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LINE OF CREDIT | 12 Months Ended
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Apr. 30, 2015
LINE OF CREDIT [Abstract] |
LINE OF CREDIT | NOTE 7 · LINE OF CREDIT As of April 30, 2015, the Company, through its Operating Partnership as Borrower, had one secured line of credit with First International Bank and Trust, Watford City, North Dakota, as lead bank. This line of credit matures on September 1, 2017. The facility had, as of April 30, 2015, lending commitments of $90.0 million. Participants in this secured credit facility as of April 30, 2015 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. As of April 30, 2015, the Company had advanced $60.5 million under the line of credit. The line of credit has a minimum outstanding principal balance requirement of $17.5 million. The interest rate on borrowings under the facility is the Wall Street Journal Prime Rate +1.25%, with a floor of 4.75% and a cap of 8.65% during the initial term of the facility; interest-only payments are due monthly based on the total amount of advances outstanding. The line of credit may be prepaid at par at any time. The facility includes covenants and restrictions requiring the Company 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 the Company is also required to maintain minimum depository account(s) totaling $6.0 million with First International, of which $1.5 million is to be held in a non-interest bearing account. As of April 30, 2015, 15 properties with a total cost of $136.1 million collateralized this line of credit. As of April 30, 2015, the Company believes it is in compliance with the facility covenants. This credit facility is summarized in the following table:
|  |  |  |  |  |  |  |  |  |  |  | Weighted |
|  | (in thousands) |  |  |  |  |  | Average Int. |
Financial Institution |  | Amount Available |  | Amount Outstanding as of April 30, 2015 |  | Amount Outstanding as of April 30, 2014 |  | Applicable Interest Rate as of April 30, 2015 |  | Maturity Date |  | Rate on Borrowings during fiscal year 2015 |
First International Bank & Trust |  | $ | 90,000 |  | $ | 60,500 |  | $ | 22,500 |  | 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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