009 32,919
Thereafter 337,688
$ 495,818
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