Long-term Debt

3 Months Ended

Sep. 30, 2011

J.	Long-term Debt

Long-term debt at September 30, 2011 and June 30, 2011 consisted of the following (in thousands):

	September 30,	June 30,
	2011	2011

Revolving loan	$22,500	$11,300
10-year unsecured senior notes	17,857	17,857
Other	450	542
Subtotal	40,807	29,699
Less: current maturities and short-term borrowings	(3,867)	(3,915)
Total long-term debt	$36,940	$25,784

The revolving loan and unsecured senior notes listed above are subject to certain covenants, including restrictions on investments, acquisitions and indebtedness. Financial covenants, as defined, include a minimum consolidated net worth a minimum EBITDA for the most recent four fiscal quarters, and a maximum total funded debt to EBITDA ratio. As of September 30, 2011, the Company was in compliance with these covenants.

The fair value of the Company's 10-year unsecured senior notes due April 10, 2016 was approximately $19,639,000 and $19,589,000 at September 30, 2011 and June 30, 2011, respectively. The Company's revolving loan agreement approximates fair value at September 30, 2011 and June 30, 2011. The fair value of long-term debt is estimated by discounting the future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. This rate was represented by the US Treasury Three-Year Yield Curve Rate (0.42% and 0.81% for September 30, 2011 and June 30, 2011, respectively), plus the current add-on related to the revolving loan agreement (2.00% for September 30, 2011 and June 30, 2011, respectively).