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I need help Using theinformation given,writing a short note fore the financial statementsdescribingthe
I need help Using the information given, writing a short note fore the financial statements describing the
various parts of the long term debt and the company's future plans for dealing with the debt.
- Long term notes payables (4% interest) of $15 million, maturing over next 10 years. 10% of principal is due this year
- $20 Million of 7% secured bonds collateralized on buildings, due in 10 years.
- $5 Million in 9% debenture bonds, due in 2 years.
- $100 million in outstanding 8% term bonds, maturing in 2025
- Last year, the company borrowed $5 million at 4% from a related party, payable in 3 years
- Plans on redeeming above term bonds by issuing preferred stock
- Plans to refinance all outstanding debt with rates over 6% for lower interest notes.