Debt

As of June 30, 2014, the Company was in compliance with all debt covenants under the Company’s agribusiness segment term loan and working capital facility. Subsequent to the three months ended June 30, 2014, the Company negotiated new values for the debt service coverage ratio covenant such that the debt service coverage ratio at June 30, 2014, cannot be less than a ratio of 1.00 to 1.00 and at each quarter ending thereafter the debt service coverage ratio will not be less than 1.25 to 1.00. However, if the Company’s agribusiness operations report losses in the future, 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.

Certain of the real estate mortgage debt include provisions that require minimum loan-to-value ratios. During the term of the loan, the lender may require the Company to obtain a third-party written appraisal of the underlying real estate collateral. If the appraised fair value of the collateral securing the loan is below the specified minimum, the Company may be required to make principal payments in order to maintain the required loan-to-value ratios. As of June 30, 2014, the lenders have not requested, and the Company has not obtained, any such appraisals.

As of June 30, 2014, the Company had approximately $33.6 million of unused lines of credit within the real estate operations and $22.7 million in agribusiness operations.

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



	June 30, 2014		December 31, 2013
Agribusiness term loan:
4.75% payments through 2017	$	80,550	$	83,533
Agribusiness working capital facility:
6% payments through 2017	4,350		4,750
Other agribusiness debt:
4.99% payments through 2018	144		159
Swiss debt:
3.7% payments through 2014			14,012
3.8% payments through 2014			3,363
2.3% payment due on demand	1,485
Mortgage debt:
3.9% to 4.75% payments through 2016	37,643		17,307
5% to 5.5% payments due from 2014 - 2016	7,611		11,491
6% to 6.5% payments through 2036			548
10% payments through 2017	1,604		1,604

Other debt at 5% due in 2014:	630
	$	134,017	$	136,767