| 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 $4.0 million of outstanding
letters of credit as of June 30, 2014 and December 31,
2013, and $0.2 million and $0.1 million in short-term borrowings as
of June 30, 2014 and December 31, 2013, respectively.
Long-term borrowings are as follows (in thousands):
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| |
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June 30,
2014
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December 31,
2013
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Note payable to banks, due in monthly installments of $339.1
(includes principal and interest), variable-rate interest at
3.90% per annum, secured by property, balloon payment of
$77,060 due October 2015
|
|
$ |
78,404 |
|
|
$ |
78,908 |
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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
|
|
|
20,781 |
|
|
|
23,573 |
|
|
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
|
|
|
21,733 |
|
|
|
24,265 |
|
|
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
|
|
|
1,631 |
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|
|
1,770 |
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Subtotal
|
|
|
122,549 |
|
|
|
128,516 |
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Less current installments
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|
|
12,218 |
|
|
|
12,028 |
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|
|
|
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Total long-term borrowings
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|
$ |
110,331 |
|
|
$ |
116,488 |
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