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Subsequent Event
12 Months Ended
May 31, 2018
Subsequent Events [Abstract]  
Subsequent Event

Note 16. SUBSEQUENT EVENT

 

On August 8, 2018, Greystone and IBC entered into the Sixth Amendment to the IBC Loan Agreement dated January 31, 2014 (the “Sixth Amendment”) whereby IBC made an additional term loan to Borrowers in the original principal amount of $3,600,000 (“Term Loan F”). Term Loan F has an interest rate of the prime rate of interest plus 0.5% but not less than 5.25% and a maturity date of February 8, 2021. The monthly principal and interest payments are based on an amortization of the principal over 60 months. The proceeds from Term Loan F will be used to acquire new production equipment. In addition, the Sixth Amendment included extensions for Term Loan A to April 30, 2023 and Term Loan C to July 31, 2020.

 

On August 8, 2018, Greystone Real Estate, L.L.C. and IBC entered into the First Amendment to Loan Agreement (Real Estate Term Loan) dated January 31, 2014 (“Agreement”) changing the rate of interest to 5.5% and extending the maturity date of the loan to April 30, 2023.