Notes Payable and Long-Term Debt

12 Months Ended

Apr. 02, 2011

Notes Payable and Long-Term Debt [Abstract]


8.	NOTES PAYABLE AND LONG-TERM DEBT

Notes payable and long-term debt consisted of the following:


	April 2,		April 3,
	2011		2010
	(In thousands)

Real estate mortgage	$	4,590	$	5,344
Short-term notes payable		289		7,475
Notes payable assumed in acquisition		—		7,701

	$	4,879	$	20,520
Less-Current portion	$	913	$	16,062

	$	3,966	$	4,458

Real Estate Mortgage Agreement

In December 2000, we entered into a $10.0 million real estate mortgage agreement (the “Mortgage Agreement”) with an investment firm. The Mortgage Agreement requires principal and interest payments of $0.1 million per month for a period of 180 months, commencing February 1, 2001. The entire balance of the loan may be repaid at any time after February 1, 2006, subject to a prepayment premium, which is calculated based upon the change in the current weekly average yield of Ten (10)-year U.S. Treasury Constant Maturities, the principal balance due and the remaining loan term. The Mortgage Agreement provides for interest to accrue on the unpaid principal balance at a rate of 8.41% per annum. Borrowings under the Mortgage Agreement are secured by the land, building and building improvements at our headquarters and manufacturing facility in the U.S. with a carrying value of approximately $4.6 million and $5.3 million as of April 2, 2011 and April 3, 2010, respectively. There are no financial covenants in the terms and conditions of this agreement.

Short-Term Notes Payable.

Our subsidiary, Haemonetics Japan Co. Ltd., had no outstanding unsecured debt as of April 2, 2011 and $7.5 million outstanding as of April 3, 2010.

Notes Payable Assumed in Acquisition

As of April 3, 2010, Global Med had $7.8 million outstanding in loan and security agreements. These agreements provided for a revolving line of credit and term loans. Subsequent to April 3, 2010, as part of our integration of Global Med, we paid the outstanding balances under this obligation.

The weighted average short-term rates for U.S. and non-U.S. borrowings were 0.51%, 0.54%, and 1.03% as of April 2, 2011, April 3, 2010, and March 28, 2009, respectively.

As of April 2, 2011, notes payable and long-term debt matures as follows (in thousands):


Fiscal Year Ending
2012	$	913
2013		1,090
2014		970
2015		1,055
2016 and thereafter		851

	$	4,879