SkyWest Airlines 2007 Annual Report Download - page 52

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51
(2) Long-term Debt
Long-term debt consisted of the following as of December 31, 2007 and 2006 (in thousands):
December 31,
2007
December 31,
2006
Notes payable to banks, due in semi-annual installments,
variable interest based on LIBOR, or with interest rates
ranging from 5.16% to 7.89% through 2012 to 2020, secured
by aircraft................................................................................... $577,390 $623,071
Notes payable to a financing company, due in semi-annual
installments, variable interest based on LIBOR, or with
interest rates ranging from 5.60% to 7.52% through 2007 to
2021, secured by aircraft............................................................ 611,995 643,826
Notes payable to banks, due in semi-annual installments plus
interest at 6.06% to 7.18% through 2021, secured by aircraft ... 265,706 281,999
Notes payable to a financing company, due in semi-annual
installments plus interest at 5.78% to 6.23% through 2019,
secured by aircraft ..................................................................... 80,585 86,375
Notes payable to banks, due in monthly installments plus
interest of 6.47% to 8.18% through 2025, secured by aircraft... 272,475 101,254
Notes payable to banks, due in semi-annual installments, plus
interest at 6.05% through 2020, secured by aircraft .................. 27,725 29,545
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 .............................................. 8,569 11,105
Notes payable to a bank, due in monthly installments interest
based on LIBOR through 2012, interest rate at 7.9% secured
by building................................................................................. 6,505 6,956
Long-term debt............................................................................. $1,850,950 $1,784,131
Less current maturities ................................................................. (118,202) (108,505)
Long-term debt, net of current maturities..................................... $1,732,748 $1,675,626
At December 31, 2007, the three-month and six-month LIBOR rates were 4.70% and 4.60%, respectively.
The aggregate amounts of principal maturities of long-term debt as of December 31, 2007 were as follows (in
thousands):
2008.............................................................................................................................. $118,202
2009.............................................................................................................................. 123,395
2010.............................................................................................................................. 128,831
2011.............................................................................................................................. 132,188
2012.............................................................................................................................. 178,035
Thereafter ..................................................................................................................... 1,170,299
$1,850,950
As of December 31, 2007 and 2006, SkyWest Airlines has a $25 million line of credit. As of December 31, 2007
and 2006, SkyWest Airlines had no amount outstanding under the facility. The facility expires on March 31, 2008 and has a
fixed interest rate of 6.75%.
During the year ended December 31, 2006, 14 CRJ700s were refinanced from short-term financing arrangement
facilities into long-term financing facilities with the same company.
As of December 31, 2007, the Company had $35.5 million in letters of credit and surety bonds outstanding with
various banks and surety institutions.