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Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Borrowings
Note 5. Borrowings
Artisan’s borrowings consist of the following as of December 31, 2021 and 2020:
MaturityOutstanding BalanceInterest Rate Per Annum
Revolving credit agreementAugust 2022— NA
Senior notes
Series CAugust 202290,000 5.82 %
Series DAugust 202560,000 4.29 %
Series EAugust 202750,000 4.53 %
Total borrowings$200,000 
The fair value of borrowings was approximately $203.2 million as of December 31, 2021. 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”.
Senior notes - On December 7, 2021, Holdings entered into a Note Purchase Agreement to issue $90.0 million of Series F senior notes in a private placement transaction on August 16, 2022, subject to the satisfaction of certain customary closing conditions. The Company will use the proceeds from the Series F senior notes to repay the $90.0 million of Series C senior notes that mature on August 16, 2022. The Series F senior notes will bear interest at a rate of 3.10% and will mature on August 16, 2032.
The fixed interest rate on each series of unsecured notes is subject to a one percentage point increase in the event Holdings receives a below-investment grade rating and any such increase will continue to apply until an investment grade rating is received.
Revolving credit agreement - Any loans outstanding under the revolving credit agreement bear interest at a rate per annum equal to, at the Company’s election, (i) LIBOR adjusted by a statutory reserve percentage plus an applicable margin ranging from 1.50% to 2.50%, depending on Holdings’ leverage ratio (as defined in the revolving credit agreement) or (ii) an alternate base rate equal to the highest of (a) Citibank, N.A.’s prime rate, (b) the federal funds effective rate plus 0.50%, and (c) the daily one-month LIBOR adjusted by a statutory reserve percentage plus 1.00%, plus, in each case, an applicable margin ranging from 0.50% to 1.50%, depending on Holdings’ leverage ratio. Unused commitments will bear interest at a rate that ranges from 0.175% to 0.500%, depending on Holdings’ leverage ratio.
As of and for the year-ended December 31, 2021, there were no borrowings outstanding under the revolving credit agreement and the interest rate on the unused commitment was 0.175%.
The unsecured notes and the revolving credit agreement contain certain restrictive financial covenants including a limitation on the leverage ratio of Holdings and a minimum interest coverage ratio. The Company was in compliance with all debt covenants as of December 31, 2021.
Interest expense incurred on the unsecured notes and revolving credit agreement was $10.3 million, $10.3 million, and $10.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.
As of December 31, 2021, the aggregate maturities of debt obligations, based on their contractual terms, are as follows:
2022$90,000 
2023— 
2024— 
202560,000 
2026— 
Thereafter
50,000 
Total
$200,000