Annual report pursuant to Section 13 and 15(d)

Debt

v2.4.0.6
Debt
12 Months Ended
Dec. 31, 2012
Debt [Abstract]  
Debt

Note 6 Debt

We have entered into line of credit agreements with sixteen financial institutions in Chile and Spain. These lines of credit are used primarily as a source of working capital for inventory purchases.

The following table summarizes the lines of credit:

 

                             
(In thousands)             Amount outstanding
at December 31
 

Lender

  Interest rate on
borrowings
  Credit line
capacity
    2012     2011  

Itau Bank

  7.08%   $ 3,000     $ 2,738     $ 1,091  

Bank of Chile

  6.09%     3,500       2,292       1,749  

BICE Bank

  5.54%     3,000       2,451       952  

Santander Bank

  Libor +3.2%     1,796       —         236  

Corp Banca

  6.18%     2,000       1,248       420  

BBVA Bank

  6.38%     3,000       2,823       2,348  

Penta Bank

  10.10%     1,800       833       —    

Security Bank

  Libor +3.2%     1,500       —         1,016  

BCI

  Libor +3.2%     1,500       —         945  

Estado Bank

  6.46%     2,000       1,963       —    

Sabadell Bank

  7.60%     198       3       —    

Bilbao Vizcaya Bank

  4.90%     396       377       —    

Banco Popular

  8.25%     396       260       —    

Santander Bank

  6.00%     198       —         —    

Banesto

  5.80%     172       163       —    

Banca March

  6.25%     264       44       —    
       

 

 

   

 

 

   

 

 

 

Total

      $ 24,720     $ 15,195     $ 8,757  
       

 

 

   

 

 

   

 

 

 

At December 31, 2012, the weighted average interest rate on our lines of credit was approximately 6.5%.

At December 31, 2012, we had mortgages notes and other debt payables of $6.2 million in Spain of which $2.3 million was recorded within Current portion of lines of credit and notes payable and $3.9 million was recorded within Other long-term liabilities in the accompanying Consolidated Balance Sheets. The mortgages and other debts payable mature at various dates ranging from 2015 through 2024 bearing variable interest rates from 2.7% up to 8.5%. The weighted average interest rate on the mortgage and other debt payable at December 31, 2012 was 4.5%.