Revolving Credit Agreement

12 Months Ended

Nov. 30, 2018

Revolving Credit Agreement

Revolving Credit Agreement

6. Revolving Credit Agreement

Griffin has a $15,000 revolving credit line (the “Webster Credit Line”) with Webster Bank that was scheduled to expire on July 31, 2018. In the 2018 third quarter, Griffin and Webster Bank completed a Second Mortgage Modification Agreement that extended the Webster Credit Line through July 31, 2019. Interest on borrowings under the Webster Credit Line remains at the one month LIBOR rate plus 2.75%.  The Webster Credit Line is collateralized by Griffin’s properties in Griffin Center South, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center. The aggregate book value of land and buildings that are collateral for the Webster Credit Line was $10,798 at November 30, 2018. There have been no borrowings under the Webster Credit Line since its inception in fiscal 2013.  As of November 30, 2018, the Webster Credit Line secured certain standby letters of credit aggregating $1,068 that are related to Griffin's development activities.