Note 8 - Long Term Debt

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Long-term Debt [Text Block]

8.

     

LONG-TERM DEBT

:

Long-term debt was comprised of the following (in thousands):

	December 31,
	2016			2015
Variable interest rate term notes	$	107,894		$	127,508
Fixed interest rate term notes		495,326			520,247
Total debt		603,220			647,755
Less: current maturities		(130,717	)		(151,024	)
Total long-term debt, net of current maturities	$	472,503		$	496,731

As of

December

 

31,

2016,

debt maturities were as follows (in thousands):

2017		130,717
2018		125,226
2019		123,353
2020		118,913
2021		59,567
Thereafter		45,444
Total	$	603,220

The interest rates on the Company’s variable interest rate notes are based on various LIBOR benchmark rates. The interest rates on the notes range from approximately

2.3%

to

2.7%

on

December

31,

2016.

Payments on the notes range from approximately

$3,111

to

$125,833

per month, plus interest. Maturities of these notes range from

May

2017

to

June

2025.

The Company’s fixed interest rate notes had interest rates that ranged from approximately

2.75%

to

7.61%

on

December

 

31,

2016.

Payments on the notes range from

$255

to

$27,607

per month. Maturities of these notes range from

January

2017

to

October

2024.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles. The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements and floor plan financing arrangements require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of

December

31,

2016,

the Company was in compliance with all debt covenants. The Company does not anticipate any breach of the covenants in the foreseeable future.