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Notes Payable | 9 Months Ended
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Sep. 30, 2014
Notes Payable [Abstract] |
Notes Payable | Note 11 – Notes Payable Notes payable are summarized as follows (dollars in thousands):
Name of Note Payable or Security | 2014 Interest Rates | 2013 Interest Rates | Maturity Date |  | 2014 Balance |  | 2013 Balance
Trust Preferred Securities | 4.23% | 4.24% | April 30, 2027 | $ | 27,913 | $ | 27,914
Australian NAB Corporate Term Loan | 5.07% | 5.09% | June 30, 2019 |  | 51,111 |  | 56,699
Australian Shopping Center Loans | -- | -- | November 1, 2014 |  | 45 |  | 89
New Zealand Corporate Credit Facility | 5.50% | 4.80% | March 31, 2015 |  | 21,806 |  | 23,041
US Bank of America Revolver | 2.65% | 2.67% | October 31, 2017 |  | 29,750 |  | 31,500
US Cinema 1, 2, 3 Term Loan | 3.65% | 5.21% | July 1, 2016 |  | 15,000 |  | 15,000
US Minetta & Orpheum Theatres Loan | 2.90% | 2.91% | June 1, 2018 |  | 7,500 |  | 7,500
US Union Square Theatre Term Loan | 5.92% | 5.92% | May 1, 2015 |  | 6,531 |  | 6,717
Total |  |  |  | $ | 159,656 | $ | 168,460
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 7.85% (1.15% swap contract rate plus a 2.35% margin under the loan) for our NAB Loan and a total fixed interest rate of 5.20% (1.20% swap contract rate plus a 4.00% margin under the loan) for our BofA Revolver instead of the above indicated 5.07% and 2.65%, respectively, which are the obligatorily disclosed loan rates. Additionally, on June 3, 2013, we entered into a new swap agreement for o ur BofA Revolver that came into effect on December 31, 2013 (see Note 17 – Derivative Instruments). Notes Payable Refinancing and Payoff Australian NAB Corporate Term Loan and Revolver On June 27, 2014, we refinanced our existing three-tiered credit facility with NAB. It is comprised of (1) the Bank Bill Discount Facility with a facility limit of AUS$61.2 million, an interest rate of 2.35% above the BBSY, and amortization at AUS$2.0 million per year; (2) the Bill Discount Facility – Revolving with a facility limit of AUS$10.0 million and an interest rate of 1.50% above the BBSY on any undrawn portion. Currently we have not drawn any of this revolver; and (3) the Bank Guarantee Facility with a facility limit of AUS$5.0 million. All three have an expiry date of June 30, 2019. The modification of this particular term loan was not considered to be substantial as defined by ASC 740. New Zealand Corporate Credit Facility The New Zealand bank loan comes due for repayment on March 31, 2015. This loan has been classified as a short term liability on the consolidated balance sheet as of June 30, 2014. 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 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 Cinema 1, 2 & 3 Term Loan On June 26, 2014, our controlled subsidiary Sutton Hill Properties, LLC, entered into an agreement with Santander Bank, N.A, refinancing the current loan on the property and providing an additional $6.0 million for the acquisition of rights to add additional density to any redevelopment of the property (“air rights”).We repl aced an existing term loan of $15.0 million that was scheduled to mature on the following day. The new loan has a 2-year term, payable interest only, commencing June 27, 2014, all principal and unpaid interest due and payable on maturity. The loan is collateralized by our Cinemas 1,2,3 property (including any air rights that we may acquire). The loan has an interest rate of 3.50% over the 30-day Libor. The modification of this particular term loan was not considered to be substantial as defined by ASC 740. 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, bearing an interest rate of LIBOR plus a 2.75% margin and having a LIBOR rate cap of 4.00% (plus the 2.75% margin). See Note 16 – Derivative Instruments. US Union Square Term Loan The US Union Square Term loan comes due for repayment on May 1, 2015. This loan has been classified as a shor t-term liability on the consolidated balance sheet as of June 30, 2014. 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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