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v3.19.1

Debt | 3 Months Ended
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Mar. 31, 2019
Debt [Abstract] |
Debt | Note 10 – Debt ﻿ The Company’s borrowings at March 31, 2019 and December 31, 2018, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below: ﻿ ﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | As of March 31, 2019
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net(1) |  | Stated Interest Rate |  | Effective Interest Rate(2)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 26,116 |  | 6.75% |  | 6.75%
﻿Bank of America Credit Facility (USA) |  | May 1, 2020 |  |  | 55,000 |  |  | 30,000 |  |  | 30,000 |  | 5.02% |  | 5.02%
﻿Bank of America Line of Credit (USA) |  | October 31, 2019 |  |  | 5,000 |  |  | 3,500 |  |  | 3,500 |  | 5.52% |  | 5.52%
﻿Banc of America digital projector loan (USA) |  | December 28, 2019 |  |  | 1,979 |  |  | 1,979 |  |  | 1,979 |  | 5.00% |  | 5.00%
﻿Cinema 1, 2, 3 Term Loan (USA) |  | September 1, 2019 |  |  | 18,978 |  |  | 18,978 |  |  | 18,768 |  | 3.25% |  | 3.25%
﻿Minetta & Orpheum Theatres Loan (USA) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,864 |  | 4.54% |  | 4.54%
﻿U.S. Corporate Office Term Loan (USA) |  | January 1, 2027 |  |  | 9,437 |  |  | 9,437 |  |  | 9,319 |  | 4.64% / 4.44% |  | 4.61%
﻿Union Square Construction Financing (USA) |  | December 29, 2019 |  |  | 57,500 |  |  | 33,934 |  |  | 32,463 |  | 6.76% / 12.51% |  | 8.02%
﻿Denominated in foreign currency ("FC") (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿NAB Corporate Term Loan (AU) |  | December 31, 2023 |  |  | 85,248 |  |  | 40,138 |  |  | 40,111 |  | 2.70% |  | 2.70%
﻿Westpac Bank Corporate (NZ) |  | December 31, 2023 |  |  | 21,824 |  |  | 9,889 |  |  | 9,889 |  | 3.80% |  | 3.80%
﻿ |  |  |  | $ | 290,879 |  | $ | 183,768 |  | $ | 180,009 |  |  |  |
﻿
| (1) |  | Net of deferred financing costs amounting to $3.8 million.
| (2) |  | Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of March 31, 2019.
| (3) |  | The contractual facilities a nd outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2019.
﻿
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  | As of December 31, 2018
﻿(Dollars in thousands) |  | Maturity Date |  | Contractual Facility |  | Balance, Gross |  | Balance, Net(1) |  | Stated Interest Rate |  | Effective Interest Rate (2)
﻿Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Trust Preferred Securities (USA) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 26,061 |  | 6.52% |  | 6.52%
﻿Bank of America Credit Facility (USA) |  | May 1, 2020 |  |  | 55,000 |  |  | 25,000 |  |  | 25,000 |  | 5.02% |  | 5.02%
﻿Bank of America Line of Credit (USA) |  | October 31, 2019 |  |  | 5,000 |  |  | — |  |  | — |  | 5.48% |  | 5.48%
﻿Banc of America digital projector loan (USA) |  | December 28, 2019 |  |  | 2,604 |  |  | 2,604 |  |  | 2,604 |  | 5.00% |  | 5.00%
﻿Cinema 1, 2, 3 Term Loan (USA) |  | September 1, 2019 |  |  | 19,086 |  |  | 19,086 |  |  | 18,838 |  | 3.25% |  | 3.25%
﻿Minetta & Orpheum Theatres Loan (USA) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,857 |  | 4.88% |  | 4.88%
﻿U.S. Corporate Office Term Loan (USA) |  | January 1, 2027 |  |  | 9,495 |  |  | 9,495 |  |  | 9,373 |  | 4.64% / 4.44% |  | 4.61%
﻿Union Square Construction Financing (USA) |  | December 29, 2019 |  |  | 57,500 |  |  | 27,182 |  |  | 25,280 |  | 6.76% / 12.51% |  | 8.35%
﻿Denominated in foreign currency ("FC")(3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿NAB Corporate Loan Facility (AU) |  | December 31, 2023 |  |  | 46,856 |  |  | 37,696 |  |  | 37,660 |  | 3.05% |  | 3.05%
﻿Westpac Corporate Credit Facility (NZ) |  | December 31, 2023 |  |  | 21,475 |  |  | 10,067 |  |  | 10,067 |  | 3.80% |  | 3.80%
﻿ |  |  |  | $ | 252,929 |  | $ | 167,043 |  | $ | 162,740 |  |  |  |
﻿
| (1) |  | Net of deferred financing costs amounting to $4.3 million.
