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v3.22.2.2

Borrowings | 9 Months Ended
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Sep. 30, 2022
Borrowings [Abstract] |
Borrowings | ‎ Note 11 – Borrowings Our Company’s borrowings at September 30, 2022 and December 31, 2021, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below:
|  | As of September 30, 2022
(Dollars in thousands) |  | Maturity Date |  | Contractual ‎Facility |  | Balance, ‎Gross |  | Balance, ‎Net(1) |  | Stated ‎Interest Rate |  | Effective ‎Interest ‎Rate
Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust Preferred Securities (US) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 26,894 |  | 6.78% |  | 6.78%
Bank of America Credit Facility (US) |  | March 6, 2023 |  |  | 34,500 |  |  | 34,500 |  |  | 34,445 |  | 8.75% |  | 8.75%
Cinemas 1, 2, 3 Term Loan (US) |  | April 1, 2023 |  |  | 22,583 |  |  | 22,583 |  |  | 22,266 |  | 4.25% |  | 4.25%
Minetta & Orpheum Theatres Loan (US)(2) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,968 |  | 3.11% |  | 5.15%
U.S. Corporate Office Term Loan (US) |  | January 1, 2027 |  |  | 8,741 |  |  | 8,741 |  |  | 8,677 |  | 4.64% / 4.44% |  | 4.61%
Union Square Financing (US)(3) |  | May 6, 2024 |  |  | 55,000 |  |  | 43,000 |  |  | 42,360 |  | 9.91% |  | 7.40%
Purchase Money Promissory Note (US) |  | September 18, 2024 |  |  | 1,514 |  |  | 1,514 |  |  | 1,514 |  | 5.00% |  | 5.00%
Denominated in foreign currency ("FC") (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | December 31, 2023 |  |  | 65,336 |  |  | 65,336 |  |  | 65,251 |  | 4.51% |  | 4.51%
Westpac Bank Corporate (NZ) |  | January 1, 2024 |  |  | 7,809 |  |  | 7,809 |  |  | 7,809 |  | 5.70% |  | 5.70%
|  |  |  | $ | 231,396 |  | $ | 219,396 |  | $ | 217,184 |  |  |  |
(1)Net of deferred financing costs amounting to $2.2 million. (2)The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. (3)The interest rate derivative associated with the Union Square loan provides for a maximum effective rate of 7.40%. (4)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 September 30, 2022.
|  | As of December 31, 2021
(Dollars in thousands) |  | Maturity Date |  | Contractual ‎Facility |  | Balance, ‎Gross |  | Balance, ‎Net(1) |  | Stated ‎Interest ‎Rate |  | Effective ‎Interest ‎Rate
Denominated in USD |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trust Preferred Securities (US) |  | April 30, 2027 |  | $ | 27,913 |  | $ | 27,913 |  | $ | 26,728 |  | 4.13% |  | 4.13%
Bank of America Credit Facility (US) |  | March 6, 2023 |  |  | 39,500 |  |  | 39,500 |  |  | 39,364 |  | 5.75% |  | 5.75%
Cinemas 1, 2, 3 Term Loan (US) |  | April 1, 2022 |  |  | 24,039 |  |  | 24,039 |  |  | 23,680 |  | 4.25% |  | 4.25%
Minetta & Orpheum Theatres Loan (US)(2) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,944 |  | 2.14% |  | 5.15%
U.S. Corporate Office Term Loan (US) |  | January 1, 2027 |  |  | 8,936 |  |  | 8,936 |  |  | 8,860 |  | 4.64% / 4.44% |  | 4.64%
Union Square Financing (US)(3) |  | May 6, 2024 |  |  | 55,000 |  |  | 43,000 |  |  | 42,002 |  | 7.00% |  | 7.00%
Purchase Money Promissory Note (US) |  | September 18, 2024 |  |  | 2,043 |  |  | 2,043 |  |  | 2,043 |  | 5.00% |  | 5.00%
Denominated in foreign currency ("FC") (4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | December 31, 2023 |  |  | 74,052 |  |  | 74,052 |  |  | 73,900 |  | 1.82% |  | 1.82%
Westpac Bank Corporate (NZ) |  | January 1, 2024 |  |  | 9,465 |  |  | 9,465 |  |  | 9,465 |  | 3.45% |  | 3.45%
Total |  |  |  | $ | 248,948 |  | $ | 236,948 |  | $ | 233,986 |  |  |  |
(1)Net of deferred financing costs amounting to $3.0 million. (2)The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 5.15%. (3)The interest rate derivative associated with the Union Square loan provides for an effective fixed rate of 7.00%. (4)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, 2021. Our loan arrangements are presented, net of the deferred financing costs, on the face of our consolidated balance sheet as follows:
|  | September 30, |  | December 31,
