SkyWest Airlines 2013 Annual Report Download - page 85

SKYWEST, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
DECEMBER 31, 2013
(3) Long-term Debt
Long-term debt consisted of the following as of December 31, 2013 and 2012 (in thousands):
December 31, December 31,
2013 2012
Notes payable to banks, due in semi-annual installments, variable interest
based on LIBOR, or with interest rates ranging from 1.34% to 2.55%
through 2014 to 2020, secured by aircraft ........................ $ 224,915 $ 273,515
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 2.36% through 2014 to 2021, secured by aircraft ............ 392,660 434,716
Notes payable to banks, due in semi-annual installments plus interest at
6.06% to 7.18% through 2021, secured by aircraft .................. 149,477 168,937
Notes payable to a financing company, due in semi-annual installments plus
interest at 5.78% to 6.23% through 2019, secured by aircraft .......... 32,528 39,548
Notes payable to banks, due in monthly installments plus interest of 3.15%
to 8.18% through 2025, secured by aircraft ....................... 623,315 665,867
Notes payable to banks, due in semi-annual installments, plus interest at
6.05% through 2020, secured by aircraft ......................... 15,740 17,872
Notes payable to a bank, due in monthly installments interest based on
LIBOR plus interest at 2.00% to 4.00% through 2016, secured by aircraft . 31,933 41,567
Long-term debt ............................................. 1,470,568 1,642,022
Less current maturities ....................................... (177,389) (171,454)
Long-term debt, net of current maturities .......................... 1,293,179 1,470,568
As of December 31, 2013, the Company had $1.5 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 4.5% at December 31, 2013.
The aggregate amounts of principal maturities of long-term debt as of December 31, 2013 were as
follows (in thousands):
2014 .................................................. 177,389
2015 .................................................. 184,510
2016 .................................................. 188,240
2017 .................................................. 161,735
2018 .................................................. 139,020
Thereafter .............................................. 619,674
1,470,568
As of December 31, 2013 and 2012, SkyWest Airlines had a $25 million line of credit. As of
December 31, 2013 and 2012, SkyWest Airlines had no amount outstanding under the facility. The
facility expires on March 31, 2014 and has a variable interest rate of Libor plus 3.0%.
As of December 31, 2013, the Company had $88.5 million in letters of credit and surety bonds
outstanding with various banks and surety institutions.
As of December 31, 2013, the Company was in compliance with all debt covenants to which it was
subject.
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