Westjet 1999 Annual Report Download - page 23

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Future scheduled repayment of long-term debt is as follows:
2000 $ 6,550
2001 7,124
2002 7,590
2003 5,237
2004 and thereafter 9,390
$ 35,891
The Corporation has available a facility with a chartered bank of $2,000,000
for letters of guarantee and U.S. $7,000,000 for forward foreign exchange
contracts. At December 31, 1999, letters of guarantee totaling $725,000 have
been issued under these facilities. The credit facilities are secured by a fixed first
charge on one aircraft, a general security agreement and an assignment of
insurance proceeds.
The cash interest paid in the year was $2,860,000.
3. Other long-term assets:
Included in other long-term assets are pre-payments of premiums for long-term
contracts with fuel suppliers of $3,333,000, deposits on long-term operating
lease agreements of $603,000, and a loan to an officer of the Corporation of
$195,000. The loan to an officer of the Corporation is unsecured and non-
interest bearing. The loan will be repaid out of the officer’s future
compensation.
21
WestJet Airlines 1999 Annual Report
4. Long-term debt:
1999 1998
$7,500,000 bank term loan repayable in monthly instalments of $154, 000
including interest at 8.50%, maturing November 2002, secured by two aircraft $ 4,754 $ 6,133
$7,500,000 bank term loan repayable in monthly instalments of $153,000
including interest at 8.13%, maturing April 2003, secured by two aircraft 5,330 6,667
$5,117,000 term loan repayable in monthly instalments of $76,000 including
interest at 8.29% and $2,383,000 term loan repayable in monthly instalments
of $36,000 including interest at 8.36%, maturing October 2005, secured by one aircraft 6,645 7,399
$5,759,000 term loan repayable in monthly instalments of $87,000 including
interest at 8.42%, and $1,614,000 term loan repayable in monthly instalments
of $25,000 including interest at 8.49%, maturing October 2005, secured by one aircraft 6,606 5,713
$4,257,000 term loan repayable in monthly instalments of $66,000 including interest at 8.39%
and $2,943,000 term loan repayable in monthly instalments of $47,000 including
interest at 8.81%, maturing October 2005, secured by one aircraft 6,681 -
$6,500,000 bank term loan repayable in monthly instalments of $133,000
including interest at 8.38%, maturing May 2004, secured by two aircraft 5,875 -
35,891 25,912
Less current portion 6,550 4,051
$ 29,341 $ 21,861