SUBSEQUENT EVENTS

3 Months Ended

Jul. 31, 2018

Subsequent to quarter end, we amended our primary unsecured credit facility (see Note 9 - Debt) to:


•	increase the overall unsecured facility from $370.0 million to $395.0 million, reallocating the commitment for the revolving line of credit to $250.0 million and the remaining $145.0 million between two term loans;


•	extend the maturity of the revolving line of credit to August 2022;


•	extend the existing $70.0 million unsecured term loan maturity to January 2024;


•	add a new $75.0 million, 7-year unsecured term loan maturing in August 2025; and


•	reduce the margin pricing on the revolving line of credit and the $70.0 million term loan to achieve an overall lower interest rate on borrowings under this facility.

We also entered into a swap agreement for the entire $75.0 million and full term loan of the new unsecured 7-year loan in our ongoing effort to reduce floating interest rate exposure. We continue to maintain a $200.0 million accordion option that can be accessed by increasing lending commitments.