NOTE 14 – CORPORATE DEBT

The following summarizes our corporate debt:

	September 30,
	2011		2010
	(in thousands)

Mortgage notes payable (1)	$	52,754	$	56,009
4.25% senior notes, due 2016, net of unamortized discount of $455 thousand at September 30, 2011 (2)		249,545		-
8.60% senior notes, due 2019, net of unamortized discount of $40 thousand and $45 thousand at September 30, 2011 and 2010, respectively (3)		299,960		299,955
Other financings (4)		9,709		-
Total corporate debt	$	611,968	$	355,964

(1)

Mortgage notes payable pertain to mortgage loans on our headquarters office complex. These mortgage loans are secured by land, buildings, and improvements with a net book value of $59.4 million at September 30, 2011. These mortgage loans bear interest at 5.7% with repayment terms of monthly interest and principal debt service and a January 2023 maturity.

(2)

In April 2011, we sold in a registered underwritten public offering, $250 million in aggregate principal amount of 4.25% senior notes due April 2016. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to their maturity at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 30 basis points, plus accrued and unpaid interest thereon to the redemption date.

(3)

In August 2009, we sold in a registered underwritten public offering, $300 million in aggregate principal amount of 8.60% senior notes due August 2019. Interest on these senior notes is payable semi-annually. We may redeem some or all of these senior notes at any time prior to their maturity, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes redeemed, or (ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon, discounted to the redemption date at a discount rate equal to a designated U.S. Treasury rate, plus 50 basis points, plus accrued and unpaid interest thereon to the redemption date.

(4)

Effective in April 2011, we acquired a controlling interest in RJES (see Note 1 for further discussion of this transaction). This financing balance pertains to pre-existing term loan financing of RJES. The term loan bears interest at a variable rate indexed to the Euro Interbank Offered Rate and is secured by certain assets of RJES. The repayment terms include annual principal repayments and a September 2013 maturity.

As a result of our April 1, 2011 acquisition of Howe Barnes (see Note 1 for discussion), we assumed $3.4 million of their pre-existing subordinated debt. On April 1, 2011, we retired this subordinated debt.

Our corporate debt as of September 30, 2011, based upon its contractual terms, matures as follows:

	September 30, 2011
	(in thousands)

Fiscal 2012	$	9,841
Fiscal 2013		6,960
Fiscal 2014		3,860
Fiscal 2015		4,086
Fiscal 2016		254,325
Fiscal 2017 and thereafter		332,896
Total	$	611,968