Quarterly report pursuant to Section 13 or 15(d)

Line of Credit, Short -Term and Long -Term Borrowings

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Line of Credit, Short -Term and Long -Term Borrowings
3 Months Ended
Mar. 31, 2012
Line of Credit, Short-Term and Long-Term Borrowings [Abstract]  
LINE OF CREDIT, SHORT-TERM AND LONG-TERM BORROWINGS

(7) LINE OF CREDIT, SHORT-TERM AND LONG-TERM BORROWINGS

The Company and its subsidiaries had $3.1 million of outstanding letters of credit and short-term borrowings of $54.6 million as of March 31, 2012.

 

Long-term debt is as follows (in thousands):

 

                 
     

 

March 31,     

2012     

  

  

   

 

December 31

2011  


  

Note payable to bank, due in monthly installments of $531.4 (includes principal and interest), fixed rate interest at 3.54%, secured by property, balloon payment of $12,635 due December 2015

  $ 32,964     $ 34,259  

Note payable to bank, due in monthly installments of $483.9 (includes principal and interest), fixed rate interest at 3.19%, secured by property, balloon payment of $11,670 due June 2016

    32,821       34,005  

Loan from HF Logistics I, LLC

    18,276       18,297  

Capital lease obligations

    25       29  
   

 

 

   

 

 

 

Subtotal

    84,086       86,590  

Less current installments

    10,145       10,059  
   

 

 

   

 

 

 

Total long-term debt

  $ 73,941     $ 76,531