Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt and Lines of Credit (Tables)

v3.4.0.3
Long-Term Debt and Lines of Credit (Tables)
6 Months Ended
Mar. 31, 2016
Debt Disclosure [Abstract]  
Schedule of long-term debt, net of current portion
 
March 31,
 
September 30,
 
2016
 
2015
 
(in thousands)
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 $125,000,000: the loans bear interest at the rate of 4.15% per annum. The loans are collateralized by real estate and mature in November 2029.
$
108,438

 
$
111,563

Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amounts of $57,500,000: the variable interest rate was approximately 2.12% per annum as of March 31, 2016. The loans are collateralized by real estate and mature in November 2029.
53,906

 
55,344

Metropolitan Life Insurance Company term loan: the loan bears interest at the rate of 5.30% per annum as of March 31, 2016. A final advance of $2,500,000 was made on April 27, 2016. The interest rate was adjusted to 5.28% on the date of the final advance. The loan is collateralized by real estate and matures in February 2029.
2,500

 
2,500

Prudential Mortgage Capital Company, LLC fixed rate term loans: the loans bear interest at the rate of 5.35% per annum. The loans are collateralized by real estate and mature in June 2033.
24,770

 
25,350

Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.85% per annum. The loan is collateralized by real estate and matures in September 2021.
5,225

 
5,335

Prudential Mortgage Capital Company, LLC fixed rate term loan: the loan bears interest at the rate of 3.45% per annum as of March 31, 2016. The loan is collateralized by real estate and matures in September 2039.
5,225

 
5,335

Note payable to a financing company collateralized by equipment and maturing in December 2016.
36

 
54

 
200,100

 
205,481

Less current portion
4,511

 
4,511

Long-term debt
$
195,589

 
$
200,970

Schedule of lines of credit
 
 
 
 
 
March 31,
 
September 30,
 
2016
 
2015
 
(in thousands)
Lines of Credit:
 
 
 
Metropolitan Life Insurance Company and New England Life Insurance Company revolving line of credit: this $25,000,000 line bears interest at a variable rate which was 2.12% per annum as of March 31, 2016. The line is collateralized by real estate and matures in November 2019. Availability under the line was $20,000,000 as of March 31, 2016.
$
5,000

 
$

Rabo Agrifinance, Inc. working capital line of credit: this $70,000,000 line bears interest at a variable rate which was 2.19% per annum as of March 31, 2016. The line is collateralized by current assets and certain personal property and matures in November 2016. Availability under the line was approximately $56,000,000 as of March 31, 2016.

 

Lines of Credit
$
5,000

 
$

Schedule of future maturities of debt and lines of credit
Future maturities of debt and lines of credit as of March 31, 2016 are as follows:
(in thousands)
 
 
 
Due within one year
$
4,511

Due between one and two years
8,250

Due between two and three years
10,825

Due between three and four years
15,925

Due between four and five years
10,975

Due beyond five years
154,614

 
 
Total future maturities
$
205,100

Schedule of interest costs expensed and capitalized
Interest costs expensed and capitalized were as follows:

(in thousands)
 
 
 
 
 
 
 
 
Three Months Ended March 31,
 
Six Months Ended March 31,
 
2016
 
2015
 
2016
 
2015
Interest expense
$
2,475

 
$
2,257

 
$
4,978

 
$
3,636

Interest capitalized
38

 
159

 
81

 
212

Total
$
2,513

 
$
2,416

 
$
5,059

 
$
3,848