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Note 11 - Debt

12 Months Ended

Sep. 30, 2013

11. DEBT

Revolving Credit Facilities

U.S. Operations – The Company’s U.S. subsidiary has a revolving credit facility with JPMorgan Chase, N.A., the term of which expires April 27, 2015. There were no borrowings outstanding under this facility as of September 30, 2013. The credit facility is subject to a borrowing base and other financial covenants.

Hungarian Operations – The Company’s Hungarian subsidiary has a revolving credit facility with Raiffeisen Bank Zrt., which expires March 29, 2013. The credit facility has a total commitment of 1.120 billion HUF ($5.1 million at the September 30, 2013 exchange rate). There were no borrowings outstanding under this credit facility at September 30, 2013. The credit facility is subject to a borrowing base.

Term Facilities

US Operations – The Company has a term loan with Enterprise Bank & Trust secured by the real property associated with certain of its facilities in the St. Louis, Missouri area. The term loan is a seven-year loan maturing March 30, 2019. The loan agreement contains a requirement that the Company, on a consolidated basis, maintain minimum fixed charge coverage and leverage ratios, along with other covenants.

Hungarian Operations – The Company’s Hungarian subsidiary has a term facility with Raiffeisen Bank Zrt., which matures June 15, 2017. The facility agreement contains a requirement that Zoltek Zrt. maintain a minimum current asset ratio and minimum annual EBITDA, along with other covenants.

The Company had no borrowings under credit lines as of both September 30, 2013 and 2012. The Company’s long-term debt consists of the following (amounts in thousands):

	September 30, 2013			September 30, 2012

US term loan	$	9,055		$	9,667
Hungarian term facility		14,655			17,472
Total long-term debt including current maturities	$	23,710		$	27,139
Less: amounts payable within one year		(4,330	)		(4,161	)
Total long-term debt, less current maturities	$	19,380		$	22,978

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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