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Credit and Other Debt Agreements
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Credit and Other Debt Agreements

6. Credit and Other Debt Agreements

The following is a summary of our corporate and other debt (in millions):

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Senior Notes:

 

 

 

 

 

 

Semi-annual payments of interest, fixed rate of 2.40%, balloon due November 9, 2031

 

$

400.0

 

 

$

400.0

 

Semi-annual payments of interest, fixed rate of 5.50%, balloon due March 2, 2033

 

 

350.0

 

 

 

350.0

 

Semi-annual payments of interest, fixed rate of 6.50%, balloon due February 15, 2034

 

 

400.0

 

 

 

400.0

 

Semi-annual payments of interest, fixed rate of 5.45%, balloon due July 15, 2034

 

 

500.0

 

 

 

—

 

Semi-annual payments of interest, fixed rate of 3.50%, balloon due May 20, 2051

 

 

850.0

 

 

 

850.0

 

Semi-annual payments of interest, fixed rate of 3.05%, balloon due March 9, 2052

 

 

350.0

 

 

 

350.0

 

Semi-annual payments of interest, fixed rate of 5.75%, balloon due March 2, 2053

 

 

600.0

 

 

 

600.0

 

Semi-annual payments of interest, fixed rate of 6.75%, balloon due February 15, 2054

 

 

600.0

 

 

 

600.0

 

Semi-annual payments of interest, fixed rate of 5.75%, balloon due July 15, 2054

 

 

500.0

 

 

 

—

 

Total Senior Notes

 

 

4,550.0

 

 

 

3,550.0

 

Note Purchase Agreements:

 

 

 

 

 

 

Semi-annual payments of interest, fixed rate of 4.72%, balloon due February 13, 2024

 

 

—

 

 

 

100.0

 

Semi-annual payments of interest, fixed rate of 4.58%, balloon due February 27, 2024

 

 

—

 

 

 

325.0

 

Semi-annual payments of interest, fixed rate of 4.31%, balloon due June 24, 2025

 

 

200.0

 

 

 

200.0

 

Semi-annual payments of interest, fixed rate of 4.85%, balloon due February 13, 2026

 

 

140.0

 

 

 

140.0

 

Semi-annual payments of interest, fixed rate of 4.73%, balloon due February 27, 2026

 

 

175.0

 

 

 

175.0

 

Semi-annual payments of interest, fixed rate of 4.40%, balloon due June 2, 2026

 

 

175.0

 

 

 

175.0

 

Semi-annual payments of interest, fixed rate of 4.36%, balloon due June 24, 2026

 

 

150.0

 

 

 

150.0

 

Semi-annual payments of interest, fixed rate of 3.75%, balloon due January 30, 2027

 

 

30.0

 

 

 

30.0

 

Semi-annual payments of interest, fixed rate of 4.09%, balloon due June 27, 2027

 

 

125.0

 

 

 

125.0

 

Semi-annual payments of interest, fixed rate of 4.09%, balloon due August 2, 2027

 

 

125.0

 

 

 

125.0

 

Semi-annual payments of interest, fixed rate of 4.14%, balloon due August 4, 2027

 

 

98.0

 

 

 

98.0

 

Semi-annual payments of interest, fixed rate of 3.46%, balloon due December 1, 2027

 

 

100.0

 

 

 

100.0

 

Semi-annual payments of interest, fixed rate of 4.55%, balloon due June 2, 2028

 

 

75.0

 

 

 

75.0

 

Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 13, 2028

 

 

125.0

 

 

 

125.0

 

Semi-annual payments of interest, fixed rate of 5.04%, balloon due February 13, 2029

 

 

100.0

 

 

 

100.0

 

Semi-annual payments of interest, fixed rate of 4.98%, balloon due February 27, 2029

 

 

100.0

 

 

 

100.0

 

Semi-annual payments of interest, fixed rate of 4.19%, balloon due June 27, 2029

 

 

50.0

 

 

 

50.0

 

Semi-annual payments of interest, fixed rate of 4.19%, balloon due August 2, 2029

 

 

50.0

 

 

 

50.0

 

Semi-annual payments of interest, fixed rate of 3.48%, balloon due December 2, 2029

 

 

50.0

 

 

 

50.0

 

Semi-annual payments of interest, fixed rate of 3.99%, balloon due January 30, 2030

 

 

341.0

 

 

