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Debt Obligations | 3 Months Ended
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Mar. 31, 2018
Debt Obligations |
Debt Obligations | 6.Debt Obligations Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $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 March 31, 2018, the facility provides for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 35 basis points. At March 31, 2018, we were in compliance with all covenants. Senior Unsecured Notes. During 2017, we amended our shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (or Prudential) to increase our shelf commitment to $337,500,000. The debt obligations by component as of March 31, 2018 and December 31, 2017 are as follows (dollar amounts in thousands):
|  |  |  | At March 31, 2018 |  | At December 31, 2017 |
|  | Applicable |  |  |  | Available |  |  |  | Available |
|  | Interest |  | