Note 8 - Deferred Financing Costs

6 Months Ended

Nov. 30, 2012

Other Liabilities Disclosure [Text Block]

8.     DEFERRED FINANCING COSTS

Changes in deferred financing costs for the period ended November 30, 2012 and the year ended May 31, 2012 were as follows (in thousands):

	November 30, 2012			May 31, 2012
Balance at beginning of period	$	38,769		$	-
Debt issuance costs (See Note 9)		2,528			42,474
Loss on extinguishment of debt		(3,953	)		-
Amortization		(2,389	)		(3,705	)
Balance at end of period	$	34,955		$	38,769

Deferred financing costs are capitalized and are amortized over the life of the related debt agreements using the effective interest rate method, except the Revolving Facility which uses the straight line method.