Long-Term Debt (Tables)

12 Months Ended

Oct. 31, 2021

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


	2021		2020
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 0.09% at October 31, 2021, plus 1.85%. The interest rate for the $40.0 million outstanding balance of the non-revolving line of credit was fixed at 4.77% through July 1, 2022, 3.57% through July 1, 2025 and variable interest thereafter. Interest is payable monthly and the principal is due in full on July 1, 2026.	$	111,293	$	102,251

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.	809		1,438

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.	974		1,029

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.	8,004		8,433

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.	5,892		6,220

Wells Fargo term loan: The loan was repaid in August 2021 with proceeds from the Farm Credit West term loan.	—		3,491

Farm Credit West term loan: Effective August 2, 2021, the interest rate was fixed at 3.19%. The loan is payable in monthly installments through September 2026.	2,475		—

Banco de Chile term loan: The interest rate is fixed at 6.48%. The loan is payable in annual installments through January 2025.	1,011		1,205

Note Payable: The interest rate ranges from 5.00% to 7.00% and was 6.50% at October 31, 2021. 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.	411		522

Banco de Chile COVID-19 loans: The interest rates are fixed at 3.48% and 4.26%. The loans are payable in monthly installments beginning September 2021 through September 2026.	652		—
Subtotal	132,956		126,024
Less deferred financing costs, net of accumulated amortization	131		176
Total long-term debt, net	132,825		125,848
Less current portion	2,472		3,277
Long-term debt, less current portion	$	130,353	$	122,571

Principal Payments on Long-Term Debt

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


2022	$	2,472
2023	3,385
2024	1,815
2025	2,092
2026	112,749
Thereafter	10,443
	$	132,956

- 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.

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+ Details