| 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 $4.4 million and $4.0 million
of outstanding letters of credit as of September 30, 2014 and
December 31, 2013, respectively, and $0.1 million in
short-term borrowings as of September 30, 2014 and
December 31, 2013.
Long-term borrowings are as follows (in thousands):
|
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| |
|
September 30,
2014
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|
|
December 31,
2013
|
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|
Note payable to banks, due in monthly installments of $338.4
(includes principal and interest), variable-rate interest at
3.90% per annum, secured by property, balloon payment of
$77,060 due October 2015
|
|
$ |
78,152 |
|
|
$ |
78,908 |
|
|
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
|
|
|
19,367 |
|
|
|
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
|
|
|
20,451 |
|
|
|
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
|
|
|
1,560 |
|
|
|
1,770 |
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|
|
|
|
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|
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Subtotal
|
|
|
119,530 |
|
|
|
128,516 |
|
|
Less current installments
|
|
|
12,314 |
|
|
|
12,028 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term borrowings
|
|
$ |
107,216 |
|
|
$ |
116,488 |
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