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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)
62
4. Long-Term Debt
Long-term debt consists of the following:
December 31,
2013 2012
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 July 2018, collateralized by certain personal property $ 510,500 $ 454,000
Interest rate swap on notional amount of $200,000 at a fixed annual rate of
1.32% plus the applicable spread, expires June 2016 3,762 6,052
Mortgage 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 95,207 96,909
Mortgage notes payable with monthly interest and principal payments totaling
$775 including interest at 4.45%, expiring March 2023 and collateralized
by certain related real estate and buildings. 70,457 —
Mortgage 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 68,173 70,175
Mortgage notes payable with monthly interest and principal payments totaling
$423 including interest at 4.48%, expiring September 2026 and
collateralized by certain related real estate and buildings. 49,287 —
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 31,815 32,385
Mortgage notes payable to banks with monthly interest and principal payments
totaling $27 and $205, respectively, 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 2,397 20,616
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
Other debt including promissory note payable and special assessments payable 2,035 3,106
Total debt (excluding obligations under capital leases) 833,633 689,029
Obligations under capital leases (see below) 14,965 15,441
Total debt 848,598 704,470
Less current maturities 24,505 12,603
Total long-term debt $ 824,093 $ 691,867
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 could be increased by an additional $240.0
million upon the exercise of an accordion feature by us if one or more lenders committed the additional $240.0
million, an extension of the term of the facility to June 2016 and a change in the interest rate and the primary
financial covenants under the facility.