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LINE OF CREDIT | 12 Months Ended
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Apr. 30, 2016
LINE OF CREDIT [Abstract] |
LINE OF CREDIT | NOTE 7 • LINE OF CREDIT As of April 30, 2016, we, through our Operating Partnership as Borrower, had one secured revolving multi-bank line of credit with First International Bank and Trust, Watford City, North Dakota (“First International Bank”), as lead bank. The line of credit has lending commitments of $100.0 million, a current interest rate of 4.75%, a maturity date of September 1, 2017 and a minimum outstanding principal balance requirement of $17.5 million. As of April 30, 2016, participants included, in addition to First International Bank, the following financial institutions: The Bank of North Dakota; First Western Bank and Trust; Dacotah Bank; United Community Bank; American State Bank & Trust Company; Town & Country Credit Union; Highland Bank and United Bankers’ Bank. The interest rate on borrowings under the line of credit is the Wall Street Journal Prime Rate plus 1.25%, with a floor of 4.75% and a cap of 8.65% during the initial term of the line of credit. Interest-only payments are due monthly based on the total amount of advances outstanding. As of April 30, 2016, we had advanced $17.5 million under the line of credit. The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring us to achieve on a calendar quarter basis a debt service coverage ratio on borrowing base collateral of 1.25x in the aggregate and 1.00x on individual assets in the collateral pool, and we are also required to maintain minimum depository account(s) totaling $6.0 million with First International Bank, of which $1.5 million is to be held in a non-interest bearing account. As of April 30, 2016, 17 properties with a total cost of $162.1 million collateralized this line of credit. As of April 30, 2016, we believe we are in compliance with the line of credit’s covenants. This credit facility is summarized in the following table:
|  | (in thousands) |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | Average Int. |
|  |  |  |  | Amount |  | Amount |  | Applicable |  |  |  | Rate on |
|  |  |  |  | Outstanding |  | Outstanding |  | Interest Rate |  |  |  | Borrowings |
|  | Amount |  | as of April 30, |  | as of April 30, |  | as of April 30, |  | Maturity |  | during fiscal |
Financial Institution |  | Available |  | 2016 |  | 2015 |  | 2016 |  | Date |  | year 2016 |
First International Bank & Trust |  | $ | 100,000 |  | $ | 17,500 |  | $ | 60,500 |  | 4.75 | % | 9/1/17 |  | 4.75 | %

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- Definition The entire disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References No definition available. + Details
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- References No definition available. + Details
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