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Note 9. Debt
9 Months Ended
Sep. 30, 2015
Notes  
Note 9. Debt

Note 9.                        Debt

 

            In connection with the acquisition of a controlling interest in GAF discussed in Note 6, the Company assumed $3,326,000 of GAF’s debt. This debt is comprised of: (i) various term loans with former owners of a subsidiary of GAF, aggregating $3,026,000, with various maturities through January 2, 2019 and bearing a fixed interest rate of 2.5%;  and (ii) a $300,000 line of credit with a commercial bank bearing interest at 4%.

 

            The Company made aggregate cash payments of $2,137,000 for the repayment of debt in the third quarter of 2015.