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DEBT
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Debt Disclosure DEBT
The Company’s debt is detailed below.
 June 30,
2021		December 31,
2020
 (In thousands)
Unsecured bank credit facilities - variable rate, carrying amount$— 125,000 
Unamortized debt issuance costs(2,437)(806)
Unsecured bank credit facilities, net of debt issuance costs(2,437)124,194 
Unsecured debt - fixed rate, carrying amount (1)
1,285,000 1,110,000 
Unamortized debt issuance costs(2,562)(2,292)
Unsecured debt, net of debt issuance costs1,282,438 1,107,708 
Secured debt - fixed rate, carrying amount (1)
36,162 79,096 
Unamortized debt issuance costs(34)(103)
Secured debt, net of debt issuance costs36,128 78,993 
Total debt, net of debt issuance costs$1,316,129 1,310,895 

(1)These loans have a fixed interest rate or an effectively fixed interest rate due to interest rate swaps.
Until June 29, 2021, EastGroup had $350 million and $45 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, 2022. The Company amended and restated these credit facilities on June 29, 2021, expanding the capacity to $425 million and $50 million, as detailed below.

The $425 million unsecured bank credit facility is with a group of nine banks and has a maturity date of July 30, 2025. The credit facility contains options for two six-month extensions (at the Company's election) and a $325 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, 2021, was LIBOR plus 77.5 basis points, which equated to 0.876%, with an annual facility fee of 15 basis points. The Company has a standby letter of credit of $674,000 pledged on this facility.

The Company's $50 million unsecured bank credit facility has a maturity date of July 30, 2025, or such later date as designated by the bank; the Company also has two six-month extensions available if the extension options in the $425 million facility are exercised. The interest rate is reset on a daily basis and as of June 30, 2021, was LIBOR plus 77.5 basis points, which equated to 0.876%, with an annual facility fee of 15 basis points.

For both facilities, the margin and facility fee are subject to changes in the Company's credit ratings. Although the Company’s current credit rating is Baa2, given the strength of the Company’s key credit metrics, initial pricing for the credit facilities is based on the BBB+/Baa1 credit ratings level. This favorable pricing level will be retained provided that the Company’s consolidated leverage ratio, as defined in the applicable agreements, remains less than 32.5%. The facilities also include a sustainability-linked pricing component pursuant to which, if the Company meets certain sustainability performance targets, the applicable interest margin will be reduced by one basis point.

The Company had no amounts outstanding on its unsecured bank credit facilities as of June 30, 2021.

In March 2021, the Company closed a $50 million senior unsecured term loan with a four-year term and interest only payments, which bears interest at the annual rate of LIBOR plus an applicable margin (1.00% as of June 30, 2021) based on the Company’s senior unsecured long-term debt rating. The Company also entered into an interest rate swap agreement to convert the loan’s LIBOR rate component to a fixed interest rate for the entire term of the loan providing a total effective fixed interest rate of 1.55%.

In March 2021, EastGroup repaid (with no penalty) a mortgage loan with a balance of $40.8 million, an interest rate of 4.75% and an original maturity date of June 5, 2021.

Also in March 2021, the Company and a group of lenders agreed to terms on the private placement of $125 million of senior unsecured notes with a fixed interest rate of 2.74% and a 10-year term. The notes dated April 8, 2021, were issued and sold on June 10, 2021, and will require interest-only payments. The notes will not be and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.

Scheduled principal payments on long-term debt, including Unsecured debt, net of debt issuance costs and Secured debt, net of debt issuance costs (not including Unsecured bank credit facilities, net of debt issuance costs), as of June 30, 2021, are as follows: 
Years Ending December 31,(In thousands)
2021 - Remainder of year$41,350 
2022107,770 
2023115,119 
2024120,122 
2025145,128 
2026 and beyond791,673 
       Total$1,321,162