Cabela's 2013 Annual Report Download - page 100

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90
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
13. LONG-TERM DEBT AND CAPITAL LEASES
Long-term debt and capital leases consisted of the following at the years ended:
2013 2012
Unsecured revolving credit facility $ 2,932 $ -
Unsecured notes due 2016 with interest at 5.99% 215,000 215,000
Unsecured senior notes due 2017 with interest at 6.08% 60,000 60,000
Unsecured senior notes due 2014-2018 with interest at 7.20% 40,714 48,857
Capital lease obligations payable through 2036 12,419 12,678
Total debt 331,065 336,535
Less current portion of debt (8,418) (8,402)
Long-term debt, less current maturities $ 322,647 $ 328,133
Certain of the long-term debt agreements contain various covenants and restrictions such as the
maintenance of minimum debt coverage, net worth, and financial ratios. The significant financial ratios and net
worth requirements in the long-term debt agreements are 1) a limitation of funded debt to be less than 60% of
consolidated total capitalization; 2) cash flow fixed charge coverage ratio, as defined, of no less than 2.0 to 1 as of
the last day of any quarter; and 3) a minimum consolidated adjusted net worth (as defined).
In addition, the debt agreements contain cross default provisions to our outstanding credit facilities. In
the event that the Company failed to comply with these covenants, a default would trigger and all principal and
outstanding interest would immediately be due and payable. At December 28, 2013, and December 29, 2012, the
Company was in compliance with all financial covenants under the unsecured notes. We anticipate that we will
continue to be in compliance with all financial covenants under our unsecured notes through at least the next 12
months.
The Company has a lease agreement for our distribution facility in Wheeling, West Virginia. The lease term
is through June 2036. The monthly installments are $83 and the lease contains a bargain purchase option at the
end of the lease term. We accounted for this lease as a capital lease and recorded the additional leased asset at the
present value of the future minimum lease payments using a 5.9% implicit rate. The additional leased asset was
recorded at $5,649 and is being amortized on a straight-line basis over 30 years.
Aggregate expected maturities of long-term debt and scheduled capital lease payments for the years shown
are as follows:
Scheduled Capital
Lease Payments Long-Term Debt
Maturities
2014 $ 1,000 $ 8,143
2015 1,000 8,143
2016 1,000 226,075
2017 1,000 68,143
2018 1,000 8,142
Thereafter 17,500 -
22,500 318,646
Capital lease amount representing interest (10,081)
Present value of net scheduled lease payments $ 12,419 12,419
Total long-term debt and capital leases $ 331,065