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Note 7 - Long-Term Debt | 3 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Long-Term Debt [Text Block] |
7. | Long-Term Debt
On March 6, 2024, Midstream entered into the Sixth Amendment to Credit Agreement and related Promissory Notes on the non-revolving credit facility. The Sixth Amendment revised the interest rate from Term SOFR plus 2.00% to Term SOFR plus 2.00% subject to adjustment to Term SOFR plus 1.75% and Term SOFR plus 1.55% upon meeting certain milestones. The Sixth Amendment also consolidated the Promissory Notes to one Promissory Note with one lender, increased the available non-revolving credit facility to $25 million, and extended the maturity date to December 31, 2025. All other terms and requirements remained unchanged. On May 2, 2024, Midstream established a new $9 million revolving credit facility. The interest rate on the borrowings under the facility is Daily Simple SOFR plus 2.215%; the arrangement included a 0.40% upfront fee and 0.125% unused line fee. The facility matures on May 2, 2026. On May 29, 2024, Midstream paid in full the $9 million note payable that was set to mature June 1, 2024 with proceeds from the new credit facility. On March 6, 2024, Midstream amended and restated its $8 million Term Note. The amendment suspended quarterly principal payments beginning April 1, 2024 through January 1, 2025. Principal payments will commence again on April 1, 2025. All other terms and requirements of the Term Note were retained. The interest rate swap related to the $8 million Term Note was not amended on March 6, 2024. Long-term debt consists of the following:
|  | December 31, 2024 |  |  | September 30, 2024 |
|  | Principal |  |  | Unamortized Debt Issuance Costs |  |  | Principal |  |  | Unamortized Debt Issuance Costs |
Roanoke Gas: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured senior note payable at 4.26%, due September 18, 2034 |  | $ | 30,500,000 |  |  | $ | 94,127 |  |  | $ | 30,500,000 |  |  | $ | 96,541 |
Unsecured term note payable at 3.58%, due October 2, 2027 |  |  | 8,000,000 |  |  |  | 13,244 |  |  |  | 8,000,000 |  |  |  | 14,448 |
Unsecured term note payable at 4.41%, due March 28, 2031 |  |  | 10,000,000 |  |  |  | 19,579 |  |  |  | 10,000,000 |  |  |  | 20,362 |
Unsecured term note payable at 3.60%, due December 6, 2029 |  |  | 10,000,000 |  |  |  | 17,614 |  |  |  | 10,000,000 |  |  |  | 18,494 |
Unsecured term note payable at 30-day SOFR plus 1.20%, due August 20, 2026 (swap rate at 2.00%) |  |  | 15,000,000 |  |  |  | — |  |  |  | 15,000,000 |  |  |  | — |
Unsecured term note payable at Term SOFR plus 1.00%, due October 1, 2028 (swap rate at 2.49%) |  |  | 10,000,000 |  |  |  | 25,305 |  |  |  | 10,000,000 |  |  |  | 27,044 |
Midstream: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unsecured term note payable at Term SOFR plus 1.75% (1.55% beginning November 1, 2024), due December 31, 2025 |  |  | 25,000,000 |  |  |  | 25,839 |  |  |  | 24,855,000 |  |  |  | 32,299 |
Unsecured term note payable at Daily Simple SOFR plus 1.26448%, due January 1, 2028 (swap rate at 2.44%) |  |  | 14,000,000 |  |  |  | 3,611 |  |  |  | 14,000,000 |  |  |  | 4,213 |
Unsecured term note payable at Daily Simple SOFR plus 1.26448%, due January 1, 2028 with quarterly principal installments of $400,000 that began April 1, 2023, were suspended April 1, 2024, and will resume April 1, 2025 (swap rate at 2.443% on designated principal) |  |  | 6,400,000 |  |  |  | 19,730 |  |  |  | 6,400,000 |  |  |  | 21,406 |
Revolving credit facility at Daily Simple SOFR plus 2.215%, due May 2, 2026 |  |  | 8,895,000 |  |  |  | 39,819 |  |  |  | 9,000,000 |  |  |  | 47,285 |
Total long-term debt |  |  | 137,795,000 |  |  |  | 258,868 |  |  |  | 137,755,000 |  |  |  | 282,092 |
Less: current maturities of long-term debt |  |  | (26,200,000 | ) |  |  | — |  |  |  | (800,000 | ) |  |  | — |
Total long-term debt, net current maturities |  | $ | 111,595,000 |  |  | $ | 258,868 |  |  | $ | 136,955,000 |  |  | $ | 282,092 |
Debt issuance costs are amortized over the life of the related debt. As of December 31, 2024 and September 30, 2024, the Company also had an unamortized loss on the early retirement of debt of $1,113,325 and $1,141,872, respectively, which has been deferred as a regulatory asset and is being amortized over a 20-year period. All debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that limit consolidated long-term indebtedness to not more than 65% of total capitalization. All of the debt agreements provide for Priority Indebtedness (defined in the debt agreements) to not exceed 15% of consolidated total assets. The $15 million and $10 million notes, as well as the line-of-credit, have an interest coverage ratio requirement of not less than 1.5 to 1, which excludes the effect of the non-cash impairments on the LLC investments up to the total investment as of December 31, 2021, as revised by the Seventh Amendment to the Credit Agreement. The $9 million revolving line of credit facility also has an interest coverage ratio requirement of not less than 1.5 to 1. The Company was in compliance with all debt covenants as of December 31, 2024 and September 30, 2024.

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