Lifetime Fitness 2008 Annual Report Download - page 63

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LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
57
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2008 2007
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 .................. $111,812 $117,597
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 ...................... 414,600 312,800
Variable Rate Demand Notes, interest due monthly at a variable rate
resetting weekly, principal due annually according to an agreement with
a Letter of Credit provider that secures the notes, notes mature in 2023 34,235 -
Mortgage note payable to bank with monthly interest and principal
payments totaling $43 including interest at 6.54% to November 2013
collateralized by certain related real estate and building .................... 5,738 -
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 .............................................. 102,752 103,990
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 ........................................... 4,103 4,461
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 ............................................. 8,013 8,455
Interest rate swap on notional amount of $125,000 at a fixed annual rate of
4.825%, expiring October 2010.......................................................... 7,541 3,252
Other debt including promissory note payable, unsecured promissory note
and special assessments payable ........................................................ 4,426 4,768
Total debt (excluding obligations under capital leases) ............................. 693,220 555,323
Obligations under capital leases (see below) ............................................. 19,684 9,282
Total debt ................................................................................................... 712,904 564,605
Less current maturities .............................................................................. 10,335 9,568
Total long-term debt .................................................................................. $702,569 $555,037