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Borrowings | 9 Months Ended
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Sep. 30, 2023
Borrowings [Abstract] |
Borrowings | Note 12 – Borrowings Our Company’s borrowings at September 30, 2023 and December 31, 2022, net of deferred financing costs and including the impact of interest rate derivatives on effective interest rates, are summarized below:
|  | As of September 30, 2023
(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 |  | $ | 27,117 |  | 9.63% |  | 9.63%
Bank of America Credit Facility (US) |  | September 4, 2024 |  |  | 22,375 |  |  | 22,375 |  |  | 22,260 |  | 11.00% |  | 11.00%
Cinemas 1, 2, 3 Term Loan (US) |  | October 1, 2024 |  |  | 21,061 |  |  | 21,061 |  |  | 20,805 |  | 8.31% |  | 8.31%
Minetta & Orpheum Theatres Loan (US)(2) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,998 |  | 8.22% |  | 6.00%
U.S. Corporate Office Term Loan (US) |  | January 1, 2027 |  |  | 8,471 |  |  | 8,471 |  |  | 8,422 |  | 4.64% / 4.44% |  | 4.61%
Union Square Financing (US) |  | May 6, 2024 |  |  | 55,000 |  |  | 46,840 |  |  | 46,447 |  | 12.52% |  | 12.52%
Purchase Money Promissory Note (US) |  | September 18, 2024 |  |  | 776 |  |  | 776 |  |  | 776 |  | 5.00% |  | 5.00%
Denominated in foreign currency ("FC") (3) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | July 31, 2025 |  |  | 64,831 |  |  | 64,831 |  |  | 64,708 |  | 5.85% |  | 5.85%
Westpac Bank Corporate (NZ) |  | January 1, 2024 |  |  | 8,322 |  |  | 8,322 |  |  | 8,322 |  | 8.20% |  | 8.20%
|  |  |  | $ | 216,749 |  | $ | 208,589 |  | $ | 206,855 |  |  |  |
(1)Net of deferred financing costs amounting to $1.7 million. (2)The interest rate derivative associated with the Minetta & Orpheum loan provides for an effective fixed rate of 6.00%. (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 September 30, 2023.
|  | As of December 31, 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 |  | $ | 26,950 |  | 8.41% |  | 8.41%
Bank of America Credit Facility (US)(5) |  | March 1, 2024 |  |  | 26,750 |  |  | 26,750 |  |  | 26,663 |  | 10.00% |  | 10.00%
Cinemas 1, 2, 3 Term Loan (US)(5) |  | April 1, 2023 |  |  | 22,455 |  |  | 22,455 |  |  | 22,208 |  | 6.63% |  | 6.63%
Minetta & Orpheum Theatres Loan (US)(2) |  | November 1, 2023 |  |  | 8,000 |  |  | 8,000 |  |  | 7,974 |  | 7.12% |  | 5.15%
U.S. Corporate Office Term Loan (US) |  | January 1, 2027 |  |  | 8,674 |  |  | 8,674 |  |  | 8,613 |  | 4.64% / 4.44% |  | 4.64%
Union Square Financing (US)(3) |  | May 6, 2024 |  |  | 55,000 |  |  | 43,000 |  |  | 42,484 |  | 11.25% |  | 7.40%
Purchase Money Promissory Note (US) |  | September 18, 2024 |  |  | 1,333 |  |  | 1,333 |  |  | 1,333 |  | 5.00% |  | 5.00%
Denominated in foreign currency ("FC")(4) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
NAB Corporate Term Loan (AU) |  | June 30, 2024 |  |  | 68,731 |  |  | 68,731 |  |  | 68,662 |  | 4.82% |  | 4.82%
Westpac Bank Corporate (NZ) |  | January 1, 2024 |  |  | 8,777 |  |  | 8,777 |  |  | 8,777 |  | 6.95% |  | 6.95%
Total |  |  |  | $ | 227,633 |  | $ | 215,633 |  | $ | 213,664 |  |  |  |
(1)Net of deferred financing costs amounting to $2.0 million. (2)The interest rate derivative associated with the Minetta & Orpheum loan provided for an effective fixed rate of 5.15%. (3)The interest rate derivative associated with the Union Square loan provided for an effective fixed 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 December 31, 2022. (5)This financing facilities were extended after December 31, 2022. 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) |  | 2023 |  | 2022
Debt - current portion |  | $ | 40,402 |  | $ | 37,279
Debt - long-term portion |  |  | 138,560 |  |  | 148,688
Subordinated debt - current portion |  |  | 776 |  |  | 747
Subordinated debt - long-term portion |  |  | 27,117 |  |  | 26,950
Total borrowings |  | $ | 206,855 |  | $ | 213,664
Bank of America Credit Facility Our Bank of America facility now matures on September 4, 2024, following a Q1 2023 loan modification, which, among other things, extended the maturity date from March 1, 2024. The current facility requires monthly repayments of $725,000 commencing in May 2023, with a balloon payment upon maturity. Interest is charged at a fixed rate of 3.0% above the Bank of America Prime rate, which itself has a floor of 1.0%. Payment-in-kind interest of 0.5% accrues from January 1, 2024, but will be waived in the event of repayment of the entire debt prior to April 1, 2024. 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. Our current loan with Bank Santander matured on November 1, 2023. Based on conversations with the Bank Santander, and while no assurances can be given, we understand that Bank Santander is preparing a proposal for a short term extension of that loan. 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%. On June 26, 2017, we obtained a further $1.5 million at a fixed annual interest rate of 4.44%. Cinemas 1,2,3 Term Loan Our Cinemas 1,2,3 Term Loan is held by Sutton Hill Properties LLC (“SHP”), a 75% owned subsidiary of RDI. On September 29, 2023, we extended the maturity of this loan from October 3, 2023, to October 1, 2024. The loan is with Valley National Bank, carries an interest rate of 3.50% above monthly SOFR, with a floor of 7.50%, and includes provisions for a prepaid interest reserve. 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. As these options are within our control, we continue to keep the loan classified as long-term. The loan currently carries an interest rate of 12.52%. 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 current quarter and the quarter ending December 31, 2023. Australian NAB Corporate Term Loan (AU) Our Revolving Corporate Markets Loan Facility with National Australia Bank (“NAB”) matures on July 31, 2025. It currently consists of (i) a AU$100.5 million Corporate Loan facility at 1.75% above BBSY, of which AU$60.0 million is revolving and AU$40.5 million is core and (ii) a Bank Guarantee Facility of AU$5.0 million at a rate of 1.9% per annum. The last required AU$500,000 in principal payment for core Corporate Loan Facility, before maturity, was paid in full on October 31, 2023.

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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/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I + Details
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