Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v2.4.1.9
Long-Term Debt (Tables)
 6 Months Ended
Mar. 31, 2015
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt

 

(in thousands)     
March 31, 2015  

September 30,

2014
 
Long-term debt, net of current portion:

       
Metropolitan Life Insurance Company and New England Life Insurance Company fixed rate term loans in the original principal amount of $125 million:  the loans bear interest at the rate of 4.15%. The loans are collateralized by real estate and mature in November 2029.   $    114,688     $ -
               
Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $57.5 million:  the variable interest rate was 1.75% at March 31, 2015.  The loans are collateralized by real estate and mature in November 2029.     56,781       -
               
Metropolitan Life Insurance Company term loan:  the loan bears interest at the initial rate of 5.49%.  A final advance of $4.5 million is scheduled for December 1, 2015 subject to certain performance conditions.  The interest rate is subject to adjustment on the date of the final advance.  The loan is secured by real estate and matures in February 2029.     500       -
               
Rabo Agrifinance, Inc. variable rate term loan:  the variable interest rate on this loan was 2.40% at September 30, 2014. The loan was secured by real estate and had a maturity date of October 2020.  The loan was refinanced on December 3, 2014.     -       34,000
               
Prudential Mortgage Capital Company, LLC fixed rate term loans:  the loans bear interest at the rate of 5.35%.  The loans are collateralized by real estate and mature in June 2033.     26,970       27,550
               
Prudential Mortgage Capital Company, LLC fixed rate term loan:  the loan bears interest at the rate of 3.85%.  The loan is collateralized by real estate and matures in September 2021.     5,500       -
               
Prudential Mortgage Capital Company, LLC fixed rate term loan:  the loan bears interest at the rate of 3.45%.  The loan is collateralized by real estate and matures in September 2039.     5,500       -
               
Note payable to a financing company secured by equipment and maturing in December 2016     72       90
               
      210,011       61,640
Less current portion     4,511       3,196
           
Long-term debt   $
 205,500     $ 58,444
Schedule of Lines of Credit
 (in thousands)    
March 31, 2015

September 30,

2014
Lines of Credit:        
 
Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit:  this $25 million line bears interest at a variable rate which was 1.75% at March 31, 2015.  The line is secured by real estate and matures in November 2019.   $      -   $ -
         
 
Rabo Agrifinance, Inc. working capital line of credit:  this $70 million line bears interest at a variable rate which was 1.92% at March 31, 2015.  The line is secured by personal property and matures in November 2016.  Availability under the line was $36.3 million at March 31, 2015.     16,239  
-
         
 
Rabo Agrifinance, Inc. revolving line of credit:  this $60 million line bore interest at a variable rate which was 2.10% at September 30, 2014.  The entire $60 million balance was available at September 30, 2014.  The line was secured by real estate and had a maturity date of October 2020.  The loan was refinanced on December 3, 2014.     -  
-
         
 
Prudential Mortgage Capital Company, LLC revolving line of credit:  this $6 million line bears interest at a variable rate which was 3.00% at December 31, 2014 and 2.98% at June 30, 2014, respectively.   The line is secured by real estate and matures in June 2018.  Availability under the line was $264,000 at December 31, 2014 and $2,840,000 at June 30, 2014.     5,736  
3,160
         
 
         
 
Lines of Credit   $ 21,975   $ 3,160
Schedule of Debt Maturities
(in thousands)
Due within one year $ 4,511
Due between one and two years   24,504
Due between two and three years   10,750
Due between three and four years   16,586
Due between four and five years   10,938
Due beyond five years   164,697
   
Total $ 231,986
Schedule of Interest Costs
(in thousands) Three Months Ended March 31, Six Months Ended March 31,
2015 2014   2015   2014
       
Interest expense $ 2,285
  $ 396     $ 3,588     $ 665  
Interest capitalized   159
    40       212       69  
     
                       
Total $ 2,444
  $ 436     $ 3,800     $ 734