Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.3.1.900
Debt (Tables)
12 Months Ended
Sep. 30, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt, Net of Current Portion
(in thousands)
 
 
 
 
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 $125,000,000: the loans bear interest at the rate of 4.15% per annum as of September 30,2015. The loans are collateralized by real estate and mature in November 2029.
$
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 1.80% per annum as of September 30, 2015. The loans are collateralized by real estate and mature in November 2029.
55,344

 

Metropolitan Life Insurance Company term loan: the loan bears interest at the rate of 5.30% per annum as of September 30, 2015. A final advance of $2,500,000 is scheduled for March 1, 2016 subject to certain performance conditions. The interest rate is subject to adjustment on the date of the final advance. The loan is collateralized by real estate and matures in February 2029.
2,500

 

Rabo Agrifinance, Inc. variable rate term loan. 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.
25,640

 
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.
5,390

 

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.
5,390

 

Note payable to a financing company collateralized by equipment and maturing in December 2016.
54

 
90

 
205,881

 
61,640

Less current portion
4,511

 
3,196

Long-term debt
$
201,370

 
$
58,444

Schedule of Lines of Credit
(in thousands)
 
 
 
 
September 30,
 
2015
 
2014
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 1.80% per annum as of September 30, 2015. The line is collateralized by real estate and matures in November 2019.
$

 
$

Rabo Agrifinance, Inc. working capital line of credit: this $70,000,000 line bears interest at a variable rate which was 1.95% per annum as of September 30, 2015. The line is collateralized by personal property and matures in November 2016. Availability under the line was $52,500,000 of September 30, 2015.

 

Rabo Agrifinance, Inc. revolving line of credit which was a $60,000,000 line. The loan was refinanced on December 3, 2014.

 

Prudential Mortgage Capital Company, LLC revolving line of credit which was a $6,000,000 line that was paid in full and closed on April 28, 2015.

 
3,160

Lines of Credit
$

 
$
3,160

Schedule of Future Maturities of Debt
Future maturities of debt as of September 30, 2015 are as follows:

(in thousands)
 
 
 
 
 
 
 
 
 
Due within one year
 
 
 
$
4,511

Due between one and two years
 
 
 
8,243

Due between two and three years
 
 
 
10,800

Due between three and four years
 
 
 
10,900

Due between four and five years
 
 
 
10,963

Due beyond five years
 
 
 
160,464

 
 
 
 
 
Total future maturities
 
 
 
$
205,881

Schedule of Interest Costs Expensed and Capitalized
Interest costs expensed and capitalized were as follows:

(in thousands)
 
Fiscal Year Ended September 30,
 
 
2015
 
2014
 
2013
Interest expense
 
$
8,373

 
$
1,925

 
$
1,257

Interest capitalized
 
345

 
204

 
79

Total
 
$
8,718

 
$
2,129

 
$
1,336