Note 8 - Deferred Financing Costs

9 Months Ended

Feb. 28, 2013

Other Liabilities Disclosure [Text Block]

8. DEFERRED FINANCING COSTS

Changes in deferred financing costs for the nine month period ended February 28, 2013 and the year ended May 31, 2012 were as follows (in thousands):

	February 28, 2013			May 31, 2012
Balance at beginning of period	$	38,769		$	-
Debt issuance costs		9,867			42,474
Loss on extinguishment of debt		(5,625	)		-
Amortization		(3,600	)		(3,705	)
Balance at end of period	$	39,411		$	38,769

Deferred financing costs are capitalized and are amortized over the life of the related debt agreements using the effective interest rate method, except the Revolving Facility, which uses the straight line method.

Debt issuance costs, loss on extinguishment of debt, and the Revolving Facility are further detailed in Note 9.