﻿
| (2) |  | Both interest rate derivatives associated with the Trust Preferred Securities and Bank of America Credit Facility expired in October 2017 so the effective interest rate no longer applies as of December 31, 2018.
| (3) |  | The contractual facilities and outstanding balances of the foreign currency denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of December 31, 2018.
﻿ Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows: ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿ |  | March 31, |  | December 31,
﻿Balance Sheet Caption |  | 2019 |  | 2018
﻿Debt - current portion |  | $ | 40,077 |  | $ | 30,393
﻿Debt - long-term portion |  |  | 113,816 |  |  | 106,286
﻿Subordinated debt |  |  | 26,116 |  |  | 26,061
﻿Total borrowings |  | $ | 180,009 |  | $ | 162,740
﻿ Minetta and Orpheum Theatres Loan ﻿ On October 12, 2018, we refinanced our $7.5 million loan with Santander Bank, which is secured by our Minetta and Orpheum Theatres, with a loan for a five year term of $8.0 million. Such modification was not considered to be substantial under US GAAP. ﻿ Banc of America Digital Projector Loan ﻿ On February 5, 2018, we purchased our U.S. digital cinema projectors, which had previously been held on operating leases, using a $4.6 million loan from Banc of America. We made further U.S. digital projector purchases, of projectors similarly held on other operating leases, in March and April 2018, increasing this loan to $4.9 million. This loan carries an interest rate of 5% and is due and payable December 28, 2019. ﻿ Bank of America Credit Facility ﻿ On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment reduces the applicable consolidated leverage ratio covenant by 0.25% and modifies the term of the facility based on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with U.S. GAAP. On March 5, 2019, this Credit Facility was extended for six (6) months to May 1, 2020. ﻿ 44 Union Square Construction Financing ﻿ On December 29, 2016, we closed on our new construction finance facilities totaling $57.5 million to fund the non-equity portion of the anticipated construction costs of the redevelopment of our property at 44 Union Square in New York City. The combined facilities consist of $50.0 million in aggregate loans (comprised of three loan tranches) from Bank of the Ozarks (“BOTO”), and a $7.5 million mezzanine loan from Tammany Mezz Investor, LLC, an affiliate of Fisher Brothers. At December 31, 2016, Bank of the Ozarks advanced $8.0 million to repay the then existing $8.0 million loan with East West Bank. As of March 31, 2019, an additional $26.4 million had been advanced under the senior loan facility, along with the full $7.5 million available under the mezzanine loan facility. ﻿ U.S. Corporate Office Term Loan ﻿ On December 13, 2016, we obtained a ten-year $8.4 million mortgage loan on our new Los Angeles Corporate Headquarters at a fixed annual interest rate of 4.64%. This loan provided for a second loan upon completion of certain improvements. On June 26, 2017, we obtained a further $1.5 million under this provision at a fixed annual interest rate of 4.44%. ﻿ Bank of America Line of Credit ﻿ In October 2016, the term of this $5.0 million line of credit was extended to October 31, 2019. Such modification was not considered to be substantial under US GAAP. ﻿ Cinema 1,2,3 Term Loan ﻿ On August 31, 2016, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $15.0 million Santander Bank term loan with a new lender, Valley National Bank. This new $20.0 million loan is collateralized by our Cinema 1,2,3 property and bears an interest rate of 3.25% per annum, with principal installments and accruing interest paid monthly. The new loan matures on September 1, 2019, with a one-time option to extend maturity date for another year. The Company presently intends to exercise that option and to extend the maturity date until September 1, 2020. ﻿ Westpac Bank Corporate Credit Facility (NZ) ﻿ On December 20, 2018, we restructured our Westpac Corporate Credit Facilities. The maturity of the 1 st tranche (general/non-construction credit line) was extended to December 31, 2023, with the available facility being reduced from NZ$35.0 million to NZ$32.0 million. The facility bears an interest rate of 1.75% above the Bank Bill Bid Rate on the drawn down balance and a 1.1% line of credit charge on the entire facility. The 2 nd tranche (construction line) with a facility of NZ$18.0 million was not renewed. ﻿ Australian NAB Corporate Term Loan (AU) ﻿ On March 15, 2019, we amended our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) from a facility comprised of (i) a AU$66.5 million loan facility with an interest rate of 0.95% above the Bank Bill Swap Bid Rate (“BBSY”) and a maturity date of June 30, 2019 and (ii) a bank guarantee of AU$5.0 million at a rate of 1.90% per annum into a (i) AU$120.0 million Corporate Loan facility at rates of 0.85%-1.30% above BBSY depending on certain ratios with a due date of December 31, 2023, of which AU$80.0 million is revolving and AU$40.0 million is core and (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.85% per annum. Prior to this, on June 12, 2018, we had extended the maturity of these facilities from June 30, 2019, to December 31, 2019. Such modifications of this particular term loan were not considered to be substantial under US GAAP.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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