sheet. Total interest expense recognized during the years ended November 30, 2020, 2019 and 2018 was $7,281, $6,408 and $6,270, respectively, of which, $1,438, $32 and $636, respectively, was recognized related to interest rate swaps.
7. Revolving Credit Agreements
On September 19, 2019, INDUS executed an amendment (the “Revolving Credit Line Amendment”) to its $15,000 revolving credit line (the “Webster Credit Line” and, as amended by the Revolving Credit Line Amendment, the “Amended Webster Credit Line”) with Webster Bank that was originally scheduled to expire on July 31, 2019 (which was extended to September 30, 2019 on July 26, 2019). The Revolving Credit Line Amendment provided for an extension of the maturity date to September 30, 2021, with an option to extend for an additional year through September 30, 2022, and reduced the interest rate from the one-month LIBOR rate plus 2.75% to the one-month LIBOR rate plus 2.50%. In the event that Webster Bank determines that LIBOR is no longer available, the Amended Webster Credit Line contemplates that Webster Bank shall transition to a comparable rate of interest to the LIBOR rate. The Revolving Credit Line Amendment increased the amount of the Amended Webster Credit Line from $15,000 to $19,500, while adding an approximately 31,000 square foot industrial/logistics building in Bloomfield, Connecticut to the Webster Credit Line’s original collateral, which are INDUS’s properties in Griffin Center South in Bloomfield, Connecticut, aggregating approximately 235,000 square feet, and an approximately 48,000 square foot single-story office building in Griffin Center in Windsor, Connecticut. Prior to the 55 GRS Sale on November 17, 2020 (see Note 4), 55 GRS was included in the collateral for the Amended Webster Credit Line. Subsequent to the 55 GRS Sale, 170 Sunport was added to the collateral to the Amended Webster Credit Line. The aggregate book value of land and buildings that are collateral for the Amended Webster Credit Line was $17,306 at November 30, 2020. Under the terms of the Revolving Credit Line Amendment, INDUS must maintain: (a) a maximum loan to value ratio not to exceed 72%; (b) a minimum liquidity, as defined in the Revolving Credit Line Amendment, of $5,000; and (c) a fixed charge coverage ratio, defined as EBITDA minus cash income taxes and dividends paid divided by debt service (the “Fixed Charge Coverage Ratio”), of at least 1.1 to 1.0. As of November 30, 2020, there were no borrowings against the Amended Webster Credit Line, however, the Amended Webster Credit Line secured certain standby letters of credit aggregating $484 that are related to INDUS’s development activities.
Subsequent to November 30, 2020, INDUS and Webster Bank agreed to terms whereby 160 International Drive and 180 International Drive, industrial/logistics buildings aggregating approximately 283,000 square feet, would be added to the collateral of the Amended Webster Credit Line and the borrowing capacity under the Amended Webster Credit Line would be increased up to a maximum of $35,000. The increase in the amount available under the Amended Webster Credit Line is subject to completion of a definitive loan amendment to the Amended Webster Credit Line, which may not be finalized under current terms, or at all.
On June 30, 2020, in connection with the 2020 Webster Mortgage, INDUS and Webster Bank entered into a letter agreement (the “Side Note”) amending the Amended Webster Credit Line. Under the terms of the Side Note, an amount equal to one year’s debt service ($306) on the 2020 Webster Mortgage will be carved out and not available to be borrowed (the “Holdback”) under the Amended Webster Credit Line. If the debt service is not paid on the 2020 Webster Mortgage, Webster Bank would be able to advance funds from the Amended Webster Credit Line as needed to make monthly payments of debt service under the 2020 Webster Mortgage. The provisions regarding the Holdback expire on September 30, 2021, the maturity date of the Webster Credit Line, and any extension to the maturity date of the Webster Credit Line will not apply to the Holdback.
On September 19, 2019, INDUS and Webster Bank also entered into an additional credit line of $15,000 to be used to finance property acquisitions (the “Acquisition Credit Line”). The Acquisition Credit Line is unsecured, expires on September 30, 2021, with an option to extend for an additional year through September 30, 2022, and may be used to fund up to 65% of the purchase price of real estate acquisitions. Interest on advances under the Acquisition Credit Line are at the one-month LIBOR rate plus 2.75%. In the event that LIBOR is no longer readily determinable or available, the Acquisition Credit Line contemplates that Webster Bank shall transition to an alternate rate of interest to the LIBOR rate taking into account then prevailing standards in the market for determining interest rates for commercial loans made by