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DEBT (Tables) | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | Our debt consisted of the following at June 30, 2021:
| June 30, 2021
Debt, excluding Timber Funds: |
Term Credit Agreement borrowings due 2028 at a variable interest rate of 1.7% at June 30, 2021 (a) | $350,000 |
Senior Notes due 2022 at a fixed interest rate of 3.75% | 325,000 |
Senior Notes due 2031 at a fixed interest rate of 2.75% | 450,000 |
Incremental Term Loan Agreement borrowings due 2026 at a variable interest rate of 1.7% at June 30, 2021 (b) | 200,000 |
New Zealand subsidiary noncontrolling interests shareholder loan due 2025 at a fixed interest rate of 2.95% | 24,171 |
Northwest Farm Credit Services Credit Facility with quarterly interest-only payments, with the following tranches |
Due 2025 at a fixed interest rate of 6.1% | 10,000 |
Due 2028 at a fixed interest rate of 4.1% | 11,000 |
Due 2029 at a fixed interest rate of 5.3% | 16,000 |
Due 2029 at a fixed interest rate of 5.4% | 8,000 |
Total principal debt, excluding Timber Funds | 1,394,171 |
Add: Fair value adjustments, excluding Timber Funds | 7,478 |
Less: Unamortized discounts, excluding Timber Funds | (3,583) |
Less: Current maturities of long-term debt, excluding Timber Funds | (199,830) |
Less: Deferred financing costs, excluding Timber Funds | (5,348) |
Total long-term debt, excluding Timber Funds | 1,192,888 |
Debt, Timber Funds: |
Fund II Mortgages Payable, collateralized by Fund II timberlands with quarterly interest payments, as follows: (c) |
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | 11,000 |
Due 2022 at a variable interest rate of 2.0% at June 30, 2021 | 14,000 |
Fund III Mortgages Payable, collateralized by Fund III timberlands with quarterly interest payments, as follows: (d) |
Due 2023 at a fixed interest rate of 5.1% | 17,980 |
Due 2024 at a fixed interest rate of 4.5% | 14,400 |
Total principal debt, Timber Funds | 57,380 |
Add: Fair value adjustments, Timber Funds | 2,382 |
Less: Deferred financing costs, Timber Funds | (7) |
Total long-term debt, Timber Funds | 59,755 |
Total long-term debt | $1,252,643 |
(a) As of June 30, 2021, the periodic interest rate on the term credit agreement (the “Term Credit Agreement”) was LIBOR plus 1.600%. We estimate the effective fixed interest rate on the term loan facility to be approximately 3.1% after consideration of interest rate swaps and estimated patronage refunds. (b) As of June 30, 2021, the periodic interest rate on the incremental term loan (the “Incremental Term Loan Agreement”) was LIBOR plus 1.650%. We estimate the effective fixed interest rate on the incremental term loan facility to be approximately 2.4% after consideration of interest rate swaps and estimated patronage refunds. (c) As of June 30, 2021, the periodic interest rate on the Fund II Mortgages Payable was 3-month LIBOR plus 1.700%. (d) As of June 30, 2021, we estimate the effective fixed interest rate on the Fund III Mortgages Payable due 2023 and 2024 to be approximately 3.9% and 3.2%, respectively, after consideration of estimated patronage refunds.
Schedule of Maturities of Long-Term Debt | Principal payments due during the next five years and thereafter are as follows:
| Excluding Timber Funds | Timber Funds | Total
2021 | — |  | — |  | — |
2022 | 325,000 |  | 25,000 |  | 350,000 |
2023 | — |  | 17,980 |  | 17,980 |
2024 | — |  | 14,400 |  | 14,400 |
2025 | 34,171 |  | — |  | 34,171 |
Thereafter | 1,035,000 |  | — |  | 1,035,000 |
Total Debt | $1,394,171 |  | $57,380 |  | $1,451,551 |
Schedule of Debt Covenants | The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 7.8 to 1 |  | 5.3
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 46 | % |  | 19 | %
The covenants listed below, which are the most significant financial covenants in effect as of June 30, 2021, are calculated on a trailing 12-month basis:
| Covenant Requirement |  | Actual Ratio |  | Favorable
Covenant EBITDA to consolidated interest expense should not be less than | 2.5 to 1 |  | 7.8 to 1 |  | 5.3
Covenant debt to covenant net worth plus covenant debt shall not exceed | 65 | % |  | 46 | % |  | 19 | %

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