Long-Term Debt and Lines of Credit (Tables)
|
3 Months Ended |
Dec. 31, 2015 |
|---|
| Debt Disclosure [Abstract] |
|
| Schedule of long-term debt, net of current portion |
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
2015 |
|
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 as of December 31, 2015. The loans are collateralized by real estate and mature in November 2029. |
$ |
110,000 |
|
|
$ |
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 1.82% per annum as of December 31, 2015. The loans are collateralized by real estate and mature in November 2029. |
54,625 |
|
|
55,344 |
|
Metropolitan Life Insurance Company term loan: the loan bears interest at the rate of 5.30% per annum as of December 31, 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 |
|
|
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 December 31, 2015. The loans are collateralized by real estate and mature in June 2033. |
25,060 |
|
|
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 December 31, 2015. The loan is collateralized by real estate and matures in September 2021. |
5,280 |
|
|
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 December 31, 2015. The loan is collateralized by real estate and matures in September 2039. |
5,280 |
|
|
5,335 |
|
Note payable to a financing company collateralized by equipment and maturing in December 2016. |
36 |
|
|
54 |
|
|
202,781 |
|
|
205,481 |
|
Less current portion |
4,511 |
|
|
4,511 |
|
Long-term debt |
$ |
198,270 |
|
|
$ |
200,970 |
|
|
| Schedule of lines of credit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
2015 |
|
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 1.82% per annum as of December 31, 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 1.99% per annum as of December 31, 2015. The line is collateralized by current assets and certain personal property and matures in November 2016. Availability under the line was approximately $30,884,000 as of December 31, 2015. |
25,132 |
|
|
— |
|
Lines of Credit |
$ |
25,132 |
|
|
$ |
— |
|
|
| Schedule of future maturities of debt and lines of credit |
Future maturities of debt and lines of credit as of December 31, 2015 are as follows:
|
|
|
|
|
(in thousands) |
|
|
|
Due within one year |
$ |
4,643 |
|
Due between one and two years |
8,225 |
|
Due between two and three years |
10,825 |
|
Due between three and four years |
35,925 |
|
Due between four and five years |
10,975 |
|
Due beyond five years |
157,320 |
|
|
|
Total future maturities |
$ |
227,913 |
|
|
| Schedule of interest costs expensed and capitalized |
Interest costs expensed and capitalized were as follows:
|
|
|
|
|
|
|
|
|
(in thousands) |
Three months ended December 31, 2015 |
|
2015 |
|
2014 |
Interest expense |
$ |
2,503 |
|
|
$ |
1,378 |
|
Interest capitalized |
43 |
|
|
53 |
|
Total |
$ |
2,546 |
|
|
$ |
1,431 |
|
|