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Debt | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt [Abstract] |
Debt | 9. Debt ﻿ Our outstanding debt obligations included the following as of September 30, 2018 and December 31, 2017 (in thousands): ﻿ ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  | September 30, |  | December 31,
﻿ |  | 2018 |  | 2017
﻿6.875% senior notes, due May 2022(1) |  | $ | 380,224 |  | $ | 379,238
﻿5.875% senior notes, due July 2025(1) |  |  | 395,238 |  |  | 394,725
﻿3.278% insurance premium notes, due June 2019 |  |  | 9,673 |  |  | —
﻿Other financing obligations |  |  | 2,320 |  |  | 2,320
﻿Notes payable |  |  | 787,455 |  |  | 776,283
﻿Revolving line of credit, due April 2022 |  |  | 236,000 |  |  | —
﻿Mortgage repurchase facilities |  |  | 57,327 |  |  | 48,319
﻿Total debt |  | $ | 1,080,782 |  | $ | 824,602
(1) The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes. Revolving line of credit On October 21, 2014, we entered into a Credit Agreement with Texas Capital Bank, National Association, as Administrative Agent and L/C Issuer, and the lenders from time to time party thereto. On June 5, 2018, we entered into an Amended and Restated Credit Agreement which amended and restated the Credit Agreement. The Amended and Restated Credit Agreement provides us with a revolving line of credit of up to $540.0 million, and unless terminated earlier, will mature on April 30, 2022. Under the terms of the Amended and Restated Credit Agreement, we may request a twelve-month extension of the maturity date and are entitled to request an increase in the size of the credit facility by an amount not exceeding $100.0 million. If the existing lenders elect not to provide the full amount of a requested increase, we may invite one or more other lender(s) to become a party to the Amended and Restated Credit Agreement, subject to the approval of the Administrative Agent. Our obligations under the Amended and Restated Credit Agreement are guaranteed by certain of our subsidiaries. The Amended and Restated Credit Agreement contains customary affirmative and negative covenants (including limitations on our ability to grant liens, incur additional debt, pay dividends, redeem our common stock, make certain investments and engage in certain merger, consolidation or asset sale transactions), as well as customary events of default. These covenants are measured as defined in the Amended and Restated Credit Agreement and are reported to the lenders quarterly. Borrowings under the Amended and Restated Credit Agreement bear interest at a floating rate equal to the adjusted Eurodollar Rate plus an applicable margin between 2.60% and 3.10% per annum, or, in the Administrative Agent’s discretion, a base rate plus an applicable margin between 1.60% and 2.10% per annum. On June 28, 2018, we entered into a Joinder Agreement which increased the credit facility to $590.0 million by exercising $50.0 million of the $100.0 million accordion feature and added a new lender. As of September 30, 2018, we had $236.0 million outstanding under the credit facility, leaving $354.0 million in availability and were in compliance with all covenants. Mortgage Repurchase Facilities – Financial Services On May 4, 2018, Inspire entered into a Mortgage Warehouse Line of Credit, with Comerica Bank, upon the expiration of our first Master Repurchase Agreement. The Mortgage Warehouse Line of Credit (which we refer to as the “Third Master Repurchase Agreement”) provides Inspire with an uncommitted Mortgage Warehouse Line of Credit of up to $40 million, secured by the mortgage loans financed thereunder. Our existing Second Master Repurchase Agreements provided Inspire with revolving mortgage loan repurchase facilities of up to $35 million, providing Inspire a total potential lending capacity of up to $75 million. Amounts outstanding under the Repurchase Facilities are not guaranteed by us or any of our subsidiaries and the agreements contain various affirmative and negative covenants applicable to Inspire that are customary for arrangements of this type. As of September 30, 2018, we had $57.3 million outstanding under the Repurchase Facilities and were in compliance with all covenants under the agreements. During the three and nine months ended September 30, 2018 and 2017, we incurred interest expense on our Repurchase Facilities $0.4 million and $0.8 million, respectively, and $0.1 million and $0.1 million, respectively, which are included in “Financial services costs” on our Consolidated Statements of Operations.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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