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Note 8 - Long-Term Debt

12 Months Ended

Dec. 31, 2013

8. LONG-TERM DEBT:

Long-term debt was comprised of the following (in thousands):

	December 31,
	2013			2012

Variable interest rate term notes	$	76,162		$	80,463
Fixed interest rate term notes		406,619			319,201

Total debt		482,781			399,664

Less: current maturities		(97,243	)		(80,030	)

Total long-term debt, net of current maturities	$	385,538		$	319,634

As of December 31, 2013, debt maturities were as follows (in thousands):

2014	$	97,243
2015		110,185
2016		112,182
2017		75,756
2018		51,503
Thereafter		35,912

Total	$	482,781

The interest rates on the Company’s variable interest rate notes are based on LIBOR. The interest rates on the notes range from approximately 1.6% to 3.0% on December 31, 2013. Payments on the notes range from approximately $1,910 to $80,000 per month, plus interest. Maturities of these notes range from August 2014, to December 2018.

The Company’s fixed interest rate notes are with financial institutions and had interest rates that ranged from approximately 2.5% to 8.5% on December 31, 2013. Payments on the notes range from $152 to $32,840 per month, plus interest. Maturities of these notes range from January 2014, to December 2023.

The proceeds from the issuance of the notes were used primarily to acquire land, buildings and improvements, transportation equipment and leasing vehicles. The notes are secured by the assets acquired with the proceeds of such notes.

The Company’s long-term real estate debt agreements and floor plan arrangement require the Company to satisfy various financial ratios such as the debt to worth ratio, leverage ratio, the fixed charge coverage ratio and certain requirements for tangible net worth and GAAP net worth. As of December 31, 2013, the Company was in compliance with all debt covenants related to debt secured by real estate. The Company does not anticipate any breach of the covenants in the foreseeable future.