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REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 12 Months Ended
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Dec. 31, 2017
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS |
REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS | 7. REVOLVING CREDIT FACILITY AND UNSECURED TERM LOANS On December 9, 2011, the Company entered into a credit agreement (the “Credit Facility”), which was subsequently amended on April 5, 2012, June 18, 2013, and April 22, 2015 to provide for, amongst other things, a $500.0 million unsecured revolving facility (the “Revolver”) with a maturity date of April 22, 2020. Pricing on the Revolver is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the Revolver are priced at 1.25% over LIBOR, inclusive of a facility fee of 0.15%. As of December 31, 2017, $417.6 million was available for borrowing under the Revolver. The available balance under the Revolver is reduced by an outstanding letter of credit of $0.7 million. As of December 31, 2017, the Company also had a $200.0 million unsecured term loan outstanding under the Credit Facility, which is included in the table below. On June 20, 2011, the Company entered into an unsecured term loan agreement (the “Term Loan Facility”), which was subsequently amended on June 18, 2013 and August 5, 2014, consisting of a $100.0 million unsecured term loan with a five-year maturity and a $100.0 million unsecured term loan with a seven-year maturity. The Company’s unsecured term loans under the Credit Facility and Term Loan Facility are summarized below:
|  | Carrying Value as of: |  | Effective Interest |  |  |
|  | December 31, |  | December 31, |  | Rate as of |  | Maturity |
Unsecured Term Loans |  | 2017 |  | 2016 |  | December 31, 2017 (1) |  | Date |
|  | (in thousands) |  |  |  |  |  |
Credit Facility |  |  |  |  |  |  |  |  |  |  |  |
Unsecured term loan |  | $ | 200,000 |  | $ | 200,000 |  | 2.86 | % |  | Jan-19 |
Term Loan Facility |  |  |  |  |  |  |  |  |  |  |  |
Unsecured term loan (2) |  |  | — |  |  | 100,000 |  | — | % |  | Jun-18 |
Unsecured term loan (3) |  |  | 100,000 |  |  | 100,000 |  | 3.62 | % |  | Jan-20 |
Principal balance outstanding |  |  | 300,000 |  |  | 400,000 |  |  |  |  |  |
Less: Loan procurement costs, net |  |  | (604) |  |  | (1,251) |  |  |  |  |  |
Total unsecured term loans, net |  | $ | 299,396 |  | $ | 398,749 |  |  |  |  |  |
| (1) |  | Pricing on the Term Loan Facility and the unsecured term loan under the Credit Facility is dependent on the Company’s unsecured debt credit ratings. At the Company’s current Baa2/BBB level, amounts drawn under the term loan scheduled to mature in January 2019 are priced at 1.30% over LIBOR, while amounts drawn under the term loan scheduled to mature in January 2020 are priced at 1.15% over LIBOR, excluding the impact of interest rate swaps. As of December 31, 2017, borrowings under the Credit Facility, inclusive of the Revolver, and Term Loan Facility, as amended and after giving effect to the interest rate swaps, had an effective weighted average interest rate of 3.05%.
| (2) |  | On April 6, 2017, the Company used the net proceeds from the issuance of $50.0 million of its 4.375% Senior Notes due 2023 and $50.0 million of its 4.000% Senior Notes due 2025 to repay all of the outstanding indebtedness under its unsecured term loan that was scheduled to mature in June 2018. Unamortized loan procurement costs of $0.2 million were written off in conjunction with the repayment.
| (3) |  | As of December 31, 2017, the Company had interest rate swaps in place on these borrowings that fix 30-day LIBOR (see note 10).
The Term Loan Facility and the unsecured term loan under the Credit Facility were fully drawn as of December 31, 2017 and no further borrowings may be made under the term loans. The Company’s ability to borrow under the Revolver is subject to ongoing compliance with certain financial covenants which include:
| · |  | Maximum total indebtedness to total asset value of 60.0% at any time;
| · |  | Minimum fixed charge coverage ratio of 1.50:1.00; and
| · |  | Minimum tangible net worth of $821,211,200 plus 75% of net proceeds from equity issuances after June 30, 2010.
Further, under the Credit Facility and Term Loan Facility, the Company is restricted from paying distributions on the Parent Company’s common shares in excess of the greater of (i) 95% of funds from operations, and (ii) such amount as may be necessary to maintain the Parent Company’s REIT status. As of December 31, 2017, the Company was in compliance with all of its financial covenants and it anticipates being in compliance with all of its financial covenants through the terms of the Credit Facility and Term Loan Facility.

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