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Debt Obligations | 9 Months Ended
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Sep. 30, 2015
Debt Obligations |
Debt Obligations | 5. Debt Obligations The following table sets forth information regarding debt obligations by component as of September 30, 2015 and December 31, 2014 (dollar amounts in thousands):
|  |  |  | At September 30, 2015 |  | At December 31, 2014 |
|  | Applicable |  |  |  | Available |  |  |  | Available |
|  | Interest |  | Outstanding |  | for |  | Outstanding |  | for |
Debt Obligations |  | Rate(1) |  | Balance |  | Borrowing |  | Balance |  | Borrowing |
Bank Borrowings(2) |  | 1.51% |  | $ | 165,500 |  | $ | 234,500 |  | $ | — |  | $ | 400,000 |
Senior Unsecured Notes(3) |  | 4.67% |  |  | 352,467 |  |  | n.a. |  |  | 281,633 |  |  | n.a. |
Total |  | 3.66% |  | $ | 517,967 |  |  |  |  | $ | 281,633 |  |  |  |
| (1) |  | Represents weighted average of interest rate as of September 30, 2015.
| (2) |  | Subsequent to September 30, 2015, we exercised the $200,000 accordion feature of our $400,000 unsecured revolving line of credit increasing commitments under the credit facility to $600,000 and we borrowed $22,000 under our unsecured revolving line of credit. Accordingly, we have $187,500 outstanding under our unsecured revolving line of credit with $412,500 remaining for borrowing.
| (3) |  | Subsequent to September 30, 2015, we locked rate on our AIG shelf agreement on $100,000 senior unsecured notes with a coupon of 4.26% and anticipates selling notes to AIG on or around November 20, 2015.
Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000. The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at September 30, 2015, the facility provides for interest annually at LIBOR plus 125 basis points and an unused commitment fee of 30 basis points. During the nine months ended September 30, 2015 and 2014 we borrowed $267,000,000 and $28,500,000, respectively, under our Unsecured Credit Agreement. Additionally, during the nine months ended September 30, 2015 and 2014, we repaid $101,500,000 and $30,000,000, respectively, under our Unsecured Credit Agreement. At September 30, 2015, we were in compliance with all covenants. Subsequent to September 30, 2015, we exercised the $200,000,000 accordion feature of our $400,000,000 unsecured revolving line of credit. The exercise of this feature increases the commitments under our credit facility to $600,000,000 and does not impact any other terms or conditions within the credit facility including the term or covenant requirements of the agreement. Also, subsequent to September 30, 2015, we borrowed $22,000,000 under our unsecured revolving line of credit. Accordingly, we have $187,500,000 outstanding under our unsecured revolving line of credit with $412,500,000 remaining for borrowing. Senior Unsecured Notes. During the nine months ended September 30, 2015 and 2014, we paid $29,167,000 and $4,167,000 in regular scheduled principal payments. In April 2015, we entered into a third amended and restated $200,000,000 private shelf agreement with Prudential for a three-year term. The agreement provides for the possible issuance of up to an additional $102,000,000 of senior unsecured fixed interest rate term notes. After July 14, 2015 and for the balance of the term, the agreement provides for the possible issuance of additional senior unsecured fixed interest rate term notes up to the maximum availability upon us making our scheduled principal payments on existing notes then outstanding. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance. During the three months ended September 30, 2015, we sold $100,000,000 senior unsecured notes with an annual fixed rate of 4.5% under our Prudential shelf agreement. These notes have periodic scheduled principal repayments with a 15-year final maturity. Also, during the three months ended September 30, 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG Asset Management (U.S.) LLC (or AIG) for a three-year term. Subsequent to September 30, 2015, we locked rate under our AIG shelf agreement on $100,000,000 senior unsecured notes with a coupon of 4.26% and anticipate selling notes to AIG on or around November 20, 2015. These notes have periodic scheduled principal repayments with a 13-year final maturity. Bonds Payable. We had a multifamily tax-exempt revenue bond that was secured by five assisted living properties in Washington which was paid off during 2014. During the nine months ended September 30, 2014, we paid $635,000 in regularly scheduled principal payments.

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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