Lifetime Fitness 2012 Annual Report Download - page 68

LIFE TIME FITNESS, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Table amounts in thousands, except share and per share data)
62
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2012 2011
Revolving credit facility, interest only due monthly at interest rates ranging
from LIBOR plus 1.25% to 2.25% or base plus 0.25% to 1.25%, facility
expires June 2016, collateralized by certain personal property $ 454,000 $ 432,000
Interest rate swap on notional amount of $200,000 at a fixed annual rate of
1.32% plus the applicable spread, expires June 2016 6,052 2,980
Commercial mortgage-backed notes payable with monthly interest and
principal payments totaling $632 including interest at 6.03% to February
2017 and collateralized by certain related real estate and buildings 96,909 98,493
Commercial mortgage-backed notes payable with monthly interest and
principal payments totaling $503 including interest at 5.75% to December
2016 and collateralized by certain related real estate and buildings 70,175 71,905
Mortgage notes payable to banks with monthly interest and principal payments
totaling $205 including interest ranging from 6.25% to 7.10%, expiring
between November 2013 and May 2024 and collateralized by certain
related real estate and buildings 20,616 21,627
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 which mature in July 2033 32,385 32,911
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 5,786 6,390
Other debt including promissory note payable and special assessments payable 3,106 3,375
Total debt (excluding obligations under capital leases) 689,029 669,681
Obligations under capital leases (see below) 15,441 16,617
Total debt 704,470 686,298
Less current maturities 12,603 6,849
Total long-term debt $ 691,867 $ 679,449
Revolving Credit Facility
In June 2011, we entered into a Third Amended and Restated Credit Agreement with U.S. Bank National
Association, as administrative agent, and the other lenders from time to time party thereto, which amended and
restated our prior credit agreement. The material changes to the revolving credit facility were an increase in the
amount of the facility from $470.0 million to $660.0 million, which may be increased by an additional $240.0
million upon the exercise of an accordion feature by us if one or more lenders commit the additional $240.0 million,
an extension of the term of the facility to June 2016 and a change in the interest rate and a change in the primary
financial covenants under the facility.
At December 31, 2011, $432.0 million was outstanding on the revolving credit facility at a weighted average interest
rate of 2.6%. The weighted average interest rate and debt outstanding under the revolving credit facility for the year
ended December 31, 2011 was 2.0% and $355.1 million, respectively. The maximum month-end balance during the
year ended December 31, 2011 was $432.0 million.
At December 31, 2012, $454.0 million was outstanding on the U.S. Bank Facility at a weighted average interest rate
of 2.4%, plus $10.4 million related to letters of credit. The weighted average interest rate and debt outstanding under