|12 Months Ended|
Sep. 30, 2016
|Debt Disclosure [Abstract]|
In January 2015, the Company acquired $7.2 million of long-term debt as part of the BTU acquisition. The debt acquired is a mortgage note secured by its real property in Billerica, Massachusetts, and has a remaining balance of $6.5 million as of September 30, 2016. The debt was refinanced in September 2016 with an interest rate of 4.11% through September 26, 2021, at which time the interest rate will be adjusted to a per annum fixed rate equal to the aggregate of the Federal Home Loan Board Five Year Classic Advance Rate plus two hundred forty basis points. The maturity date of the debt is September 26, 2023.
In December 2014, the Company acquired long term debt as part of the SoLayTec acquisition. During the year ended September 30, 2016, SoLayTec borrowed an additional $1.1 million. As of September 30, 2016 the debt has a remaining balance of $3.7 million. The debt has interest rates ranging from 4.50% to 10% and maturity dates ranging from fiscal 2017 to fiscal 2021.
Annual maturities relating to the Company's long-term debt as of September 30, 2016 are as follows:
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef