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SUBSEQUENT EVENTS
6 Months Ended
Feb. 28, 2017
SUBSEQUENT EVENTS [Abstract]  
SUBSEQUENT EVENTS

 

NOTE 9 – SUBSEQUENT EVENTS



The Company has evaluated all events subsequent to the balance sheet date of February 28, 2017 through the date of issuance of these consolidated financial statements and has determined that, except as set forth below, there are no subsequent events that require disclosure.



Financing Transactions



On March 31, 2017, the Company's Trinidad subsidiary entered into a loan agreement with Citibank, N.A. The agreement provides for a US $12.0 million loan to be repaid in 8 quarterly principal payments plus interest.  The interest rate is set at the 90 day LIBOR rate plus 3%.  The loan was funded on March 31, 2017.



Non-deliverable forward foreign-exchange contracts



The Company's Colombia subsidiary has entered into forward exchange contracts for approximately $6.0 million with settlement dates of May and June 2017.