Notes Payable to Banks and Other Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2013

Notes Payable to Banks and Other Debt Obligations

Schedule of notes payable and other debt obligations

The Company’s notes payable and other debt obligations at March 31, 2013 and December 31, 2012 consisted of the following (dollars in thousands):

		March 31,		December 31,
Description	Terms and Conditions	2013		2012
Bank of Scotland reducing note facility, net of unamortized discount (“BoS Facility A”) [1] [2]	Secured by substantially all assets and subsidiaries of FC Commercial (excluding FH Partners) and guaranteed by FirstCity, matures December 2014	$	21,756	$	29,991
BOS (USA) $25.0 million term note (“BoS Facility B”) [1]	Secured by all assets of FLBG2, matures December 2014	—		—
Bank of America term note [1]	Secured by all assets of FH Partners, matures December 2014	12,887		16,194
FNBCT $15.0 million revolving loan facility [3]	Secured by assets of FC Investment and its subsidiaries, and guaranteed by FirstCity, matures August 2013	2,000		2,000
Non-recourse bank notes payable of various U.S. Portfolio Entities	Secured by assets (primarily Portfolio Assets) of the underlying entities, various maturities through October 2015	3,932		4,712
Non-recourse bank notes payable of consolidated railroad subsidiaries	Secured by assets of the subsidiaries, various maturities through March 2016	6,950		7,044
Other notes and debt obligations		1,752		1,790
Total notes payable and other debt obligations		$	49,277	$	61,731

[1] In December 2011, FirstCity entered into a debt refinancing arrangement with Bank of Scotland that resulted in the amendment and restatement of the Reducing Note Facility (“BoS Facility A”) and a new loan agreement with BOS (USA) (“BoS Facility B”). In connection with this debt refinancing arrangement, FirstCity also obtained a new credit facility with Bank of America. This debt refinancing transaction was accounted for as a debt extinguishment and, as such, BoS Facility A and BoS Facility B were initially recorded at their estimated fair values of $91.6 million and $-0-, respectively, in December 2011.

[2] The unamortized discount on this loan facility at March 31, 2013 and December 31, 2012 was $0.7 million and $1.1 million, respectively.

[3] FC Investment, a FirstCity wholly-owned subsidiary, obtained this revolving loan facility in May 2012 (see discussion below).