Revolving Loan/Credit Agreements

6 Months Ended

Mar. 31, 2019

FCSA/CoBank

The Company has a 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 $36.0 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 provides for quarterly payments by the Company to FCSA of $1.5 million, with a maturity date of September 20, 2019. The Revolving Term Loan has a maturity date of June 1, 2023 and requires reductions in principal availability in increments of $6.0 million each June 1 commencing on June 1, 2020. 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.

As of March 31, 2019, there was $17.8 million available under the Revolving Term Loan.

Notes payable

Notes payable consists of the following:



	March 31, 2019		September 30, 2018
	(000's)		(000's)
Term Loan bearing interest at LIBOR plus 3.35% (5.84% at March 31, 2019)	$	3,000	$	6,000
Revolving Term Loan bearing interest at LIBOR plus 3.35% (5.84% at March 31, 2019)	18,233		12,894
Other debt with interest rates ranging from 3.50% to 4.15% and maturities through 2022	2,852		3,129
	24,085		22,023
Less Current Maturities	3,571		6,560
Less Financing Costs, net of amortization	94		130
Total Long Term Debt	20,420		15,333

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



2019	$	3,571

2020	583

2021	601

2022	1,096

2023	18,234

Total	$	24,085