| Line of Credit, Short-Term and Long-Term Borrowings |
(6) LINE OF CREDIT, SHORT-TERM AND LONG-TERM BORROWINGS
The Company and its subsidiaries had $3.4 million and $3.2 million
of outstanding letters of credit and $0.1 million and
$2.4 million in short-term borrowings as of September 30,
2013 and December 31, 2012, respectively.
Long-term borrowings are as follows (in thousands):
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| |
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September 30,
2013
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December 31,
2012
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Note payable to banks, due in monthly installments of $343.4
(includes principal and interest), variable rate interest at
3.93% per annum, secured by property, balloon payment of
$76,976 due November 2015
|
|
$ |
79,160 |
|
|
$ |
79,916 |
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|
Note payable to banks, due in monthly installments of $531.4
(includes principal and interest), fixed rate interest at
3.54% per annum, secured by property, balloon payment of
$12,635 due December 2015
|
|
|
24,950 |
|
|
|
29,010 |
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|
Note payable to banks, due in monthly installments of $483.9
(includes principal and interest), fixed rate interest at
3.19% per annum, secured by property, balloon payment of
$11,670 due June 2016
|
|
|
25,518 |
|
|
|
29,213 |
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Note payable to TCF Equipment Finance, Inc., due in monthly
installments of $30.5, (includes principal and interest) fixed rate
interest at 5.24% per annum, maturity date of July 2019
|
|
|
1,838 |
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|
|
2,036 |
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Capital lease obligations
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0 |
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|
10 |
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Subtotal
|
|
|
131,466 |
|
|
|
140,185 |
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Less current installments
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|
|
11,935 |
|
|
|
11,668 |
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Total long-term borrowings
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|
$ |
119,531 |
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|
$ |
128,517 |
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