Westjet 2005 Annual Report Download - page 50

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48
YOUR OWNERS’ MANUAL
4. Long-term debt:
2005 2004
$1,304,197,000 in 33 individual term loans, amortized on a straight-line basis
over a 12-year term, repayable in quarterly principal instalments ranging from
$697,000 to $955,000, guaranteed by the Ex-Im Bank, secured by 30 700-series
and three 600-series aircraft, and maturing between 2014 through 2017. 30 of
these facilities include fixed rate weighted average interest at 5.39%. The remaining
three facilities, totalling $104,786,000, includes weighted average floating interest
at the Canadian LIBOR rate plus 0.08% (effective interest rate of 3.28% as at
December 31, 2005) until after the first scheduled repayment date in January 2006,
after such time the interest rate will be fixed at a weighted average rate of 4.89%
for the remaining period the loans are outstanding. $ 1,114,506 $ 954,674
$26,000,000 in two individual term loans, repayable in monthly instalments of
$109,000 and $161,000 including floating interest at the bank’s prime rate plus
0.88% with an effective interest rate of 5.88% at December 31, 2005, maturing in
July 2008, secured by two Next-Generation flight simulators.
19,615 21,684
$12,000,000 term loan, repayable in monthly instalments of $108,000 including
interest at 9.03%, maturing April 2011, secured by the Calgary hangar facility.
10,767 11,075
$12,657,000 in 18 individual term loans, amortized on a straight-line basis over a
five-year term, repayable in quarterly principal instalments ranging from $29,000
to $47,000 including floating interest at the Canadian LIBOR rate plus 0.08%,
with a weighted average effective interest rate of 3.39% at December 31, 2005,
maturing in 2009 and 2010, guaranteed by the Ex-Im Bank and secured by certain
700-series and 600-series aircraft.
10,462 6,303
$4,550,000 term loan, repayable in monthly instalments of $50,000, including
floating interest at the bank’s prime rate plus 0.50%, with an effective interest
rate of 5.50% as at December 31, 2005, maturing April 2013, secured by the
Calgary hangar facility.
3,484 3,899
$22,073,000 in six individual term loans, repayable in monthly instalments
ranging from $25,000 to $87,000 including fixed rate weighted average interest
at 8.43% having matured in October 2005.
– 5,301
1,158,834 1,002,936
Less current portion 114,115 97,305
$ 1,044,719 $ 905,631
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
WestJet Airlines Ltd.
Years ended December 31, 2005 and 2004
(Tabular Amounts are Stated in Thousands of Dollars, Except Share and Per Share Data)