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Debt Obligations (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Obligations  
Schedule of Debt Obligations

The following table sets forth information regarding debt obligations by component as of December 31, 2017 and 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At December 31, 2017

 

At December 31, 2016

 

 

 

Applicable

 

 

 

Available

 

 

 

Available

 

 

 

Interest

 

Outstanding

 

for

 

Outstanding

 

for

 

Debt Obligations

    

Rate(1)

    

Balance

    

Borrowing

    

Balance

    

Borrowing

 

Bank borrowings(2)

 

2.90%

 

$

96,500

 

$

503,500

 

$

107,100

 

$

492,900

 

Senior unsecured notes, net of debt issue costs (3)

 

4.50%

 

 

571,002

 

 

63,667

 

 

502,291

 

 

22,500

 

Total

 

4.27%

 

$

667,502

 

$

567,167

 

$

609,391

 

$

515,400

 

(1)

Represents weighted average of interest rate as of December 31, 2017.

 

(2)

Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit, accordingly we have $120,500 outstanding balance and $479,500 available for borrowing.

 

(3)

Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes.
Schedule of borrowings and repayments

Our borrowings and repayments for the years ended December 31, 2017, 2016 and 2015 are as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

  

2017

 

2016

 

2015

 

 

 

 

Borrowings

  

 

Repayments

  

Borrowings

  

Repayments

  

 

Borrowings

 

 

Repayments

 

Bank borrowings

 

$

113,000

 

$

(123,600)

 

$

123,600

 

$

(137,000)

 

$

291,000

 

$

(170,500)

 

Senior unsecured notes

 

 

100,000

(1)

 

(31,167)

 

 

77,500

(2)

 

(26,667)

 

 

200,000

(3)

 

(29,167)

 

Total

 

$

213,000

 

$

(154,767)

 

$

201,100

 

$

(163,667)

 

$

491,000

 

$

(199,667)

 

(1)

During the year ended December 31, 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 year ended December 31, 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.

 

(3)

During the year ended December 31, 2015, we sold 15-year senior unsecured notes in the amount of $100,000 to Prudential. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and will mature on July 31, 2026. Additionally, we sold 13-year senior unsecured notes in the amount of $100,000 to AIG. The notes bear interest at an annual fixed rate of 4.26%, have scheduled principal payments and will mature on November 20, 2028.
Schedule of principal payments and amounts due at maturity

The following table represents our long-term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2017, and excludes the effects of interest and debt issue costs (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

Total

  

2018

  

2019

  

2020

  

2021

  

2022

  

Thereafter

 

Bank borrowings

 

$

96,500

(1)

$

96,500

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

$

 —

 

Senior unsecured notes

 

 

572,133

(2)

 

38,167

 

 

33,666

 

 

40,160

 

 

47,160

 

 

48,160

 

 

364,820

 

 

 

$

668,633

 

$

134,667

 

$

33,666

 

$

40,160

 

$

47,160

 

$

48,160

 

$

364,820

 

(1)

Subsequent to December 31, 2017, we borrowed $24,000 under our unsecured revolving line of credit. Accordingly, we have $120,500 outstanding and $479,500 available under our unsecured revolving line of credit.

 

(2)

Subsequent to December 31, 2017, we paid $4,167 in regular scheduled principal payments, accordingly we have $566,835 outstanding and $67,833 available under our senior unsecured notes.

.