Note 7 - Borrowings
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Sep. 30, 2012
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Debt Disclosure [Text Block] |
(7)
Borrowings
Total
debt obligations at September 30, 2012 and June 30, 2012
consist of the following (in thousands):
In
September 2005, we issued $200.0 million in ten-year senior
unsecured notes due 2015 (the "Senior Notes"). The Senior
Notes were issued by Global, bearing an annual coupon rate of
5.375% with interest payable semi-annually in arrears on
April 1 and October 1. We have used the net proceeds of
$198.4 million to improve our retail network, invest in our
manufacturing and logistics operations, and for other general
corporate purposes. During the full fiscal years 2012 and
2011, the Company reduced its Senior Notes by an aggregate
face value of $46.6 million through unsolicited
purchases.
We
also maintain a $50 million senior secured, asset-based
revolving credit facility (the “Facility”). We
have not had any revolving loans under the Facility at any
time. At September 30, 2012 and June 30, 2012, there were
$0.6 million of standby letters of credit outstanding under
the Facility. The Facility is subject to borrowing base
availability and includes a right for the Company to increase
the total facility to $100 million subject to certain
conditions. The Facility is secured by all property owned,
leased or operated by the Company in the United States
excluding any real property owned by the Company and contains
customary covenants which may limit the Company’s
ability to incur debt, engage in mergers and consolidations,
make restricted payments (including dividends), sell certain
assets, and make investments. Remaining availability under
the Facility totaled $49.4 million at September 30, 2012 and
at June 30, 2012 and as a result, covenants and other
restricted payment limitations did not apply. The Facility
expires March 25, 2016, or June 26, 2015 if the Senior Notes
have not been refinanced prior to that date.
At
September 30, 2012 and June 30, 2012, we were in compliance
with all covenants of the Senior Notes and the
Facility.
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