16. Long-term Debt
This account consists of: 2011
ECA loans
Interest Rates 3.37% to 5.83%
Maturities Various dates through 2023
0.85% to 2.05% (US Dollar LIBOR 6 months + margin or 3 months + margin) Commercial loans from foreign banks
4.11% to 5.67%
Various dates through 2017
1.65% to 1.71% (US Dollar LIBOR 6 months + margin)
Less current portion
US Dollar US$248,553,773
Philippine Peso Equivalent ₱10,896,597,403
175,556,066 424,109,839
7,696,377,955 18,592,975,358
47,428,768
2,079,277,203
4,553,852 51,982,620
199,640,872 2,278,918,075
476,092,459
20,871,893,433
56,283,101
2,467,451,166
US$419,809,358
₱18,404,442,267
2010
ECA loans
Interest Rates 3.37% to 5.83%
Maturities Various dates through 2022
0.86% to 2.54% (US Dollar LIBOR 6 months + margin or 3 months + margin) Commercial loans from foreign banks
4.11% to 5.67% 1.64% to 2.12% (US Dollar LIBOR 6 months + margin)
Less current portion
Various dates through 2017
US Dollar US$242,476,310
Philippine Peso Equivalent ₱10,630,161,421
117,484,686 359,960,996
5,150,528,642 15,780,690,063
54,455,626
2,387,334,644
6,037,500 60,493,126
264,683,997 2,652,018,641
420,454,122
18,432,708,704
46,898,810
2,056,043,837
US$373,555,312
₱16,376,664,867
ECA Loans In 2005 and 2006, the Group entered into ECA-backed loan facilities to partially finance the purchase of ten Airbus A319 aircraft. The security trustee of the ECA loans established CALL, a special purpose company, which purchased the aircraft from the supplier and leases such aircraft to the Parent Company pursuant to twelve-year finance lease agreements. The quarterly rental payments made by the Parent Company to CALL correspond to the principal and interest payments made by CALL to the ECA-backed lenders. The quarterly lease rentals to CALL are guaranteed by CPAHI and JGSHI. The Parent Company has the option to purchase the aircraft for a nominal amount at the end of such leases.
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