Revolving Loan/Credit Agreements

3 Months Ended

Dec. 31, 2019

FCSA/CoBank

On November 8, 2019 the Company amended the credit agreement with Farm Credit Services of America, FLCA (“FCSA”) and CoBank, ACB, as cash management provider and agent (“CoBank”) which provides the Company with a term loan in the original amount of $30.0 million (the “Term Loan”) and a revolving term loan in the original amount of up to $40.0 million (the “Revolving Term Loan”), together with the Term Loan, the “ FCSA Credit Facility ”). The FCSA Credit Facility is secured by a security interest on all of the Company’s assets.

The Term Loan, as amended November 8, 2019, provides for semi-annual payments by the Company to FCSA of $3.75 million beginning September 1, 2020 and a maturity date of November 15, 2024. The Revolving Term Loan, as amended November 8, 2019, also has a maturity date of November 15, 2024. Under the FCSA Credit Facility, the Company has the right to select from several LIBOR based interest rate options with respect to each of the Term Loan and the Revolving Term Loan, with a LIBOR spread of 3.4% per annum. The interest rate at December 31, 2019 was 5.19%.

As of December 31, 2019, there was $31.0 million available under the Revolving Term Loan.

Notes payable

Notes payable consists of the following:



	December 31, 2019		September 30, 2019
	(000's)		(000's)
Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019)	$	30,000	$	—
Revolving Term Loan bearing interest at LIBOR plus 3.40% (5.19% at December 31, 2019)	9,043		23,902
Other debt with interest rates ranging from 3.50% to 4.15% and maturities through 2022	2,426		2,569
	41,469		26,471
Less Current Maturities	4,331		580
Less Financing Costs, net of amortization	240		59
Total Long Term Debt	36,898		25,832

The approximate aggregate maturities of notes payable as of December 31, 2019 are as follows:



2020	$	4,331

2021	8,095

2022	8,750

2023	7,500

2024	12,793

Total	$	41,469