Company: PRSU
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040127
Chunk: 231

Company: Pursuit Attractions & Hospitality, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 231
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.S. dollars, Canadian dollars, Euros and Pounds sterling, with a maturity of January 3, 2030. Proceeds from the 2025 Revolving Credit Facility will provide us with additional funds for operations, growth initiatives, acquisitions and other general corporate purposes. Refer to Note 27 – Subsequent Events for additional information.

53

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

Future maturitiesAggregate annual maturities of debt (excluding finance obligations) as of December 31, 2024 are as follows: 

        (in thousands)
         
        Credit Facilities

        Year ending December 31,

        2025
         
        $
        987

        2026

        1,002

        2027

        1,018

        2028

        11,628

        2029

        382

        Total
         
        $
        15,017

      The aggregate annual maturities and the related amounts representing interest on finance lease obligations are included in Note 22 – Leases and Other.

      NOTE 14. DERIVATIVE
     
    Interest Rate CapOn January 4, 2023, we entered into an interest rate cap agreement with an effective date of January 31, 2023. The interest rate cap managed our exposure to interest rate increases on $300 million in SOFR-based borrowings under our prior 2021 Credit Facility and provided us with the right to receive payment if the one-month SOFR exceeded 5.0% (the “Strike Rate”). Beginning on February 28, 2023, we paid a fixed monthly deferred premium based on an annual rate of 0.3335% for the interest rate cap, which was to mature on January 31, 2025. On December 31, 2024, we terminated and repaid in full the 2021 Credit Facility, which led to the termination of the related interest rate cap. As a result of the termination, we reclassified the remaining balance in AOCI to “Interest expense, net” in the Consolidated Statements of Operations. We received gross proceeds from the interest rate cap of $0.8 million during 2024 and $0.5 million during 2023 when the one-month SOFR exceeded the Strike Rate.We designated the interest rate cap as a cash flow hedge designed to hedge the variability