Annual report pursuant to Section 13 and 15(d)

Long-Term Debt and Lines of Credit - (Tables)

v3.5.0.2
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