SkyWest Airlines 2011 Annual Report Download - page 85
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2011
(4) Long-term Debt
Long-term debt consisted of the following as of December 31, 2011 and 2010 (in thousands):
December 31, December 31,
2011 2010
Notes payable to banks, due in semi-annual installments, variable
interest based on LIBOR, or with interest rates ranging from
1.35% to 3.81% through 2012 to 2020, secured by aircraft ...... $ 364,741 $ 418,109
Notes payable to a financing company, due in semi-annual
installments, variable interest based on LIBOR, or with interest
rates ranging from 0.70% to 7.52% through 2012 to 2021, secured
by aircraft ......................................... 477,241 518,070
Notes payable to banks, due in semi-annual installments plus
interest at 6.06% to 7.18% through 2021, secured by aircraft .... 193,197 212,504
Notes payable to a financing company, due in semi-annual
installments plus interest at 5.78% to 6.23% through 2019,
secured by aircraft ................................... 53,803 61,087
Notes payable to banks, due in monthly installments plus interest of
3.15% to 8.18% through 2025, secured by aircraft ............ 706,463 663,487
Notes payable to banks, due in semi-annual installments, plus
interest at 6.05% through 2020, secured by aircraft ........... 19,946 21,969
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 ........................ — 360
Notes payable to a financing company, due in semi-annual
installments interest based on LIBOR secured by flight simulator
equipment ........................................ — 2,389
Long-term debt ...................................... 1,815,391 1,897,975
Less current maturities ................................. (208,398) (159,039)
Long-term debt, net of current maturities ................... 1,606,993 1,738,936
As of December 31, 2011, the Company had $1.8 billion of long term debt obligations related to
the acquisition of CRJ200, CRJ700 and CRJ900 aircraft. The average effective interest rate on the debt
related to the CRJ aircraft was approximately 4.4% at December 31, 2011.
The aggregate amounts of principal maturities of long-term debt as of December 31, 2011 were as
follows (in thousands):
2012 .................................................. $ 208,398
2013 .................................................. 162,978
2014 .................................................. 168,984
2015 .................................................. 176,180
2016 .................................................. 181,622
Thereafter ............................................. 917,229
$1,815,391
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