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Notes Payable | 3 Months Ended
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Mar. 31, 2015
Notes Payable [Abstract] |
Notes Payable | Note 11 – Notes Payable Notes payable are summarized as follows (dollars in thousands):
Name of Note Payable or Security | March 31, 2015 Interest Rates | December 31, 2014 Interest Rates | Maturity Date |  | 2015 Balance |  | 2014 Balance
Trust Preferred Securities | 4.25% | 4.23% | April 30, 2027 | $ | 27,913 | $ | 27,913
Australian NAB Corporate Term Loan | 4.61% | 5.04% | June 30, 2019 |  | 43,844 |  | 47,403
Australian NAB Corporate Revolver | 4.61% | 5.04% | June 30, 2019 |  | -- |  | 8,173
New Zealand Corporate Credit Facility | 5.70% | 5.80% | April 30, 2015 |  | 20,958 |  | 21,829
US Bank of America Credit Facility | 2.68% | 2.67% | December 1, 2019 |  | 29,750 |  | 29,750
US Bank of America Line of Credit | 3.18% | 3.17% | October 31, 2017 |  | -- |  | --
US Cinema 1, 2, 3 Term Loan | 3.69% | 3.69% | July 1, 2016 |  | 15,000 |  | 15,000
US Minetta & Orpheum Theatres Loan | 2.94% | 2.94% | June 1, 2018 |  | 7,500 |  | 7,500
US Union Square Theatre Term Loan | 5.92% | 5.92% | May 1, 2015 |  | 6,403 |  | 6,468
Total |  |  |  | $ | 151,368 | $ | 164,036
Derivative Instruments As indicated in Note 1 6 – Derivative Instruments, for our Australian NAB Corporate Credit Facility (“NAB Loan”), our U.S. Bank of America Revolver (“BofA Revolver”), and our Trust Preferred Securities Loan 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% (5.50% swap contract rate plus a 2.35% margin under the loan) for our NAB Loan; a total fixed interest rate of 3.65% (1.15% swap contract rate plus a 2.50% margin under the loan) for our BofA Revolver; and a total fixed interest rate of 5.2% (1.20% swap contract rate plus a 4.00% margin under the loan) for our Trust Preferred Securities Loan. These rates are instead of the above indicated 4.61%, 2.68% and 4.25% respectively, which are the obligatorily disclosed loan rates. New Zealand Corporate Credit Facility We originally extended our New Zealand Westpac bank loan to April 30, 2015, but have since received a second extension to July 30, 2015. We have however, signed a new term sheet for our new credit facility and expect the loan documents to be signed prior to the end of the current extension. We anticipate a higher facility limit than we currently have, a similar term, interest only and a 25 bps lower margin cost. This loan has been classified as a short-term liability on the consolidated balance sheet as at March 31, 2015. US Union Square Term Loan The US Union Square Term loan came due for repayment on May 1, 2015 but has been extended to June 1, 2015. We have signed a term sheet for our new credit facility and expect the loan documents to be signed prior to the end of the current extension. We anticipate a higher loan limit, a 2-year term, interest only with no prepayment penalty. This loan has been classified as a short-term liability on the consolidated balance sheet as at March 31, 2015.

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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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