Long-Term Debt

In January 2015, we acquired $7.2 million of long-term debt as part of the BTU acquisition. The debt acquired is a mortgage note secured by BTU’s real property in Billerica, Massachusetts, and has a remaining balance of $6.2 million as of September 30, 2017. The debt was refinanced in September 2016 with an interest rate of 4.11% through September 26, 2021, at which time the interest rate will be adjusted to a per annum fixed rate equal to the aggregate of the Federal Home Loan Board Five Year Classic Advance Rate plus two hundred forty basis points. The maturity date of the debt is September 26, 2023.

In December 2014, we acquired long-term debt as part of the SoLayTec acquisition. During the year ended September 30, 2017, SoLayTec borrowed an additional $0.3 million. Effective with the Exit Agreement between Amtech and SoLayTec’s minority owners in July 2017 (see Note 12), approximately $2.4 million of long-term debt was forgiven by SoLayTec’s minority owners. This debt forgiveness was recorded as a capital contribution, with no effect on the Consolidated Statement of Operations. As of September 30, 2017, SoLayTec’s remaining debt balance is $1.9 million. This loan has an interest rate of 7.00% and was modified in 2017 to allow SoLayTec to defer repayment indefinitely, contingent on SoLayTec’s results of operations. We expect to begin making repayments in fiscal 2020 through 2023.

In 2017, Tempress borrowed approximately $0.4 million as part of the construction of a large, bi-facial solar PV park at its headquarters in the Netherlands. The debt is secured by Tempress’ real property in Vaassen, the Netherlands, and carries an interest rate equal to the 10-year interest rate swap rate plus a 2.4% premium, reduced by a 1% discount, which at September 30, 2017 was 2.23%. The debt has a 15-year term.

Annual maturities relating to our long-term debt as of September 30, 2017 are as follows:



	Annual Maturities
	(in thousands)
2018	$	361
2019	375
2020	602
2021	831
2022	848
Thereafter	5,478
Total	$	8,495