XML 83 R19.htm IDEA: XBRL DOCUMENT v3.19.3
Long-Term Debt
12 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt

12.  Long-Term Debt

Continuing Operations

We have a mortgage note secured by BTU’s real property in Billerica, Massachusetts.  The note has a remaining balance of $5.5 million as of September 30, 2019 and a maturity date of September 26, 2023. 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.

From time to time, we enter into capital leases for certain manufacturing or IT equipment.  Our obligations under capitalized leases are included in long-term debt in the accompanying Consolidated Balance Sheets as of September 30, 2019 and 2018.  The current and long-term portion of the obligations are included in the table below.

Annual maturities relating to our long-term debt at continuing operations as of September 30, 2019 are as follows (in thousands):

 

 

 

Annual

Maturities

 

2020

 

$

371

 

2021

 

 

380

 

2022

 

 

396

 

2023

 

 

413

 

2024

 

 

430

 

Thereafter

 

 

3,559

 

Total

 

$

5,549

 

 

Discontinued Operations

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, 2019 was 2.23%.  The debt has a 15-year term.  As of September 30, 2019, Tempress’ remaining debt balance is $0.3 million.