|
PROJECTED SCHEDULE OF LONG-TERM DEBT
<br /> Mike Gaffron Omo model (1)nil s ENWING DECEMBER 31,2002,2003,2004,2005 AND 2006 Page9.,.
<br /> Series B
<br /> Series A Taxable Sub debt Total
<br /> Bonds payable:
<br /> Project fund deposits
<br /> Building construction fund 5,002,506 225,000 5,227,506
<br /> Land acquisition 837,558 837,558
<br /> Development fee 333,577 333,577
<br /> Architectural 164,300 164,300
<br />' Furniture&Fixtures 73,211 73,211
<br /> Marketing and lease up 70,000 70,000
<br /> Deferred city fees 200,000 200,000
<br /> Organizational costs -
<br /> Operating reserve - -
<br /> 6,681,152 - 225,000 6,906,152
<br /> Fund deposits:
<br /> Capitalized interest fund 519,972 19,677 24,658 564,307
<br /> Debt service reserve fund 573,806 573806 8,190,000
<br /> 1,093,778 19,877 24,658 1,138,113
<br /> 564,307
<br /> Delivery date expenses: 573,806
<br /> Cost of issuance 137,117 8,750 145,867 344,367
<br /> Underwriters discount 193,250 5,250 198,500 1,482,480
<br /> 330,367 14,000 - 344,367
<br /> 6,707,520
<br /> Additional proceeds 1,028 342 1,367 250,000
<br /> 210,000
<br /> Total 8,106,323 33,677 250,000 8,390,000
<br /> Taxable bond (176,323) 176,323
<br /> Subordinated debt (200,000) (200,000)
<br /> Bond financing 7,730,000 210,000 250,000 8,190,000
<br /> 1999 2000 2001 2002 2003 2004
<br /> Proceeds of long-term debt:
<br /> Series A 7,730,000
<br /> Taxable 210,000
<br /> Total 7,940.000 -
<br /> -
<br /> -
<br /> -
<br /> 1 2 3 4 5 6 7
<br /> BEG
<br /> Payment BALANCE 2001 2002 2003 2004 2005 2006 2007
<br /> Bonds payments:
<br /> Series A 70,000 105,000
<br /> Taxable 85,000 95,000 30,000 -
<br /> Bonds payable:
<br /> Series A - - 7,730,000 7,730,000 7,730,000 7,730,000 7,730,000 7,660,000 7,555,000
<br /> Taxable - 210,000 210,000 210,000 125,000 30,000 - -
<br /> Total - - 7,940,000 7,940,000 7,940,000 7,855,000 7,760,000 7,660,000 7,555,000
<br /> BEG 1 2 3
<br /> Payment BALANCE 2001 2002 2003 2004 2005 2006 2007 2008
<br /> Subordinated debt: 56,107 68,550 84,193 41,150 - -
<br /> Sub debt 250,000 250,000 250,000 193,893 125,343 41,150 0 0
<br /> 0 0 0 0 0 0 0 0 0
<br /> Total 250.005. 250 OOQ 250.00Q 1$3 893 125.34 41 15Q Q 0
<br /> Term Rate 2001 2002 2003 2004 2005 2006 2007 2008
<br /> Interest expense:
<br /> Series A 6.10% 19,647 471,530 471,530 471,530 471,530 469,395 464,058 460,855
<br /> Series B 8.00% 700 16,800 18,800 13,400 6,200 1,200 - -
<br /> Less: Capitalized interest (20,660) (388,192)
<br /> Total (313) 100,138 488,330 484,930 477,730 470,595 464,058 460,855
<br /> Subordinated debt:
<br /> Series C - - - - - - -
<br /> 30 9.00% 313 22,500 22,500 19,975 14,386 7,492 1,852 0
<br /> 313 22,500 22,500 19,975 14,366 7,492 1,852 0
<br /> Credit Line - - - - - - - -
<br /> Total -
<br /> 122 638 510 83Q 504,905. 492.095. 478,087 465 9099_ 460,655
<br /> Current Portion:
<br /> Bond:
<br /> Series A 0 0 0 0 70,000 105,000 7,555,000 0
<br /> Taxable 0 0 85,000 95,000 30,000 0 0 0
<br /> 0 0 0 0 0 0 0 0
<br /> Total 0 0 85,000 95,000 100,000 105,000 7,555,000 0
<br /> Subordinated
<br /> Sub#1 0 0 56,107 68,550 84,193 41,150 0 0
<br /> Sub#2
<br /> Total 0 0 56,107 88,550 84,193 41,150 0 0
<br /> Excess cash flow before sub debt 18,239 166,477 267,468 112,214 137,101 168,386 0 0
<br /> 50%allocation 1 (8,119) (83,238) (133,734) (58,107) (68,550) (84,193) 0 0
<br /> Fusee e,reilehle a its R'r 71R 111 7'i11 RR 1n7 RR ccn Rd 101 n n
<br />
|