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Note 7 - Debt
9 Months Ended
Jun. 30, 2011
Credit Facility And Long Term Debt [Abstract]  
Debt Disclosure Text Block

The following table presents the outstanding debt and capital lease obligations as of June 30, 2011 and September 30, 2010:

    June 30,  September 30, 
    2011  2010 
 Revolving credit facility, 1.63% as of June 30, 2011$ 10,500 $ 9,600 
 Sterling revolving credit facility, 1.69% as of June 30, 2011  3,443   540 
 Note payable (1)  -   2,000 
 Capital lease obligations (2)  1,498   1,811 
 Term note  -   773 
 Total debt and capital lease obligations  15,441   14,724 
  Less: Long-term debt and capital lease obligations  (570)   (953) 
 Total debt included in current liabilities$ 14,871 $ 13,771 
         
 (1) Note payable was related to the acquisition of Centaur and was paid in full on February 8, 2011. 
 (2) The capital lease obligations have varying maturity dates. 

Revolving Credit Facility — On August 10, 2010, MWI Co., our wholly-owned subsidiary as borrower, entered into a Second Amendment to its Credit Agreement (the facility) with us and Memorial Pet Care, Inc., as guarantors, and Bank of America, N.A. and Wells Fargo Bank, N.A. (the lenders). Under the facility, the aggregate revolving commitment of the lenders is $100,000. The maturity date of the loans under the facility is March 1, 2013. The variable interest rate is equal to the Daily LIBOR Floating Rate or the LIBOR 1-month fixed rate (at MWI Co.'s option) plus a margin ranging from 1.50% to 2.25%. The lenders also receive an unused line fee and letter of credit fee which is equal to 0.2% of the unused amount of the facility. The facility contains financial covenants, including a fixed charge ratio and a funded debt to EBITDA calculation. We were in compliance with all of the covenants as of June 30, 2011 and September 30, 2010.

Sterling revolving credit facility— As of September 30, 2010, Centaur operated with a credit facility with Fortis Bank as the lender, which allowed for borrowings in the aggregate of £12,000. This facility had a variable interest rate equal to a base rate of 0.50% plus GBP one-month LIBOR plus a margin of 0.85%.

On November 5, 2010, Centaur terminated the Fortis facility and entered into a £12,500 unsecured revolving line of credit facility (the “sterling revolving credit facility”) with Wells Fargo Bank, N.A. London Branch (“Wells Fargo”). The sterling revolving credit facility is for a three year term with interest paid at the end of the applicable one month, three month or six month interest period. Interest is based on LIBOR for the applicable interest period plus an applicable margin of 1.05% to 1.90%. The facility contains financial covenants requiring Centaur to maintain a minimum tangible net worth of £3,000 which is to be calculated at the end of each fiscal year.