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Notes Payable | 12 Months Ended
--- | ---
Dec. 31, 2017
Notes Payable [Abstract] |
Notes Payable | Notes Payable The following table presents information about the Company's notes payable:
|  |  |  |  |  |  |  | December 31,
|  | Lender |  | Interest Rate |  | Expiration |  | 2017 |  | 2016
|  |  |  |  |  |  |  | (Amounts in thousands)
Secured credit facility(1) |  | Bank of America |  | LIBOR plus 40 basis points |  | December 3, 2018 |  | $ | — |  |  | $ | 120,000 |
Secured loan(1) |  | Union Bank |  | LIBOR plus 40 basis points |  | December 3, 2017 |  | — |  |  | 20,000 |
Unsecured credit facility(1) |  | Bank of America and Union Bank |  | LIBOR plus 112.5-162.5 basis points |  | December 3, 2019 |  | — |  |  | 180,000 |
Senior unsecured notes(2) |  | Publicly traded |  | 4.40% |  | March 15, 2027 |  | 375,000 |  |  | — |
Unsecured credit facility(3) |  | Bank of America and Wells Fargo Bank |  | LIBOR plus 112.5-162.5 basis points |  | March 29, 2022 |  | — |  |  | — |
Total principal amount |  |  |  |  |  |  |  | 375,000 |  |  | 320,000 |
Less unamortized discount and debt issuance costs(4) |  |  |  |  |  |  |  | 3,665 |  |  | — |
Total |  |  |  |  |  |  |  | $ | 371,335 |  |  | $ | 320,000 |
__________
(1) | On March 8, 2017, the loan and credit facility agreements were terminated and the Company repaid the total outstanding amounts with the proceeds from its public offering of $375 million of senior notes.
(2) | On March 8, 2017, the Company completed a public debt offering issuing $375 million of senior notes. The notes are unsecured senior obligations of the Company, with a 4.4% annual coupon payable on March 15 and September 15 of each year commencing September 15, 2017. These notes mature on March 15, 2027. The Company used the proceeds from the notes to pay off amounts outstanding under the existing loan and credit facilities and for general corporate purposes. The Company incurred debt issuance costs of approximately $3.4 million, inclusive of underwriters' fees. The notes were issued at a slight discount of 99.847% of par, resulting in the effective annualized interest rate, including debt issuance costs, of approximately 4.45%.
(3) | On March 29, 2017, the Company entered into an unsecured credit agreement that provides for revolving loans of up to $50 million and matures on March 29, 2022. The interest rates on borrowings under the credit facility are based on the Company's debt to total capital ratio and range from LIBOR plus 112.5 basis points when the ratio is under 15% to LIBOR plus 162.5 basis points when the ratio is greater than or equal to 25%. Commitment fees for the undrawn portions of the credit facility range from 12.5 basis points when the ratio is under 15% to 22.5 basis points when the ratio is greater than or equal to 25%. The debt to total capital ratio is expressed as a percentage of (a) consolidated debt to (b) consolidated shareholders' equity plus consolidated debt. The Company's debt to total capital ratio was 17.6% at December 31, 2017, resulting in a 15 basis point commitment fee on the $50 million undrawn portion of the credit facility. As of February 2, 2018, there have been no borrowings under this facility.
(4) | The unamortized discount and debt issuance costs of approximately $3.7 million are associated with the publicly traded $375 million senior unsecured notes. These are amortized to interest expense over the life of the notes, and the unamortized balance is presented in the Company's consolidated balance sheets as a direct deduction from the carrying amount of the debt. The unamortized debt issuance cost of approximately $0.2 million associated with the $50 million five-year unsecured revolving credit facility maturing on March 29, 2022 is included in other assets in the Company's consolidated balance sheets and amortized to interest expense over the term of the credit facility.
The Company was in compliance with all of its financial covenants pertaining to minimum statutory surplus, debt to total capital ratio, and risk based capital ("RBC") ratio under the unsecured credit facility at December 31, 2017. Debt maturities for each of the next five years and thereafter as of December 31, 2017 are as follows:
Maturity |  | Amounts
|  | (in thousands)
2018 |  | $ | — |
2019 |  | — |
2020 |  | — |
2021 |  | — |
2022 |  | — |
Thereafter |  | 375,000 |
Total |  | $ | 375,000 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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