GAIA » Topics » Interest Rate Swaps

This excerpt taken from the GAIA 8-K filed Nov 29, 2005.
Interest Rate Swaps—During March 2003, the Company entered into a LIBOR amortizing cap for a notional amount of approximately $42,000. The cap expires in March 2006. The swap is carried at its fair value on the balance sheet. Changes in the fair values of the swap are recorded currently in the income statement as either an increase or decrease to interest expense. The swap had a fair value of $2 and $65 at December 31, 2004 and 2003, respectively.


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