| Summary of Debt |
The following table summarizes the Company’s unsecured credit agreements:
|
|
|
Outstanding Balance |
|
|
|
|
|
|
|
|
(in thousands) |
|
June 30,
2017 |
|
|
December 31,
2016 |
|
|
Interest
Rate(d) |
|
|
Maturity
Date |
|
2015 Unsecured Term Loan Agreement(a) |
|
$ |
325,000 |
|
|
$ |
375,000 |
|
|
1 month LIBOR + 1.40% |
|
|
Feb. 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 Unsecured Revolving Credit and Term Loan Agreement(a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.5 Year term loan |
|
|
250,000 |
|
|
|
- |
|
|
1 month LIBOR + 1.35% |
|
|
Jan. 2023 |
|
Revolver |
|
|
90,000 |
|
|
|
- |
|
|
1 month LIBOR + 1.20% |
|
|
Jan. 2022 |
|
7 Year term loan |
|
|
- |
|
|
|
- |
|
|
1 month LIBOR + 1.90% |
|
|
June 2024 |
|
|
|
|
340,000 |
|
|
|
- |
|
|
|
|
|
|
|
|
2017 Senior Notes(a) |
|
|
150,000 |
|
|
|
- |
|
|
|
4.84% |
|
|
Apr. 2027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Unsecured Credit Agreement (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term note |
|
|
- |
|
|
|
50,000 |
|
|
3 month LIBOR + 1.45% |
|
|
June 2017 |
|
Term note |
|
|
- |
|
|
|
50,000 |
|
|
1 month LIBOR + 1.45% |
|
|
June 2017 |
|
Revolver(b) |
|
|
- |
|
|
|
102,000 |
|
|
1 month LIBOR + 1.45% |
|
|
June 2017 |
|
|
|
|
- |
|
|
|
202,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 Unsecured Credit Agreement (a) |
|
|
- |
|
|
|
185,000 |
|
|
1 month LIBOR + 1.75%
to 2.50%(e) |
|
|
Oct. 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
815,000 |
|
|
|
762,000 |
|
|
|
|
|
|
|
|
Debt issuance costs, net(c) |
|
|
(3,330 |
) |
|
|
(2,109 |
) |
|
|
|
|
|
|
|
|
|
$ |
811,670 |
|
|
$ |
759,891 |
|
|
|
|
|
|
|
|
(a) |
The Company believes it was in compliance with all financial covenants for all periods presented. |
|
(b) |
At December 31, 2016, $273,200 of the revolving credit facility’s $300,000 capacity was available, due to a borrowing base limitation. |
|
(c) |
Amounts presented include debt issuance costs, net, related to the unsecured term notes only. |
|
(d) |
At June 30, 2017 and December 31, 2016, the one-month LIBOR rate was 1.06% and 0.62%, respectively. At December 31, 2016, the three-month LIBOR was 0.93%. |
|
(e) |
The margin is based on the Company’s overall leverage ratio and was 1.75% at December 31, 2016. |
|