On December 28, 2012, PWSS borrowed $800,000 from Hudson Bay Partners, L.P. (HBP), a wholly-owned affiliate of David H. Lesser, our Chairman and CEO, in the form of a senior, secured bridge loan to fund the acquisition of property located in Salisbury, MA ("Bridge Loan"). The Bridge Loan was originally for an initial term of six months with an extension option for another six months at PWSS's option. During the first quarter of 2013, the term of the Bridge Loan was extended, with the initial term extended through June 30, 2014, which may be extended through January 31, 2015 at PWSS' option. As a result of the extension, the Bridge Loan is classified as "Long-term Debt, related party". During the first six months of the Bridge Loan, the interest rate is 5.0%; thereafter the interest rate resets to 8.5%. The Bridge Loan is interest only, with interest payable at six-month intervals during the initial term and at maturity. The Bridge Loan can be prepaid at any time without penalty. In addition to a first lien mortgage on PWSS's property, the Bridge Loan is secured by a parent guarantee from the Trust.

On December 31, 2012, as part of the Salisbury land acquisition, PWSS assumed existing municipal financing ("Municipal Debt"). The Municipal Debt had a twenty-year maturity at issuance and currently has approximately 18 years remaining. The Municipal Debt has a simple interest rate of 5.0% that is paid annually, with the next payment due February 1, 2014. The balance of the Municipal Debt on March 31, 2013 was approximately $115,000, of which approximately $6,000 has been booked as “Current Portion of Long-term Debt.”

As of March 31, 2013, PWSS had the following principal payments remaining on its long-term debt:

		Long-term Debt
2013		$ -
2014		806,416
2015		6,416
2016		6,416
2017		6,416
Thereafter		89,825