-99-
APPENDIX C
Consolidated Debt Outstanding1 1989 1990 1991 1992
Senior term notes, due in quarterly
installments through Dec. 28, 1995 at
lender’s reference rate plus 1 1/2 percent
(12%, 11.5%, 8%, and 7.5% at Dec. 31 of the
respective years). Payment is secured by
Sterling’s assets (Dec. 31, 1991, book
value of $25,683,252) and prepayments may
be required if sufficient cashflow.2 $20,075,000 $17,450,000 $14,075,000 $10,575,000
Senior subordinated notes, due in
two equal installments at Dec. 15, 1998 and
1999. Interest payments at 14 percent are
due annually. Payment is unsecured and
subject to the noted requirements of the
senior term notes. 2,450,000 2,450,000 2,450,000 2,450,000
Subordinated notes, due in three
installments at Mar. 15, 1996, 1997, and
1998. Interest payments vary from 13.5 to
14.5 percent (14%, 14%, 13,5%, and 13.5% at
December 31 of the respective years) and
are due quarterly. Payment is unsecured
and subject to the noted requirements of
the senior term notes. The additional
$175,000 of notes shown for 1992 were
issued on Oct. 23, 1992, as consideration
for the holders of the subordinated notes
waiving and amending certain covenants. 9,000,000 9,000,000 9,000,000 9,175,000
Series B subordinated debentures,
due in three equal installments at Dec. 31,
1993, 1994, and 1995. Interest payments
are due annually at incremental rates,
increasing from 8 percent in 1989 to 12
percent in 1992 and thereafter. Payment is
subject to the noted requirements of the
senior term notes. 1,428,000 1,428,000 1,428,000 1,428,000
Unsecured notes, due June 29, 1990.
Interest at 14 percent increasing to 18
percent past the due date. Payment is
subject to the noted requirements of the
senior debt. 181,452 181,452 181,452 181,452
Contractual obligation, discounted,
secured by $400,000 series B subordinated
debentures. 400,000 400,000 400,000 400,000
Unsecured notes payable, interest
rates range from 11.25 to 12.5 percent, due
in monthly installments through Nov. 1994. 18,853 22,013 15,770 -0-
Obligations under capital leases 509,866 140,722 21,084 -0-
Other —0- -0- -0- 8,716
Total long-term debt 34,063,171 31,072,187 27,571,306 24,218,168
Less current portion 2,942,325 3,671,964 3,709,589 3,921,015
Long-term debt less current portion 31,120,846 27,400,223 23,861,717 20,297,153
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