Westjet 2010 Annual Report Download - page 77

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WestJet 2010 Annual Report 75
7. Long-term debt (continued)
(vi) Term loan repayable in monthly instalments of $50, including fl oating interest at the bank’s prime rate plus 0.50%, with an effective interest
rate of 3.50% as at December 31, 2010, maturing in 2013, secured by the Calgary hangar facility.
The net book value of the property and equipment pledged as collateral for the Corporation’s secured borrowings was $1,819,095 as at
December 31, 2010 (2009 – $1,925,672).
Future scheduled repayments of long-term debt are as follows:
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
For the years ended December 31, 2010 and 2009
(Stated in thousands of Canadian dollars,
except share and per share amounts)
2011 $ 183,681
2012 169,642
2013 169,358
2014 169,626
2015 132,170
2016 and thereafter 222,700
$ 1,047,177
2011 $ 282
2012 245
2013 245
2014 245
2015 245
2016 and thereafter 4,616
Total minimum lease payments $ 5,878
Less: Weighted average imputed interest at 5.28% (2,521)
Net minimum lease payments 3,357
Less: Current portion of obligations under capital leases (108)
Obligations under capital leases $ 3,249
Held within the special-purpose entities, as identifi ed in note 1, Summary of signifi cant accounting policies, are liabilities of $1,005,719
(2009 – $1,168,907) related to the acquisition of the 52 purchased aircraft and live satellite television equipment, which are included above in the
long-term debt balances.
8. Obligations under capital leases
The Corporation has entered into capital leases relating to a fuel storage facility and ground handling equipment. The obligations are as follows: