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
 9 Months Ended
Sep. 30, 2012
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 $5.8 million of outstanding letters of credit and short-term borrowings of $57.7 million as of September 30, 2012.

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

 

     September 30,
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

    $ 30,231       $ 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

      30,315         34,005   

Loan from HF Logistics I, LLC

      18,146         18,297   

Note payable to TCF Equipment Finance, Inc., due in monthly installments of $30.5, (includes principal and interest) fixed rate interest at 5.24%, Maturity Date of July 2019

      1,838         0   

Capital lease obligations

      14         29   
  

 

 

     

 

 

  

Subtotal

      80,544         86,590   

Less current installments

      10,311         10,059   
  

 

 

     

 

 

  

Total long-term debt

    $ 70,233       $ 76,531