SkyWest Airlines 2012 Annual Report Download - page 89
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SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2012
(3) Long-term Debt (Continued)
The aggregate amounts of principal maturities of long-term debt as of December 31, 2012 were as
follows (in thousands):
2013 .................................................. $ 171,454
2014 .................................................. 177,390
2015 .................................................. 184,510
2016 .................................................. 188,240
2017 .................................................. 161,735
Thereafter ............................................. 758,693
$1,642,022
As of December 31, 2012 and 2011, SkyWest Airlines had a $25 million line of credit. As of
December 31, 2012 and 2011, SkyWest Airlines had no amount outstanding under the facility. The
facility expires on March 31, 2013 and has a fixed interest rate of 4.0%.
As of December 31, 2012, the Company had $75.1 million in letters of credit and surety bonds
outstanding with various banks and surety institutions.
As of December 31, 2012, the Company was in compliance with all debt covenants.
(4) Note Receivable
On October 16, 2009, SkyWest Airlines agreed to defer certain amounts otherwise payable to
SkyWest Airlines under the existing United Express Agreement for a maximum period of 30 days. The
maximum deferral amount is $49 million and any amounts deferred accrue a deferral fee of 8%,
payable weekly. As of December 31, 2012 and 2011, $49 million was deferred for 30 days. United’s
right to defer such payments continues through October 16, 2019, subject to certain conditions. As of
December 31, 2012, the Company had classified $49.0 million as current and has identified the deferred
amount as ‘‘Receivables, net’’ in its consolidated balance sheet.
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