Note 10 — Debt
Long-term debt as of December 31, 2016 and 2015 consisted of the following:
2016
Unamortized
Debt Issuance
(in thousands) Principal Costs
Unsecured note payable to City of Nashua, 5.75%,
due 12/25/2041 $ 110,970 $ -
Unsecured senior note payable due to an insurance company
7.40%, due March 1, 2021 4,000 36
Unsecured Business Finance Authority:
Revenue Bonds (Series 2015A), interest rates from 4.00% to 5.00%,
due January 1, 2046 20,555 1,614
Revenue Bonds (Series 2015B), 5.00%, due January 1, 2046 2,035 272
Revenue Bonds (Series 2014<A), interest rates from 3.00% to 4.125%,
due January 1, 2045 40,930 2,114
Revenue Bonds (Series 2014B), 4.50%, due January 1, 2045 5,215 123
Unsecured notes payable to bank, floating-rate, due March 1, 2030 3,332 17
Unsecured notes payable to bank, 3.62%, due June 20, 2023 1,505 11
Unsecured notes payable to bank, 4.20%, due December 20, 2041 1,250 7
Unsecured notes payable to bank, 4.83%, due December 20, 2041 950 5
Unsecured notes payable to bank, 4.25%, due June 20, 2033 815 7
Unsecured notes payable to bank, 4.90%, due March 6, 2040 602 38
Unsecured New Hampshire State Revolving Fund (“SRF”) notes (1) 18,284 168
Unamortized debt issuance costs for defeased obligations,
allowed by regulation - 111
Total 210,443 $ 4,523
Less current portion (5,162)
Less unamortized debt issuance costs (4,523)
Total long-term debt, net of current portion
and unamortized debt issuance costs $ 200,758
(1) SRF notes are due through 2035 at interest rates ranging from 1% to 4.488%. These notes are payable in 120 to 240
consecutive monthly installments of principal and interest. The 1% rate applies to construction projects still in process
until the earlier of (i) the date of substantial completion of the improvements, or (ii) various dates specified in the note
(such earlier date being the interest rate change date). Commencing on the interest rate change date, the interest rate
changes to the lower of (i) the rate as stated in the note or (ii) 80% of the established 11 General Obligations Bond
Index published during the specified time period before the interest rate change date.
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