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Long-Term Debt Instruments
3 Months Ended
Apr. 30, 2011
Long-Term Debt Instruments [Abstract]  
Long Term Debt

11. Long-Term Debt Instruments

 

During the six months ended April 30, 2011 and 2010, we paid principal amounts of $.1 million and $.4 million, respectively, to noteholders of the 6.25% insured quarterly notes. These notes have a redemption right upon the death of the owner of the notes, within specified limitations.

 

On April 25, 2011, at our direction, the Trustee notified the noteholders of the 6.25% insured quarterly notes that we will redeem all of the notes on June 1, 2011, which have an aggregate principal balance of $196.8 million. As we have notified the noteholders of the redemption, we have reclassified the principal balance to “Current maturities of long-term debt” in the consolidated balance sheets.

 

On June 6, 2011, we intend to issue five-year $40 million notes at an interest rate of 2.92% and ten-year $160 million notes at an interest rate of 4.24%. For information on the issuance of this debt, see Note 15 to the consolidated financial statements in this Form 10-Q.