Long-Term Debt and Lines of Credit - (Tables)
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9 Months Ended |
Jun. 30, 2016 |
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| Debt Disclosure [Abstract] |
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| Schedule of long-term debt, net of current portion |
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|
|
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|
|
|
|
|
|
June 30, |
|
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, are collateralized by real estate and mature in November 2029. |
$ |
106,875 |
|
|
$ |
111,563 |
|
Metropolitan Life Insurance Company and New England Life Insurance Company variable rate term loans in the original principal amount of $57,500,000: the variable interest rate was approximately 2.14% per annum as of June 30, 2016. The loans are collateralized by real estate and mature in November 2029. |
53,188 |
|
|
55,344 |
|
Metropolitan Life Insurance Company term loan: the loan bears interest at the rate of 5.28% per annum as of June 30, 2016. The loan is collateralized by real estate and matures in February 2029. |
5,000 |
|
|
2,500 |
|
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, 2016. The loans are collateralized by real estate and mature in June 2033. |
24,480 |
|
|
25,350 |
|
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, 2016. The loan is collateralized by real estate and matures in September 2021. |
5,170 |
|
|
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 June 30, 2016. The loan is collateralized by real estate and matures in September 2039. |
5,170 |
|
|
5,335 |
|
Note payable to a financing company collateralized by equipment and matures in December 2016. |
18 |
|
|
54 |
|
|
199,901 |
|
|
205,481 |
|
Less current portion |
4,493 |
|
|
4,511 |
|
Long-term debt |
$ |
195,408 |
|
|
$ |
200,970 |
|
|
| Schedule of lines of credit |
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|
June 30, |
|
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 2.14% per annum as of June 30, 2016. The line is collateralized by real estate and matures in November 2019. Availability under the line was $25,000,000 as of June 30, 2016. |
$ |
— |
|
|
$ |
— |
|
Rabo Agrifinance, Inc. working capital line of credit: this $70,000,000 line bears interest at a variable rate which was 2.21% per annum as of June 30, 2016. The line is collateralized by current assets and certain personal property and matures in November 2016. Availability under the line was approximately $59,800,000 as of June 30, 2016. |
— |
|
|
— |
|
Lines of Credit |
$ |
— |
|
|
$ |
— |
|
|
| Schedule of future maturities of debt and lines of credit |
Future maturities of debt and lines of credit as of June 30, 2016 are as follows:
|
|
|
|
|
(in thousands) |
|
|
|
Due within one year |
$ |
4,493 |
|
Due between one and two years |
8,275 |
|
Due between two and three years |
10,875 |
|
Due between three and four years |
10,950 |
|
Due between four and five years |
10,975 |
|
Due beyond five years |
154,333 |
|
|
|
Total future maturities |
$ |
199,901 |
|
|
| Schedule of interest costs expensed and capitalized |
Interest costs expensed and capitalized were as follows:
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(in thousands) |
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Three Months Ended June 30, |
|
Nine Months Ended June 30, |
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Interest expense |
$ |
2,470 |
|
|
$ |
2,104 |
|
|
$ |
7,448 |
|
|
$ |
5,739 |
|
Interest capitalized |
41 |
|
|
71 |
|
|
122 |
|
|
283 |
|
Total |
$ |
2,511 |
|
|
$ |
2,175 |
|
|
$ |
7,570 |
|
|
$ |
6,022 |
|
|