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DEBT | 6 Months Ended
--- | ---
Jun. 30, 2018
Debt Disclosure [Abstract] |
DEBT | DEBT The Company's debt is detailed below. EastGroup presents debt issuance costs as reductions of Unsecured bank credit facilities, Unsecured debt and Secured debt on the Consolidated Balance Sheets.
| June 30, 2018 |  | December 31, 2017
| (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount | $ | 99,022 |  |  | 116,339 |
Unsecured bank credit facilities - fixed rate, carrying amount (1) (2) | 80,000 |  |  | 80,000 |
Unamortized debt issuance costs | (2,064 | ) |  | (630 | )
Unsecured bank credit facilities | 176,958 |  |  | 195,709 |
Unsecured debt - fixed rate, carrying amount (1) | 725,000 |  |  | 715,000 |
Unamortized debt issuance costs | (1,829 | ) |  | (1,939 | )
Unsecured debt | 723,171 |  |  | 713,061 |
Secured debt - fixed rate, carrying amount (1) | 194,770 |  |  | 200,354 |
Unamortized debt issuance costs | (701 | ) |  | (842 | )
Secured debt | 194,069 |  |  | 199,512 |
Total debt | $ | 1,094,198 |  |  | 1,108,282 |
(1) | These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
(2) | The Company has designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixes the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date of August 15, 2018.
Until June 14, 2018, EastGroup had $300 million and $35 million unsecured bank credit facilities with margins over LIBOR of 100 basis points, facility fees of 20 basis points and maturity dates of July 30, 2019. The Company amended and restated these credit facilities on June 14, 2018, expanding the capacity to $350 million and $45 million, as detailed below. The $350 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2022. The credit facility contains options for two six-month extensions (at the Company's election) and a $150 million accordion (with agreement by all parties). The interest rate on each tranche is usually reset on a monthly basis and as of June 30, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. The Company has designated an interest rate swap to an $80 million unsecured bank credit facility draw that effectively fixes the interest rate on the $80 million draw to 2.020% through the interest rate swap's maturity date of August 15, 2018. As of June 30, 2018, the Company had an additional $80,000,000 of variable rate borrowings on this unsecured bank credit facility with a weighted average interest rate of 3.091%. The Company has a standby letter of credit of $674,000 pledged on this facility. The Company's $45 million unsecured bank credit facility has a maturity date of July 30, 2022, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $350 million facility are exercised. The interest rate is reset on a daily basis and as of June 30, 2018, was LIBOR plus 100 basis points with an annual facility fee of 20 basis points. The margin and facility fee are subject to changes in the Company's credit ratings. As of June 30, 2018, the interest rate was 3.090% on a balance of $19,022,000. Scheduled principal payments on long-term debt, including Unsecured debt and Secured debt (not including Unsecured bank credit facilities), as of June 30, 2018, are as follows:
Years Ending December 31, |  | (In thousands)
Remainder of 2018 |  | $ | 5,730 |
2019 |  | 130,569 |
2020 |  | 114,096 |
2021 |  | 129,563 |
2022 |  | 107,769 |
2023 and beyond |  | 432,043 |
Total |  | $ | 919,770 |

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