Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2012

Long-term debt of the Company at December 31, 2012 and 2011 is summarized as follows:


	2012			2011
Term loan, secured by personal property, payable in quarterly principal installments of $2,500 plus interest (2.21% as of December 31, 2012) through December 31, 2015 with remaining unpaid principal due January 10, 2016(a)		46,000			54,000
Notes payable on product acquisitions and asset purchases(b)		6,443			12,377

		52,443			66,377
Less current installments		(16,247	)		(14,460	)

	$	36,196		$	51,917

(a)

On January 10, 2011, the Company’s main operating subsidiary, AMVAC, as borrower, and affiliates (including the Company), as guarantors, entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and letter of credit issuer. The Credit Agreement superseded the First Amendment to Credit Agreement (“First Amendment”) dated as of March 5, 2010, and more fully described in the Company’s Form 8-K filed on March 8, 2010. The Credit Agreement is a $137,000 senior secured lending facility consisting of a revolving line of credit of $75,000 and term loan commitments of $62,000. Also included in the facility is an additional accordion feature for up to $50,000. In connection with retiring the entire outstanding balance of the term loans and revolving credit facility (plus accrued interest) of the First Amendment upon termination thereof, on January 10, 2011, AMVAC borrowed $62,000 under the Credit Facility . These loans bear interest at a variable rate of interest based on LIBOR and the Eurodollar Reserve of the Federal Reserve (“Eurodollar Rate Loan”), or, at AMVAC’s option, a variable rate of interest based upon the prime rate, the Federal Funds rate, and LIBOR (“Alternative Base Rate Loan”). The principal payments of the term loans are payable (a) in equal quarterly installments on or before the last business day of each March, June, September and December (i) through 2012 in the amount of $2,000, and (ii) thereafter through December 2015 in the amount of $2,500, and (b) the remainder, if any, not later than January 10, 2016. Interest accruing on the Eurodollar Rate Loans is payable on the last day of the interest period, which may be one, three or six months, as per borrower’s election. Interest accruing on the Alternate Base Rate Loans is payable monthly, in arrears, on the last day of the month and on the maturity date of any such loan in the amount of interest then accrued but unpaid. Both the senior secured revolving line of credit and the term loans mature on January 10, 2016.

(b)	Notes payable on product acquisitions and asset purchases, with one payment of $6,154 due on January 1, 2013; a single remaining term payment on an asset purchase in the amount of $26; a new asset purchase agreement with short term liabilities in the amount of $67.

Payments on Long-term Debt Details

Approximate principal payments on long-term debt at December 31, 2012 is as follows:


2013	$	16,247
2014		10,069
2015		10,072
2016		16,055

	$	52,443

Summary of Short-Term and Long-Term Loan Balances in the Balance Sheet

The Company has various loans in place that together constitute the short-term and long-term loan balances shown in the balance sheet at December 31, 2012 and December 31, 2011. These are summarized in the following table:


Indebtedness	December 31, 2012						December 31, 2011
$000’s	Long-term		Short-term		Total		Long-term		Short-term		Total
Term loan	$	36,000	$	10,000	$	46,000	$	46,000	$	8,000	$	54,000
Notes payable on product acquisitions and asset purchases		196		6,247		6,443		5,917		6,460		12,377

Total indebtedness	$	36,196	$	16,247	$	52,443	$	51,917	$	14,460	$	66,377