Long Term Debt

12 Months Ended

Oct. 31, 2013

Debt Disclosure [Abstract]

Long Term Debt

NOTE 6 – LONG-TERM DEBT

The Company’s debt as of October 31, 2013 and October 31, 2012 is summarized below:

	October 31, 2013			October 31, 2012
Secured
Fixed credit facility	$	21,729		$	52,521
Revolving credit facilities		—			115,480
Term financings		119,749			134,202
Converted to fixed credit facility from revolving facility		94,809			—
Total Secured Debt		236,287			302,203
Less: current portion of long-term debt		(48,727	)		(54,575	)
Total debt, long-term portion	$	187,560		$	247,628

The revolving, fixed and converted from revolving credit facilities were secured by inventory, accounts receivable and equipment as of October 31, 2013 and October 31, 2012. The term loans were secured by vehicles.

Our revolving credit facility of $115,480 as of October 31, 2012 was converted to a fixed credit facility on November 7, 2012 with an extended maturity date due on November 1, 2017.

Our fixed credit facility has a maturity date due on November 1, 2014 with an annual interest rate of 7%.

Our term financings have maturity dates due from February 2014 to March 2028 with annual interest rates ranging from 5.9% to 6.25%.

As of October 31, 2013 and October 31, 2012 we were in compliance in all material respects with the covenants in our debt agreements, including our financial covenants concerning debt-to-equity, tangible net equity and interest coverage ratios.

The aggregate maturity of long-term debt outstanding as of October 31, 2013 is as follows:

2014	$	48,727
2015		28,595
2016		30,358
2017		32,230
2018 and after		96,377
	$	236,287