Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt (Tables)

v3.2.0.727
Long-Term Debt (Tables)
 9 Months Ended
Jun. 30, 2015
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt
(in thousands)
June 30, September 30,
2015 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% per annum as of June 30, 2015. The loans are collateralized by real estate and mature in November 2029.   $ 113,125     $ -  
                 
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 1.78% per annum as of June 30, 2015.  The loans are collateralized by real estate and mature in November 2029.     56,063       -  
                 
Metropolitan Life Insurance Company term loan:  the loan bears interest at the initial rate of 5.49% per annum as of June 30, 2015.  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% per annum as of 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% per annum as of June 30, 2015.  The loans are collateralized by real estate and mature in June 2033.     25,930       27,550  
                 
Prudential Mortgage Capital Company, LLC fixed rate term loan:  the loan bears interest at the rate of 3.85% per annum as of June 30, 2015.  The loan is collateralized by real estate and matures in September 2021.     5,445       -  
                 
Prudential Mortgage Capital Company, LLC fixed rate term loan:  the loan bears interest at the rate of 3.45% per annum as of June 30, 2015.  The loan is collateralized by real estate and matures in September 2039.     5,445       -  
                 
Note payable to a financing company secured by equipment and maturing in December 2016.     72       90  
                 
      206,580       61,640  
Less: current portion     4,511       3,196  
                 
Long-term debt   $ 202,069     $ 58,444  
Schedule of Lines of Credit
(in thousands)
June 30, September 30,
2015 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 1.78% per annum as of June 30, 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 1.93% per annum as of June 30, 2015.  The line is secured by personal property and matures in November 2016.  Availability under the line was $52.5 million as of June 30, 2015.     -       -  
                 
                 
Prudential Mortgage Capital Company, LLC revolving line of credit:  this $6 million line bears interest at a variable rate which was 3.01%  per annum as of March 31, 2015 and 2.98% per annum as of June 30, 2014, respectively.   The line is secured by real estate and matures in June 2018.  Availability under the line was $2.6 million as of March 31, 2015 and $2.8 million as of June 30, 2014.     3,348       3,160  
                 
Lines of Credit   $ 3,348     $ 3,160  
Schedule of Debt Maturities
(in thousands)
Due within one year $ 4,511  
Due between one and two years   8,261  
Due between two and three years     14,123  
Due between three and four years     10,875  
Due between four and five years     10,950  
Due beyond five years     161,208  
         
Total   $ 209,928  
Schedule of Interest Costs
(in thousands) Three Months Ended June 30, Nine Months Ended June 30,
2015 2014   2015   2014
         
Interest expense $ 2,127     $ 657     $ 5,715     $ 1,322  
Interest capitalized     71       40       283       118  
                                 
Total   $ 2,198     $ 697     $ 5,998     $ 1,440