 

341.0

 

Semi-annual payments of interest, fixed rate of 4.44%, balloon due June 13, 2030

 

 

125.0

 

 

 

125.0

 

Semi-annual payments of interest, fixed rate of 5.14%, balloon due March 13, 2031

 

 

180.0

 

 

 

180.0

 

Semi-annual payments of interest, fixed rate of 4.70%, balloon due June 2, 2031

 

 

25.0

 

 

 

25.0

 

Semi-annual payments of interest, fixed rate of 4.09%, balloon due January 30, 2032

 

 

69.0

 

 

 

69.0

 

Semi-annual payments of interest, fixed rate of 4.34%, balloon due June 27, 2032

 

 

75.0

 

 

 

75.0

 

Semi-annual payments of interest, fixed rate of 4.34%, balloon due August 2, 2032

 

 

75.0

 

 

 

75.0

 

Semi-annual payments of interest, fixed rate of 4.59%, balloon due June 13, 2033

 

 

125.0

 

 

 

125.0

 

Semi-annual payments of interest, fixed rate of 5.29%, balloon due March 13, 2034

 

 

40.0

 

 

 

40.0

 

Semi-annual payments of interest, fixed rate of 4.48%, balloon due June 12, 2034

 

 

175.0

 

 

 

175.0

 

Semi-annual payments of interest, fixed rate of 4.24%, balloon due January 30, 2035

 

 

79.0

 

 

 

79.0

 

Semi-annual payments of interest, fixed rate of 2.44%, balloon due February 10, 2036

 

 

100.0

 

 

 

100.0

 

Semi-annual payments of interest, fixed rate of 2.46%, balloon due May 5, 2036

 

 

75.0

 

 

 

75.0

 

Semi-annual payments of interest, fixed rate of 4.69%, balloon due June 13, 2038

 

 

75.0

 

 

 

75.0

 

Semi-annual payments of interest, fixed rate of 5.45%, balloon due March 13, 2039

 

 

40.0

 

 

 

40.0

 

Semi-annual payments of interest, fixed rate of 4.49%, balloon due January 30, 2040

 

 

56.0

 

 

 

56.0

 

Total Note Purchase Agreements

 

 

3,523.0

 

 

 

3,948.0

 

Credit Agreement:

 

 

 

 

 

 

Periodic payments of interest and principal, prime or SOFR plus up
   to 1.075%, expires June 22, 2028

 

 

80.0

 

 

 

245.0

 

Premium Financing Debt Facility - expires October 31, 2025:

 

 

 

 

 

 

Facility B

 

 

 

 

 

 

AUD denominated tranche, interbank rates plus 1.500%

 

 

199.6

 

 

 

249.0

 

NZD denominated tranche, interbank rates plus 1.850%

 

 

—

 

 

 

—

 

Facility C and D

 

 

 

 

 

 

AUD denominated tranche, interbank rates plus 0.830%

 

 

—

 

 

 

31.4

 

NZD denominated tranche, interbank rates plus 0.990%

 

 

8.2

 

 

 

8.6

 

Total Premium Financing Debt Facility

 

 

207.8

 

 

 

289.0

 

Total corporate and other debt

 

 

8,360.8

 

 

 

8,032.0

 

Less unamortized debt acquisition costs on Senior Notes and Note Purchase Agreements

 

 

(46.8

)

 

 

(38.4

)

Less unamortized discount on Bonds Payable

 

 

(35.3

)

 

 

(28.6

)

Net corporate and other debt

 

$

8,278.7

 

 

$

7,965.0

 

Senior Notes - On February 12, 2024, we closed and funded an offering of $1,000.0 million of unsecured senior notes in two tranches. The $500.0 million aggregate principal amount of 5.45% Senior Notes is due in 2034 (which we refer to as the 2034 July Notes) and $500.0 million aggregate principal amount of 5.75% Senior Notes is due in 2054 (which we refer to as the 2054 July Notes). The weighted average interest rate is 5.71% per annum after giving effect to underwriting costs and a net hedge loss. During 2023, we

entered into a pre-issuance interest rate hedging transaction related to these notes. We realized a net cash loss of approximately $1.4 million on the hedging transactions that will be recognized on a pro rata basis as an increase to our reported interest expense over ten years. We used the proceeds of these offerings to fund acquisitions, earnout payments related to acquisitions and general corporate purposes.