Griffin Land & Nurseries, Inc. has closed on a $12.5 million revolving line of credit (the 2013 Credit Line) with Webster Bank. The credit line replaces an expiring revolving line of credit of the same amount with Doral Bank and has a term of two years, with an option for Griffin to extend it for a third year. The 2013 Credit Line has an interest rate of one month LIBOR plus 2.75% and is collateralized by Griffin Land's office/flex buildings in Griffin Center South and Griffin Land's single story office building in Griffin Center, the same properties that collateralized the expiring line of credit.

Griffin did not have any amounts outstanding under its expiring revolving line of credit and did not draw down under the 2013 Credit Line at closing. Griffin expects to use future borrowings under the 2013 Credit Line for general corporate purposes.

Griffin operates a real estate business, Griffin Land, and Imperial Nurseries, its landscape nursery business. Griffin also has an investment in Centaur Media plc, a public company based in the United Kingdom and listed on the London Stock Exchange.