Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  

Note 9 - Debt

The Company maintains various credit facilities from time to time to finance acquisitions, the purchase of real estate, construction equipment, asphalt plants and other fixed assets, and for general working capital purposes. Debt at June 30, 2018 and September 30, 2017 consisted of the following (in thousands):


     June 30, 2018     September 30, 2017  

Long-term debt:


Compass Term Loan

   $ 60,900     $ 47,500  

Compass Revolving Credit Facility

     5,000       10,000  

Other long-term debt

     1,061       —    







Total long-term debt

     66,961       57,500  

Deferred debt issuance costs

     (387     (364

Current maturities of long-term debt

     (14,788     (10,000







Long-term debt, net of current maturities

   $ 51,786     $ 47,136  







Current maturities of debt:


Current maturities of long-term debt

   $ 14,788     $ 10,000  







Total current maturities of debt

   $ 14,788     $ 10,000  







In connection with the Scruggs Acquisition described in Note 6 – Business Acquisition, the Company amended the Compass Credit Agreement and borrowed an additional $22.0 million under its existing term loan (the “Term Loan”) with Compass Bank, as Agent, Sole Lead Arranger and Sole Bookrunner (as amended, the “Compass Credit Agreement”). The additional borrowing is subject to the same terms and conditions as the Term Loan balance outstanding at September 30, 2017. In connection with this additional Term Loan borrowing, the Company entered into a fair value interest rate swap agreement with a notional amount of $11.0 million under which it pays a fixed percentage rate of 3.01% and receives a credit based on the applicable LIBOR rate.