Balance Sheet Caption (Dollars in thousands) |  | 2022 |  | 2021
Debt - current portion |  | $ | 57,207 |  | $ | 11,349
Debt - long-term portion |  |  | 132,345 |  |  | 195,198
Subordinated debt - current portion |  |  | 738 |  |  | 711
Subordinated debt - long-term portion |  |  | 26,894 |  |  | 26,728
Total borrowings |  | $ | 217,184 |  | $ | 233,986
Bank of America Credit Facility Our $55.0 million credit facility with Bank of America matures on March 6, 2023. The interest rate on borrowings under this facility is fixed at 3.0% above the “Eurodollar” rate, which itself has a floor of 1.0%. On November 8, 2021, and effective in Q4 of 2021, Bank of America replaced all of our covenants with a single liquidity test and converted the line of credit into a term loan with scheduled repayments. 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 U.S. GAAP. U.S. Corporate Office Term Loan On December 13, 2016, we obtained a ten year $8.4 million mortgage loan on our Culver City building 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%. Cinemas 1,2,3 Term Loan On March 13, 2020, Sutton Hill Properties LLC (“SHP”), a 75% subsidiary of RDI, refinanced its $20.0 million term loan with Valley National Bank with a new term loan of $25.0 million, an interest rate of 4.25%, and maturity date of April 1, 2022, with two six month options to extend. We executed the first extension option on March 3, 2022, and the second extension option on September 1, 2022, taking the maturity to April 1, 2023. We have no remaining extension options. Union Square Financing On May 7, 2021, we closed on a new three-year $55.0 million loan facility with Emerald Creek Capital secured by our 44 Union Square property and certain limited guarantees. The facility bears a variable interest rate of one month LIBOR plus 6.9% with a floor of 7.0 % and includes provisions for a prepaid interest and property tax reserve fund. The loan has two 12-month options to extend, and may be repaid at any time, without the payment of any premium. Purchase Money Promissory Note On September 18, 2019, we purchased for $5.5 million 407,000 shares of our Class A Common Stock in a privately negotiated transaction under our Share Repurchase Program. Of this amount, $3.5 million was paid by the issuance of a Purchase Money Promissory Note, which bears an interest rate of 5.0% per annum, payable in equal quarterly payments of principal plus accrued interest. The Purchase Money Promissory Note matures on September 18, 2024. Westpac Bank Corporate Credit Facility (NZ) Our Westpac Corporate Credit Facility for NZ$13.8 million matures on January 1, 2024. The facility currently carries an interest rate and line of credit charge of 2.40% above the Bank Bill Bid Rate and 1.65% respectively. Westpac has waived the requirement to test certain covenants for each quarter since the third quarter of 2020, including the third quarter of 2022. Our third quarter waiver also removes the requirement to test certain covenants up to and including the first quarter of 2023, with testing resuming for the second quarter of 2023. Certain covenant ratios were also adjusted. Australian NAB Corporate Term Loan (AU) Our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matures on December 31, 2023. It currently consists of (i) a AU$100.0 million Corporate Loan facility at 1.75% above BBSY with a due date of December 31, 2023, of which AU$60.0 million is revolving and AU$40.0 million is core, (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.85% per annum and (iii) a further AU$3.0 million of core debt added in December 2020, relating to the funding of our cinema at Jindalee, Queensland, which is repayable in semi-annual installments of AU$500,000, the first installment being April 30, 2021, until fully repaid on October 31, 2023. On November 2, 2021, NAB modified our Fixed Charge Cover Ratio and Leverage Ratio covenants, reducing the measurement requirements and in some instances removing the requirement to test.

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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