entergy corporation notes to consolidated financial statements sale and leaseback transactions waterford 3 lease obligations in 1989 , entergy louisiana sold and leased back 9.3% ( 9.3 % ) of its interest in waterford 3 for the aggregate sum of $ 353.6 million .the lease has an approximate term of 28 years .the lessors financed the sale-leaseback through the issuance of waterford 3 secured lease obligation bonds .the lease payments made by entergy louisiana are sufficient to service the debt .in 1994 , entergy louisiana did not exercise its option to repurchase the 9.3% ( 9.3 % ) interest in waterford 3 .as a result , entergy louisiana issued $ 208.2 million of non-interest bearing first mortgage bonds as collateral for the equity portion of certain amounts payable under the lease .in 1997 , the lessors refinanced the outstanding bonds used to finance the purchase of waterford 3 at lower interest rates , which reduced the annual lease payments .upon the occurrence of certain events , entergy louisiana may be obligated to assume the outstanding bonds used to finance the purchase of the unit and to pay an amount sufficient to withdraw from the lease transaction .such events include lease events of default , events of loss , deemed loss events , or certain adverse "financial events." "financial events" include , among other things , failure by entergy louisiana , following the expiration of any applicable grace or cure period , to maintain ( i ) total equity capital ( including preferred stock ) at least equal to 30% ( 30 % ) of adjusted capitalization , or ( ii ) a fixed charge coverage ratio of at least 1.50 computed on a rolling 12 month basis .as of december 31 , 2003 , entergy louisiana's total equity capital ( including preferred stock ) was 49.82% ( 49.82 % ) of adjusted capitalization and its fixed charge coverage ratio for 2003 was 4.06 .as of december 31 , 2003 , entergy louisiana had future minimum lease payments ( reflecting an overall implicit rate of 7.45% ( 7.45 % ) ) in connection with the waterford 3 sale and leaseback transactions , which are recorded as long-term debt , as follows: .
[['', '( in thousands )'], ['2004', '$ 31739'], ['2005', '14554'], ['2006', '18262'], ['2007', '18754'], ['2008', '22606'], ['years thereafter', '366514'], ['total', '472429'], ['less : amount representing interest', '209895'], ['present value of net minimum lease payments', '$ 262534']]
grand gulf 1 lease obligations in december 1988 , system energy sold 11.5% ( 11.5 % ) of its undivided ownership interest in grand gulf 1 for the aggregate sum of $ 500 million .subsequently , system energy leased back its interest in the unit for a term of 26-1/2 years .system energy has the option of terminating the lease and repurchasing the 11.5% ( 11.5 % ) interest in the unit at certain intervals during the lease .furthermore , at the end of the lease term , system energy has the option of renewing the lease or repurchasing the 11.5% ( 11.5 % ) interest in grand gulf 1 .system energy is required to report the sale-leaseback as a financing transaction in its financial statements .for financial reporting purposes , system energy expenses the interest portion of the lease obligation and the plant .

Question: what portion of the total future minimum lease payments for entergy louisiana is used for interest?
Answer: 44.4%