Note 11 – Notes Payable

Notes payable are summarized as follows (dollars in thousands):



		Interest Rate				Balance
Name of Note Payable or Security	Maturity Date	June 30, 2015	December 31, 2014	Contractual Facility		June 30, 2015		December 31, 2014
Trust Preferred Securities	April 30, 2027	4.28%	4.23%	$	27,913	$	27,913	$	27,913
US Bank of America Credit Facility	November 28, 2019	2.69%	2.67%		55,000		29,750		29,750
US Bank of America Line of Credit	October 31, 2017	3.19%	3.17%		5,000		--		--
US Cinema 1, 2, 3 Term Loan	July 1, 2016	3.69%	3.69%		15,000		15,000		15,000
US Cinema 1, 2, 3 Line of Credit	July 1, 2016	3.69%	3.69%		6,000		--		--
US Minetta & Orpheum Theatres Loan	June 1, 2018	2.94%	2.94%		7,500		7,500		7,500
US Union Square Line of Credit	June 2, 2017	3.25%	-		8,000		8,000		--
US Union Square Theatre Term Loan	June 2, 2015	0.00%	5.92%		7,500		--		6,468
Australian NAB Corporate Term Loan	June 30, 2019	4.44%	5.04%		43,913		43,913		47,403
Australian NAB Corporate Credit Facility	June 30, 2019	4.44%	5.04%		7,704		--		8,173
New Zealand Corporate Credit Facility	March 31, 2018	5.15%	5.80%		33,890		18,978		21,829
Total						$	151,054	$	164,036

Australian NAB Corporate Term Loan (“NAB Loan), Australian NAB Corporate Credit Facility (“NAB Revolver”), and New Zealand Corporate Credit Facility are denominated in Australian dollars and New Zealand dollars, respectively. The associated contractual facilities and outstanding balances in the table above were translated into U.S. dollar based on the applicable foreign exchange rates as of June 30, 2015.

We entered into interest rate swaps to hedge the interest rates of our Trust Preferred Securities, U.S. Bank of America Credit Facility (“BofA Revolver”) and NAB Loan. The interest rate swaps effectively converted the floating-rate payments on the borrowings into fixed-rate payments, resulting in us paying 5.2% on the Trust Preferred Securities (1.20% swap contract rate plus a 4.00% margin under the loan), 3.65% on our BofA Revolver (1.15% swap contract rate plus a 2.50% margin under the loan) and 7.85% on our NAB Loan (5.50% swap contract rate plus a 2.35% margin under the loan).

New Zealand Corporate Credit Facility

On May 21, 2015, we refinanced our existing New Zealand Corporate Credit Facility with a $33.9 million (NZ$50.0 million) facility with the same bank (Westpac Bank), bearing an interest rate of 1.75% above Bank Bill Bid Rate (“BBBR”) and maturing on March 31, 2018. The facility is broken into two tranches, one a $23.7 million (NZ$35.0 million) credit facility and the second tranche for a $10.2 million (NZ$15.0 million) facility to be used for construction funding.

US Union Square Non-Revolving Line of Credit

On June 2, 2015, we replaced our US Union Square Term Loan with a $8.0 million "non-revolving" line of credit with East West Bank, collateralized by our Union Square property. The line of credit bears an interest rate of 2.95% above the 90-day LIBOR and matures on June 2, 2017, with an option to extend for one additional year.