Note 10 – Debt

The Company’s borrowings at March 31, 2016 and December 31, 2015, net of deferred financing costs and including the impact of interest rate swaps on effective interest rates, are summarized below:


		As of March 31, 2016
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.62%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.93%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		4,750	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	4.00%	4.00%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	4.00%	4.00%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.25%	3.25%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.58%	3.58%
Denominated in foreign currency ("FC") (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		51,052		24,183	3.10%	3.10%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,630		12,121	4.15%	4.15%
			$	210,095
Debt, gross amount					$	129,217
Less: deferred financing costs, net of amortization						1,622
Debt, net of deferred financing costs					$	127,595

(1) Effective interest rate includes the impact of interest rate derivatives hedging the interest rate risk associated with Trust Preferred Securities and Bank of America Credit Facility that were outstanding as of March 31, 2016

(2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollars based on the applicable exchange rates as of March 31, 2016.


		As of December 31, 2015(3)
(Dollars in thousands)		Maturity Date	Contractual Facility		Balance		Stated Interest Rate	Effective Interest Rate (1)
Denominated in USD
	Trust Preferred Securities (USA)	April 30, 2027	$	27,913	$	27,913	4.32%	5.20%
	Bank of America Credit Facility (USA)	November 28, 2019		55,000		29,750	2.92%	3.65%
	Bank of America Line of Credit (USA)	October 31, 2017		5,000		2,500	3.42%	3.42%
	Cinema 1, 2, 3 Term Loan (USA)	July 1, 2016		15,000		15,000	3.75%	3.75%
	Cinema 1, 2, 3 Line of Credit (USA)	July 1, 2016		6,000		--	3.75%	3.75%
	Minetta & Orpheum Theatres Loan (USA)	June 1, 2018		7,500		7,500	3.00%	3.00%
	Union Square Line of Credit (USA)	June 2, 2017		8,000		8,000	3.65%	3.65%
Denominated in FC (2)
	NAB Corporate Term Loan (AU)	June 30, 2019		48,452		26,594	3.06%	3.06%
	Westpac Corporate Credit Facility (NZ)	March 31, 2018		34,210		13,684	4.45%	4.45%
			$	207,075
Debt, gross amount					$	130,941
Less: deferred financing costs, net of amortization						1,828
Debt, net of deferred financing costs					$	129,113

(2) The contractual facilities and outstanding balances of the FC-denominated borrowings were translated into U.S. dollar based on the applicable exchange rates as of December 31, 2015.

(3) The balance as of December 31, 2015 included the reclassification adjustment relating to netting of deferred financing costs, as discussed in Note 1 – Recently Adopted and Issued Accounting Pronouncements.

Bank of America Credit Facility

On March 3, 2016, we amended our $55.0 million credit facility with Bank of America to permit real property acquisition loans. This amendment was subject to the provision that the consolidated leverage ratio would be reduced by 0.25% from the established levels in the credit facility during the period of such borrowing subject further to a repayment of such borrowings on the earlier of the eighteen months from the date of such borrowing or the maturity date of the credit agreement. Such modification was not considered substantial in accordance with US GAAP.