SIGA_Annual_Report_2015 - page 69

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2015
69
11. LONG-TERM DEBT (CONTINUED)
CASINO PROJECTS FINANCING (CONTINUED)
The long-term debt obligations are as follows:
March 31,2015 March 31,2014
Term Loan Tranche D – Part A
repayable in monthly instalments of $116,667 plus .
interest at banks acceptance rate plus 1%, maturity April 2018.
$ 11,316,667
$ 12,716,667
Term Loan Tranche D – Part B.
repayable in monthly instalments of $127,000 including .
interest at bankers acceptance rate plus 1.5%, maturity April 2018.
12,308,000
13,830,000
Term Loan Tranche E.
repayable in monthly instalments of $117,762 plus interest .
at bankers acceptance rate plus 1.5%, maturity September 2018.
13,424,960
14,838,104
Term Loan Tranche F.
repayable in monthly instalments of $88,889 plus interest at .
bankers acceptance rate plus 1.5%, maturity September 2018.
10,133,326
11,199,994
Term Loan Tranche F – Fixed Rate.
instalments of $4,460 plus interest at prime rate, maturity September 2018.
314,794
368,310
47,497,747
52,953,075
Less current portion
(5,456,329)
(5,455,333)
$ 42,041,418
$ 47,497,742
Principal repayments required for the above loans, based on maturity dates, are as follows:
2016
5,456,329
2017
5,456,329
2018
5,455,329
2019
5,456,329
2020 and subsequent
25,673,431
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.
In order to manage its interest rate risk exposure, SIGA entered into separate interest rate swap arrangements for the Dakota Dunes,
Living Sky and Painted Hand construction projects on December 12, 2007. These arrangements fixed the interest rates for the loan for
each construction project at 4.94%, 5.09% and 5.09% respectively over the term of the loans. These swap terms are April 2023, August
2024, and August 2024 respectively. The interest rate swap arrangements came into effect for the Dakota Dunes construction project on
April 1, 2008 and came into effect for the Living Sky and Painted Hand construction projects on April 1, 2009. A new swap was entered
in the year related to Dakota Dunes on April 4, 2013. This arrangement fixed the interest rate for the loan at 2.08% over the term of the
loan. This swap term is April 2023. A liability of $6,231,550 has been recorded at March 31, 2015 (2014 – $5,203,754), representing
the fair value of the instruments. Changes to the fair value are recorded as an unrealized gain or loss in the current period. The notional
amount of the interest rate swaps at March 31, 2015, were $11,316,667 and $12,308,000 for Dakota Dunes, $13,424,960 for Living
Sky, and $10,133,326 for Painted Hand.
SIGA has established an unsecured $2,000,000 line of credit with a financial institution. Interest is charged on the line of credit at the
financial institution’s prime rate plus 1%. At March 31, 2015, no amount is owing on the line of credit (2014 – $nil).
1...,59,60,61,62,63,64,65,66,67,68 70,71,72,73,74,75,76,77,78,79,...92
Powered by FlippingBook