Page 53 - SIGA Annual Report 2013

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
year ended March 31, 2013
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10. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
SIGA is required to pay SLGA an amount equivalent to the imputed Goods and Services Tax (“GST”) that is payable by SLGA on gaming
expenses incurred by SIGA related to its slot machine operations. Included in accounts payable and accrued liabilities are amounts owing
to SLGA for GST of $358,189 (2012 – $379,690). Also, $1,580,375 (2012 – $4,078,076) is due to SLGA for slot machine and operating
system reimbursement and is included in accounts payable and accrued liabilities.
11. LONG-TERM DEBT
CASINO PROJECTS FINANCING
In 2007, SIGA entered into a long-term financing agreement with a financial institution (“Bank”) for $79 million to finance all of its casino
projects. The Bank syndicated this financing with a secondary lender to provide SIGA with $20 million. The Bank, as the lead lender,
provided SIGA with the remaining $59 million.
SIGA has drawn on the remaining approved financing to complete the construction of its casinos.
The long-term financing agreement is secured by a general security agreement and mortgage of leasehold interests of SIGA’s casinos.
The long-term debt obligations are as follows:
March 31, 2013
March 31, 2012
Construction Facility Tranche B
repayable in monthly instalments of $117,762 plus interest at bankers acceptance rate
plus 1%, maturity September 2013.
$ 16,251,248
$ 17,664,392
Construction Facility Tranche C
repayable in monthly instalments of $88,889 plus interest at bankers acceptance rate
plus 1%, maturity September 2013.
12,266,662
13,333,330
Term Loan Tranche D – Fixed Rate
repayable in monthly instalments of $165,355 including interest at 5.68%, maturity April 2013.
15,226,317
16,294,190
Term Loan Tranche D – Floating Rate
repayable in monthly instalments of $116,667 plus interest at bankers acceptance rate
plus 1%, maturity April 2013.
14,116,666
15,516,667
Term Loan Tranche A – Fixed Rate
repayable in monthly instalments of $4,460 plus interest at 2.50%, maturity September 2013.
421,827
475,344
58,282,720
63,283,923
Less current portion
(58,282,720)
(5,452,622)
$
$ 57,831,301
Principal repayments required for the above loans, based on maturity dates, are as follows:
2014
$ 58,282,720
These facilities were renegotiated subsequent to year-end at similar terms, and the revised principal repayments are as follows:
2014
$ 5,075,329
2015
5,456,329
2016
5,455,329
2017
5,456,329
2018
5,455,329
2019 and subsequent
31,384,075
Due to the uncertainty surrounding the terms that would currently be available for debt of similar terms and maturities, fair value
information has not been disclosed as fair value cannot be reliably measured.