When fully amortizing the $60 million bullet payment
due fiscal 2038, MADS is about $12.
9 million, including a $108 million bullet payment
on the series 2008A bonds in fiscal 2038) represents a very high 362.
Another option for the city would be to use reserves to make the 2014 bullet payment
, which could deplete cash levels that will already be weakened to support governmental funds.
Principal is expected to be returned to class A investors in a bullet payment
on the scheduled payment date of March 15, 2003, following a variable principal accumulation period, and to the class B investors one month later, on April 15, 2003.
5 million bullet payment
due in 2015, which is a credit concern.
Assuming a level amortization of the bullet payment
over a 20-year period, MADS reduces to approximately $17.
5 million, but this figure includes a bullet payment
of $5 million in 2016.
A principal payment will be made to class A and class B certificateholders on their scheduled payment date of May 20, 2002, in a bullet payment
The 2011 debt maturities are comprised of a $250 million bullet payment
due on a term loan in September 2011, $140 million borrowed under the receivable facility which matures in September 2011 and $50 million in commercial paper.
Standard & Poor's ratings address the timely payment of semiannual interest on the 15th of each May and November on class A and class B certificates and the ultimate payment of principal by the series termination date on May 15, 2008, in a bullet payment
The senior facility and supplemental revolver mature in 2004, and all of the notes have a bullet payment
The term of subordinated debt is longer than conventional bank financing, with maturities ranging from five to 10 years with minimal amortization during the early periods and larger or bullet payments
near or at the maturity date.