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Long-Term Debt (Tables)
3 Months Ended
Jul. 31, 2012
Long-Term Debt [Abstract]  
Schedule of Long-Term Debt

 

 

 

 

 

 

 

July 31,

 

April 30,

 

 

2012

 

2012

Term Note A payable to Wells Fargo Capital Finance, LLC, which was entered into in conjunction with the acquisition of Daegis. Interest is incurred at the prevailing LIBOR rate plus 5.0% per annum with a minimum rate of 6.50% (6.50% at July 31, 2012), payable monthly. Principal is payable over four years with principal payments of $300 quarterly (beginning November 2011) plus an additional annual payment based on the Company’s free cash flow for the year with any remaining amount due at maturity, June 30, 2015. This note is secured by an interest in substantially all of the Company's assets. This note includes certain financial covenants and the Company is in compliance with such covenants at July 31, 2012.

$

 9,400

$

 11,100

 

 

 

 

 

Term Note B payable to Wells Fargo Capital Finance, LLC, which was entered in conjunction with the acquisition of Daegis. Interest is incurred at the prevailing LIBOR rate plus 10.0% per annum with a minimum rate of 12.0% (12.0% at July 31, 2012) payable monthly.  Principal is due in full at maturity, June 30, 2015.

 

 4,000

 

 4,000

 

 

 

 

 

Wells Fargo Capital Finance, LLC, revolving line of credit, interest rate at prevailing LIBOR rate plus 5.0% per annum with a minimum rate of 6.50% (6.50% at July 31, 2012), payable June 30, 2015.

 

 5,500

 

 5,500

 

 

 

 

 

Capital leases, payable in monthly installments through July 2015.

 

 553

 

 651

 

 

 19,453

 

 21,251

    Less current portion

 

 (2,002)

 

 (2,945)

    Total long term debt, net

$

 17,451

$

 18,306

Schedule of Maturities of Long-term Debt

 

 

 

Fiscal Year Ending April 30,

 

Amount

Remainder of 2013

$

 1,647

2014

 

 1,348

2015

 

 1,326

2016

 

 15,132

 

$

 19,453