XML 19 R13.htm IDEA: XBRL DOCUMENT v3.19.3
Debt
9 Months Ended
Sep. 30, 2019
Debt [Abstract]  
Debt
5.  Debt

 
 
As of
Sep. 30, 2019
  
As of
Dec. 31, 2018
 
       
10.17% Senior Notes, Series A, due 2019
 
$
  
$
6,000
 
9.60% Senior Notes, Series B, due 2019
  
   
5,000
 
1.00% Pennvest Note, due 2019
  
   
30
 
10.05% Senior Notes, Series C, due 2020
  
6,500
   
6,500
 
8.43% Senior Notes, Series D, due 2022
  
7,500
   
7,500
 
Variable Rate Pennsylvania Economic Development Financing Authority
Exempt Facilities Revenue Refunding Bonds, Series 2008A, due 2029
  
12,000
   
12,000
 
4.75% York County Industrial Development Authority Revenue Bonds,
Series 2006, due 2036
  
10,500
   
10,500
 
4.50% Pennsylvania Economic Development Financing Authority Exempt
Facilities Revenue Refunding Bonds, Series 2014, due 2038
  
14,870
   
14,870
 
5.00% Monthly Senior Notes, Series 2010A, due 2040
  
15,000
   
15,000
 
4.00% - 4.50% York County Industrial Development Authority Exempt
Facilities Revenue Bonds, Series 2015, due 2029 - 2045
  
10,000
   
10,000
 
4.54% Senior Notes, due 2049
  
20,000
   
 
Committed Lines of Credit, due 2021
  
6,958
   
8,508
 
Total long-term debt
  
103,328
   
95,908
 
Less discount on issuance of long-term debt
  
(195
)
  
(204
)
Less unamortized debt issuance costs
  
(2,421
)
  
(2,346
)
Less current maturities
  
(6,500
)
  
(30
)
Long-term portion
 
$
94,212
  
$
93,328
 

On January 31, 2019, the Company entered into a note purchase agreement with certain institutional investors relating to the private placement of $20,000 aggregate principal amount of the Company’s senior notes.  The senior notes bear interest at 4.54% per annum payable semiannually and mature on January 31, 2049.  The senior notes are unsecured and unsubordinated obligations of the Company.  The Company received net proceeds, after deducting issuance costs, of approximately $19,820.  The net proceeds were used to refinance the $11,000 aggregate principal amount of the Company’s 10.17% Series A Senior Notes due February 1, 2019 and the 9.60% Series B Senior Notes due February 1, 2019, and to refinance line of credit borrowings incurred by the Company as interim financing for various capital projects of the Company.

In the second quarter of 2019, the Company renewed its $13,000 and $11,000 committed lines of credit and extended the maturity date of each to May 2021, and it renewed its $7,500 committed line of credit and extended the maturity date to June 2021.

In the third quarter of 2019, the Company renewed its $10,000 committed line of credit and extended the maturity date to September 2020.