Note 11 – Notes Payable

Notes payable are summarized as follows (dollars in thousands):



Name of Note Payable or Security	June 30, 2013 Interest Rate	December 31, 2012 Interest Rate	Maturity Date		June 30, 2013 Balance		December 31, 2012 Balance
Trust Preferred Securities	4.28%	4.31%	April 30, 2027	$	27,913	$	27,913
Australian NAB Corporate Term Loan	5.22%	5.82%	June 30, 2014		62,322		75,349
Australian NAB Corporate Revolver	5.22%	5.82%	June 30, 2014		--		--
Australian Shopping Center Loans	--	--	2013-2014		137		208
New Zealand Corporate Credit Facility	4.70%	4.70%	March 31, 2015		21,714		23,148
US Bank of America Revolver	3.28%	3.26%	October 31, 2017		33,250		30,000
US Bank of America Line of Credit	3.20%	3.21%	October 31, 2017		--		2,007
US Cinema 1, 2, 3 Term Loan	5.20%	5.24%	June 27, 2014		15,000		15,000
US Liberty Theaters Term Loan	--	6.20%	April 1, 2013		--		6,429
US Minetta & Orpheum Theatres Loan	2.94%	--	June 1, 2018		7,500		--
US Nationwide Loan 1	--	8.50%	February 21, 2013		--		593
US Sutton Hill Capital Note – Related Party	--	8.25%	June 18, 2013		--		9,000
US Union Square Theatre Term Loan	5.92%	5.92%	May 1, 2015		6,835		6,950
Total				$	174,671	$	196,597

Derivative Instruments

As indicated in Note 17 – Derivative Instruments, for both our Australian NAB Corporate Credit Facility (“NAB Loan”) and our U.S. Bank of America Revolver (“BofA Revolver”), we have entered into interest rate swap agreements for all or part of these facilities. The loan agreement together with the swap results in us paying a total fixed interest rate of 7.90% (5.50% swap contract rate plus a 2.40% margin under the loan) for our NAB Loan and a total fixed interest rate of 4.44% (1.44% swap contract rate plus a 3.00% margin under the loan) for our BofA Revolver instead of the above indicated 5.70% and 3.28%, respectively, which are the obligatorily disclosed loan rates. Additionally, on June 3, 2013, we entered into a new swap agreement for our BofA Revolver which will take effect on December 31, 2014 (see Note 17 – Derivative Instruments).

Notes Payable Refinancing and Payoff

US Bank of America Line of Credit

On June 28, 2013, we repaid the entire $2.0 million outstanding balance on our $5.0 million Bank of America line of credit.

US Sutton Hill Capital Note – Related Party

On June 18, 2013, we repaid our 8.25% note to Sutton Hill Capital (“SHC”) for $9.0 million. As the debtor on this note was Sutton Hill Properties, LLC, in which we have a 75% interest, the note was, in effect, paid $6.75 million by us and $2.25 million by our co-investor.

US Minetta and Orpheum Theatres Loan

On May 29, 2013, we refinanced our Liberty Theaters loan with a $7.5 million loan securitized by our Minetta and Orpheum theatres, having a maturity date of June 1, 2018, and bearing an interest rate of LIBOR plus a 2.75% margin with a LIBOR rate cap of 4.00% plus the 2.75% margin. See Note 16 – Derivative Instruments.

US Bank of America Revolver

On March 25, 2013, Bank of America extended the borrowing limit on our BofA Revolver from $30.0 million to $35.0 million and we borrowed $5.0 million on this revolver. On April 1, 2013, we used $2.3 million of the revolver proceeds to partially repay our US Liberty Theaters Term Loan.

US Cinema 1, 2, 3 Term Loan

On March 20, 2013, pursuant to the loan agreement, we extended the term of our US Cinema 1, 2, 3 Term Loan by one year to June 28, 2014 for a renewal fee of $150,000.