NOTE D Long-Term Debt

Long-term debt consists of the following:


	2014		2013

	(thousands of dollars)
6.59% Unsecured senior notes, interest payable semi-annually,
principal payment of $80.0 million due November 14, 2013		-		80,000
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $50.0 million due June 1, 2017		50,000		50,000
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $25.0 million due September 28, 2017		25,000		25,000
5.48% Unsecured senior notes, interest payable semi-annually,
principal payment of $25.0 million due November 30, 2017		25,000		25,000
3.72% Unsecured senior notes, interest payable semi-annually,
principal payment of $125.0 million due March 27, 2024		125,000		-
2.019% Guaranteed senior note, interest payable semi-annually,
principal payment of ¥1.65 billion due May 18, 2014		-		16,848
Variable Rate Guaranteed senior note, interest payable quarterly,
principal payment of ¥1.65 billion due May 19, 2019
and an interest rate of 0.56% as of July 31, 2014		16,051		-
Capitalized lease obligations and other, with various maturity dates and
interest rates		3,177		2,520
Terminated interest rate swap contracts		1,236		2,070
Total		245,464		201,438
Less current maturities		1,738		98,664
Total long-term debt	$	243,726	$	102,774

Annual maturities of long-term debt are $1.7 million in Fiscal 2015, $1.8 million in Fiscal 2016, $50.8 million in Fiscal 2017, $50.1 million in Fiscal 2018, and $141.1 million thereafter. Certain note agreements contain debt covenants related to working capital levels and limitations on indebtedness. As of July 31, 2014, the Company was in compliance with all such covenants.

On March 27, 2014, the Company issued $125.0 million of senior unsecured notes due March 27, 2024. The debt was issued at face value and bears interest payable semi-annually at an annual rate of interest of 3.72 percent. The proceeds from the notes were used to refinance existing debt and for general corporate purposes. The notes contain debt covenants specifically related to maintaining a certain leverage ratio as well as other covenants that, under certain circumstances, can restrict the Company’s ability to incur additional indebtedness, make investments and other restricted payments, create liens, and sell assets. As of July 31, 2014, the Company was in compliance with all such covenants.

On May 19, 2014, the Company refinanced its 1.65 billion yen guaranteed note that matured on May 18, 2014. The debt was issued at face value, or approximately $16.1 million as of July 31, 2014, is due May 19, 2019, and bears interest payable quarterly at a variable interest rate. The interest rate was 0.56 percent as of July 31, 2014.