(9) Debt

Long-term debt

	June 30,
	2014		2013

Revolving bank loans	$	32,000	$	4,000
Term bank loans		70,000		24,500
Mortgage		3,355		3,569
Other		146		-
		105,501		32,069
Less current portion		8,343		11,714
	$	97,158	$	20,355

Credit Facilities

On April 30, 2014, and in connection with the purchase of PACK, Aceto entered into a new Credit Agreement (the “Credit Agreement”) with three domestic financial institutions. The Credit Agreement terminates the Credit Agreement, dated December 31, 2010. Aceto may borrow, repay and reborrow during the period ending April 30, 2019, up to but not exceeding at any one time outstanding $60,000 (the “Revolving Commitment”). The Revolving Commitment provides for (i) Adjusted LIBOR Loans (as defined in the new Credit Agreement), (ii) Alternate Base Rate Loans (as defined in the new Credit Agreement) or (iii) a combination thereof. As of June 30, 2014, the Company borrowed Revolving Loans aggregating $32,000 which loans are Adjusted LIBOR Loans at interest rates ranging from 2.15% to 2.32% at June 30, 2014. The new Credit Agreement also allows for the borrowing up to $70,000 (the “Term Commitment”). The Term Commitment interest may be payable as an (i) Adjusted LIBOR Loan, (ii) Alternate Base Rate Loan, or (iii) a combination thereof. The Company borrowed a Term Loan of $70,000 on April 30, 2014 to partially finance the acquisition of PACK. As of June 30, 2014, the remaining amount outstanding under the amortizing Term Loan is $70,000 and is payable as an Adjusted LIBOR Loan at an interest rate of 2.23% at June 30, 2014. Proceeds of the Term Commitment and a portion of the proceeds of the Revolving Commitment were used to fund the initial cash consideration for PACK and to repay the outstanding balance of term loans from the Credit Agreement dated December 31, 2010.

The Term Loan is payable as to principal in nineteen consecutive quarterly installments, which will commence on September 30, 2014 and will continue on each December 31, March 31, and June 30 thereafter, each in the amount set forth below opposite the applicable installment, provided that the final payment on the Term Loan Maturity Date (as defined in the new Credit Agreement) shall be in an amount equal to the then outstanding unpaid principal amount of the Term Loan:

Installment	Amount

1 through 4	$	2,000
5 through 8	$	2,500
9 through 12	$	3,000
13 through 16	$	4,000
17 through 19	$	6,000

As such, the Company has classified $8,000 of the Term Loan as short-term in the consolidated balance sheet at June 30, 2014. The new Credit Agreement also provides that commercial letters of credit shall be issued to provide the primary payment mechanism in connection with the purchase of any materials, goods or services by us in the ordinary course of business. The Company had open letters of credit of approximately $105 and $78 at June 30, 2014 and June 30, 2013 respectively. The terms of these letters of credit are all less than one year. No material loss is anticipated due to non-performance by the counterparties to these agreements.

The new Credit Agreement provides for a security interest in all of our personal property. The new Credit Agreement contains several financial covenants including, among other things, maintaining a minimum level of debt service. We are also subject to certain restrictive covenants, including, among other things, covenants governing liens, limitations on indebtedness, limitations on guarantees, sale of assets, sales of receivables, and loans and investments. We were in compliance with all covenants at June 30, 2014.

The Company has available lines of credit with foreign financial institutions. At June 30, 2014, the Company had available lines of credit with foreign financial institutions totaling $8,798. At June 30, 2013, the Company had available lines of credit with foreign financial institutions totaling $8,665. The Company has issued a cross corporate guarantee to the foreign banks. Short term loans under these agreements bear interest at a fixed rate of 5.0% at June 30, 2014, 5.0% at June 30, 2013 and 5.5% at June 30, 2012. The Company is not subject to any financial covenants under these arrangements.

Under the above financing arrangements, the Company had $102,146 in bank loans and $251 in letters of credit leaving an unused facility of $36,693 at June 30, 2014. At June 30, 2013 the Company had $28,500 in bank loans and $78 in letters of credit leaving an unused facility of $44,587.

Mortgage

On June 30, 2011, the Company entered into a mortgage payable for $3,947 on its new corporate headquarters, in Port Washington, New York. This mortgage payable is secured by the land and building and is being amortized over a period of 20 years. The mortgage payable, which was modified in October 2013, bears interest at 4.92% as of June 30, 2014 and matures on June 30, 2021.

Maturity of Long-term Debt

Long-term debt matures by fiscal year as follows:

2015	$	8,343
2016		10,197
2017		12,197
2018		16,197
2019		56,197
Thereafter		2,370

	$	105,501