Long Term and Other Debt

3 Months Ended

Dec. 31, 2016

11.

Long Term and Other Debt

Outstanding Debt and Capital Leases

The following reflects outstanding debt as of the dates indicated below:

			Unamortized
			deferred		Book value,
	Principal		financing charge		December 31, 2016
Senior bank debt	$	118,482	$	(852)	$	117,630
Capital leases and hire purchase contract		319		-		319
Total long-term debt outstanding		118,801		(852)	$	117,949
Less: current portion of long-term debt		(17,160)		-		(17,160)
Long-term debt, excluding current portion	$	101,641	$	(852)	$	100,789

			Unamortized
			deferred		Book value,
	Principal		financing charge		September 24, 2016
Senior bank debt	$	115,379	$	(1,218)	$	114,161
PIK loan notes		298,248		-		298,248
Capital leases and hire purchase contract		375		-		375
Total long-term debt outstanding		414,002		(1,218)		412,784
Less: current portion of long-term debt		(10,292)		-		(10,292)
Long-term debt, excluding current portion	$	403,710	$	(1,218)	$	402,492

In connection with the Merger, the value of PIK shareholder loan notes was reduced from $291,780 to $116,790. Accordingly, the Company recorded $174,990 as a capital contribution in the accompanying condensed consolidated statement of stockholders’ equity representing the reduction in the value of the PIK shareholder loan notes. The shareholders transferred their rights to the remaining loan balance of $116,790 to Hydra in connection with the Merger, and is therefore eliminated in consolidation.The $116,790 was also accounted for as a capital contribution by the shareholders.

The Company is in compliance with all relevant covenants and the long term debt portion is correctly classified as such in line with the underlying agreements.

Long term debt for the years ending September 30 matures as follows:

Fiscal period			Capital leases
			and hire
			purchase
	Senior bank debt		contract		Total
2017 (nine months)	$	16,952	$	208	$	17,160
2018		-		71		71
2019		101,530		38		101,568
2020		-		2		2
Total	$	118,482	$	319	$	118,801