Borrowings

6 Months Ended

Jun. 30, 2019

Note 5. Borrowings

Artisan’s borrowings consist of the following as of June 30, 2019 and December 31, 2018:



	Maturity	Outstanding Balance		Interest Rate Per Annum
Revolving credit agreement	August 2022	$	—	NA
Senior notes
Series B	August 2019	50,000		5.32	%
Series C	August 2022	90,000		5.82	%
Series D	August 2025	60,000		4.29	%
Total borrowings		$	200,000

The fair value of borrowings was approximately $205.2 million as of June 30, 2019. Fair value was determined based on future cash flows, discounted to present value using current market interest rates. The inputs are categorized as Level 2 in the fair value hierarchy, as defined in Note 4, “Fair Value Measurements”.

On June 6, 2019, Holdings entered into a Note Purchase Agreement to issue $50 million of Series E senior notes in a private placement transaction on August 16, 2019, subject to the satisfaction of certain customary closing conditions. The Company will use the proceeds from the Series E senior notes to repay the $50 million of Series B senior notes that mature on August 16, 2019. The Series E senior notes will bear interest at a rate of 4.53% and will mature on August 16, 2027.

Interest expense incurred on the unsecured notes and revolving credit agreement was $2.6 million for the three months ended June 30, 2019 and 2018, and $5.3 million for the six months ended June 30, 2019 and 2018.

As of June 30, 2019, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:



2019	$	50,000
2020	—
2021	—
2022	90,000
2023	—
Thereafter	60,000
Total	$	200,000