Debt

As of March 31, 2014, the Company was in compliance with all debt covenants under the Company’s credit facility. During the three months ended March 31, 2014, the Company negotiated new values for the debt service coverage ratio covenant such that there is no set debt service coverage ratio at March 31, 2014, and a ratio of 1.40 and 1.50 at June 30, 2014, and September 30, 2014, respectively. Beyond September 2014, the debt service coverage ratio reverts back to the initial value of 1.75. Consequently, if the Company’s canola business continues to report losses, it is possible the Company could breach one or more of the debt covenants which would require obtaining a waiver from the lenders, or it could require the Company to invest additional capital into the business. As of March 31, 2014, the Company had approximately $27.3 million of unused lines of credit within the real estate operations and $22.3 million in agribusiness operations.

The following details the Company’s consolidated debt (in thousands):



	March 31, 2014		December 31, 2013
Agribusiness term loan:
4.75% payments through 2017	$	82,042	$	83,533
Agribusiness working capital debt:
6% payments through 2017	4,750		4,750
Other agribusiness debt:
4.99% payments through 2014	151		159
Swiss debt:
3.7% payments through 2014	14,139		14,012
3.8% payments through 2014			3,363
Mortgage debt:
3.9% to 4.75% payments through 2015	23,629		17,307
5% to 5.5% payments due from 2014 - 2016	8,676		11,491
6% to 6.5% payments through 2036	545		548
10% payments through 2014	1,604		1,604
	$	135,536	$	136,767