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EXCEL - IDEA: XBRL DOCUMENT - ALICO INCFinancial_Report.xls
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v2.4.0.6
Long-Term Debt
3 Months Ended
Dec. 31, 2012
Long-Term Debt [Abstract]  
Long-Term Debt

Note 6. Long-Term Debt

 

Outstanding debt under the Company's various loan agreements is presented in the table below:

 

   

Revolving

line of

credit

    Term loan    

Mortgage

note

payable

    Total
December 31, 2012                              
Principal balance outstanding   $ -     $ 37,500     $ -     $ 37,500
Remaining available credit   $ 60,000     $ -     $ -     $ 60,000
Effective interest rate     2.46 %     2.71 %     6.68 %      
Scheduled maturity date     Oct 2020       Oct 2020       Mar 2014        
Collateral     Real estate       Real estate       Real estate        
September 30, 2012                              
Principal balance outstanding   $ -     $ 38,000     $ 1,900     $ 39,900
Remaining available credit   $ 60,000     $ -     $ -     $ 60,000
Effective interest rate     2.48 %     2.73 %     6.68 %      
Scheduled maturity date     Oct 2020       Oct 2020       Mar 2014        
Collateral     Real estate       Real estate       Real estate        

 

The Company has a credit facility including a revolving line of credit ("RLOC") and term loan with Rabo AgriFinance, Inc. ("Rabo") totaling $97,500,000. The revolving line of credit and term note are collateralized by 43,991 acres of farmland and 12,280 acres of additional real property containing approximately 8,600 acres of producing citrus groves.

 

The $60,000,000 RLOC bears interest at a floating rate on the outstanding balance payable quarterly beginning October 1, 2010. Thereafter, quarterly interest is payable on the first day of January, April, July and October until the RLOC matures on October 1, 2020, where upon the remaining principal balance and accrued interest will be due and payable. At December 31, 2012, there was no outstanding balance on the RLOC. The Company pays an annual commitment fee on the RLOC equal to 0.15% of the difference between the annual average unpaid balance and the $60,000,000 loan commitment. The commitment fee is payable on February 1 of each year. Estimated commitment fees of $77,000 have been accrued at December 31, 2012.

 

The interest rate on the RLOC was initially established at one month LIBOR plus 250 basis points. Beginning on February 1, 2011, and on each subsequent January 1 through 2020, the interest rate spread over LIBOR is subject to adjustment pursuant to a pricing grid based on our debt service coverage ratio for the immediately preceding fiscal year. The spreads may range from 225 to 275 basis points over one month LIBOR. The rate remained at Libor plus 225 basis points on January 1, 2013. On October 1, 2015, Rabo may adjust the interest rate spread to any percentage. Rabo must provide a 30 day notice of the new spreads; at that time the Company has the right to prepay the outstanding balance.

 

The term loan requires quarterly payments of interest at a floating rate of one month LIBOR plus 250 basis points beginning October 1, 2010. Quarterly principal payments of $500,000 began on October 1, 2011 and continue through October 1, 2020 when the remaining principal balance and accrued interest will be due and payable.

 

At December 31, 2012 and September 30, 2012, Alico was in compliance with all of its covenants under the various Rabo loan agreements.

 

On October 10, 2012, the outstanding mortgage note held by Farm Credit of Florida was paid in full. The payment included $1,794,000 for the principal balance and $66,000 for a prepayment penalty which was included in interest expense on our consolidated statement of operations. The mortgage was collateralized by 7,680 acres of real estate used for farm leases, sugarcane and citrus production. Documents evidencing satisfaction of the mortgage and release of collateral have been received.

 

Maturities of the Company's debt were as follows at December 31, 2012:

 

Due within 1 year   $ 2,000  
Due between 1 and 2 years     2,000  
Due between 2 and 3 years     2,000  
Due between 3 and 4 years     2,000  
Due between 4 and 5 years     2,000  
Due beyond five years     27,500  
Total   $ 37,500  

Interest costs expensed and capitalized to property, buildings and equipment were as follows:

 

   

Three months ended

December 31,

    2012     2011
Interest expense   $ 367     $ 469
Interest capitalized     17       12
Total   $ 384     $ 481