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Debt Obligations (Tables)
 9 Months Ended
Sep. 30, 2017
Debt Obligations  
Schedule of Debt Obligations

.

The debt obligations by component as of September 30, 2017 and December 31, 2016 are as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At September 30, 2017

 

At December 31, 2016

 

 

 

Applicable

 

 

 

Available

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

    

Balance

    

Borrowing

 

Bank borrowings (2)

 

2.98%

 

$

55,000

 

$

545,000

 

$

107,100

 

$

492,900

 

Senior unsecured notes, net of debt issue costs

 

4.49%

 

 

582,950

 

 

51,667

 

 

502,291

 

 

22,500

 

Total

 

4.36%

 

$

637,950

 

$

596,667

 

$

609,391

 

$

515,400

 

(1)

Represents weighted average of interest rate as of September 30, 2017.  

 

(2)

Subsequent to September 30, 2017, we had an additional net borrowing of $15,000 under our unsecured revolving line of credit. Accordingly, we have $70,000 outstanding under our unsecured revolving line of credit with $530,000 available for borrowing.
Schedule of principal payments and amounts due at maturity

Our borrowings and repayments are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine months ended September 30,

 

 

 

2017

 

2016

 

 

 

Borrowings

 

Repayments

 

Borrowings

 

Repayments

 

Bank borrowings

 

$

64,500

 

$

(116,600)

 

$

83,500

 

$

(127,000)

 

Senior unsecured notes

 

 

100,000

(1)

 

(19,167)

 

 

77,500

(2)

 

(16,667)

 

Total

 

$

164,500

 

$

(135,767)

 

$

161,000

 

$

(143,667)

 

(1)

During the nine months ended September 30, 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5%, have scheduled principal payments and mature on February 16, 2032.

 

(2)

During the nine months ended September 30, 2016, we sold 10-year senior unsecured term notes in the amount of $37,500 to Prudential. The notes bear interest at an annual fixed rate of 4.15%, have scheduled principal payments and will mature in 2028. Additionally, we sold 10-year senior unsecured notes in the amount of $40,000 to affiliated insurance company investment advisory clients of AIG Asset Management (U.S.) LLC. The notes bear interest at a coupon of 3.99%, have scheduled principal payments and will mature in 2031.