Subsequent Event

9 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Event

SUBSEQUENT EVENT

At December 31, 2017, the Company has $48,431,000 of nonamortizing variable-rate debt outstanding which accrues interest at LIBOR plus .95% (2.51%). In order to hedge interest rate risk, on February 1, 2018, the Company entered into an interest rate swap agreement for a notional amount of $40,000,000 at a fixed rate of 2.575%. Under this swap agreement, the Company pays the fixed rate of 2.575% on the $40,000,000 notional amount on a monthly basis, and receives the LIBOR rate on a monthly basis, effectively converting its variable-rate debt into fixed-rate debt with an effective interest rate of 3.525% (2.575% fixed + .95% spread).