Lifetime Fitness 2007 Annual Report Download - page 59

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
53
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2007 2006
Term notes payable to insurance company, monthly interest and
principal payments totaling $1,273 including interest at 8.25% to
June 2011, collateralized by certain related real estate and
buildings............................................................................................. $ 117,597 $ 122,498
Revolving credit facility, interest only due monthly at interest rates
ranging from LIBOR plus 0.625% to 1.50% or base plus 0.0%,
facility expires May 2012, collateralized by certain personal
property .............................................................................................. 312,800 245,000
Term notes payable with monthly interest and principal payments
totaling $632 including interest at 6.03% to February 2017,
collateralized by certain related real estate and buildings .................. 103,990 —
Mortgage notes payable to bank, due in monthly installments of $52
through October 2012, including interest at approximately 6.4%,
collateralized by certain interests in related two centers .................... 4,461 4,707
Promissory note payable to a municipality, collateralized by a
mortgage on the underlying property, due in two equal payments
through June 2013, including interest of 0.0%, (balances shown
net of imputed interest of $450 and $533, respectively) .................... 1,201 1,118
Unsecured promissory note, due in various unequal installments,
expiring December 2010, including interest at 5.6% (balances
shown net of imputed interest of $36 and $48, respectively) ............. 514 502
Promissory note payable to lender, monthly interest and principal
payments totaling $80 including interest at 5.78% to January
2015, collateralized by a certain interest in secured property............. 8,455 —
Interest rate swap on notional amount of $125,000 at a fixed annual
rate of 4.825%, expiring October 2010 .............................................. 3,252 —
Special assessments payable, due in variable semiannual installments
through September 2028, including interest at 4.25% to 7.00%,
secured by the related real estate and buildings.................................. 3,053 2,870
Total debt (excluding obligations under capital leases)............................. 555,323 376,695
Obligations under capital leases (see below)............................................. 9,282 12,860
Total debt................................................................................................... 564,605 389,555
Less current maturities .............................................................................. 9,568 15,228
Total long-term debt.................................................................................. $ 555,037 $ 374,327
On April 15, 2005, we entered into a Credit Agreement, with U.S. Bank National Association, as administrative
agent and lead arranger, J.P. Morgan Securities, Inc., as syndication agent, and the banks party thereto from time to
time (the “U.S. Bank Facility”). On May 31, 2007, we entered into a Second Amended and Restated Credit
Agreement effective May 31, 2007 to amend and restate our U.S. Bank Facility. The material changes to the U.S.
Bank Facility increase the amount of the facility from $300.0 million to $400.0 million, which may be increased by
an additional $25.0 million upon the exercise of an accordion feature, and extend the term of the facility by a little