| 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 $3.8 million
of outstanding letters of credit and $0.1 million in short-term
borrowings as of March 31, 2014 and December 31, 2013,
respectively.
Long-term debt is as follows (in thousands):
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| |
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March 31,
2014
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December 31,
2013
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Note payable to banks, due in monthly installments of $348.7
(includes principal and interest), variable rate interest at 3.90%,
secured by property, balloon payment of $76,976 due November
2015
|
|
$ |
78,656 |
|
|
$ |
78,908 |
|
|
Note payable to banks, 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
|
|
|
22,183 |
|
|
|
23,573 |
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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%,
secured by property, balloon payment of $11,670 due June 2016
|
|
|
23,005 |
|
|
|
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%, maturity date of July 2019
|
|
|
1,701 |
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|
|
1,770 |
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Subtotal
|
|
|
125,545 |
|
|
|
128,516 |
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Less: current installments
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|
|
12,123 |
|
|
|
12,028 |
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Total long-term debt
|
|
$ |
113,422 |
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|
$ |
116,488 |
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