Long-Term Debt and Lines of Credit - (Tables)
|
12 Months Ended |
Sep. 30, 2016 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of long-term debt, net of current portion |
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
$ |
105,312 |
|
|
$ |
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 2.25% per annum at September 30, 2016. The loans are collateralized by real estate and mature in November 2029. |
|
52,469 |
|
|
55,344 |
|
Metropolitan Life Insurance Company term loan: the loan bears interest at the rate of 5.28% per annum as of September 30, 2016. The loan is secured 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 September 30, 2016. The loans are collateralized by real estate and mature in June 2033. |
|
24,190 |
|
|
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 September 30, 2016. The loan is collateralized by real estate and matures in September 2021. |
|
5,115 |
|
|
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 September 30, 2016. The loan is collateralized by real estate and matures in September 2039. |
|
5,115 |
|
|
5,335 |
|
Note payable to a financing company secured by equipment and maturing in December 2016. |
|
18 |
|
|
54 |
|
|
|
197,219 |
|
|
205,481 |
|
Less current portion |
|
4,493 |
|
|
4,511 |
|
Long-term debt |
|
$ |
192,726 |
|
|
$ |
200,970 |
|
|
| Schedule of lines of credit |
|
|
|
|
|
|
|
|
|
|
|
|
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 2.25% per annum as of September 30, 2016. The line is secured by real estate and matures in November 2019. Availability under the line was $20,000,000 as of September 30, 2016. |
|
$ |
5,000 |
|
|
$ |
— |
|
Rabo Agrifinance, Inc. working capital line of credit: this $70,000,000 line bears interest at a variable rate which was 2.27% per annum as of September 30, 2016. The line is secured by personal property and matures in November, 2018. Availability under the line was $59,800,000 at September 30, 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 September 30, 2016 are as follows:
|
|
|
|
|
(in thousands) |
|
|
|
Due within one year |
$ |
4,493 |
|
Due between one and two years |
8,300 |
|
Due between two and three years |
10,900 |
|
Due between three and four years |
15,963 |
|
Due between four and five years |
10,975 |
|
Due beyond five years |
151,588 |
|
Total future maturities |
$ |
202,219 |
|
|
| Schedule of interest costs expensed and capitalized |
Interest costs expensed and capitalized were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
|
|
|
|
|
Fiscal Year Ended September 30, |
|
2016 |
|
2015 |
|
2014 |
Interest expense |
$ |
9,893 |
|
|
$ |
8,366 |
|
|
$ |
2,368 |
|
Interest capitalized |
172 |
|
|
345 |
|
|
182 |
|
Total |
$ |
10,065 |
|
|
$ |
8,711 |
|
|
$ |
2,550 |
|
|