Long-Term Debt (Tables)

12 Months Ended

Oct. 31, 2020

Long-term debt is comprised of the following at October 31 (in thousands):


	2020		2019
Farm Credit West revolving and non-revolving lines of credit: The interest rate of the revolving line of credit is variable based on the one-month London Interbank Offered Rate (“LIBOR”), which was 0.15% at October 31, 2020, plus 1.60%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77%. Interest is payable monthly and the principal is due in full on July 1, 2022.	$	102,251	$	82,843

Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at 2.48%. The loan is payable in quarterly installments through November 2022.	1,438		2,035

Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at 3.24%. The loan is payable in monthly installments through October 2035.	1,029		1,078

Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at 3.24%. The loan is payable in monthly installments through March 2036.	8,433		8,823

Farm Credit West term loan: Effective July 1, 2020, the interest rate was fixed at 2.77% until July 1, 2025, becoming variable for the remainder of the loan. The loan is payable in monthly installments though March 2036.	6,220		6,522

Wells Fargo term loan: The interest rate is fixed at 3.58%. The loan is payable in monthly installments through January 2023.	3,491		4,955

Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	1,205		1,386

Note Payable: The interest rate ranges from 5.00% to 7.00% and was 6.00% at October 31, 2020. The loan includes interest-only monthly payments and principal is due in February 2023.	1,435		1,435

Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48%. The loans are payable in monthly installments beginning February 2021 through September 2024.	522		—
Subtotal	126,024		109,077
Less deferred financing costs, net of accumulated amortization	176		162
Total long-term debt, net	125,848		108,915
Less current portion	3,277		3,023
Long-term debt, less current portion	$	122,571	$	105,892

Principal Payments on Long-Term Debt

Principal payments on the Company’s long-term debt are due as follows (in thousands):


2021	$	3,277
2022	105,606
2023	3,157
2024	1,162
2025	1,450
Thereafter	11,372
	$	126,024

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details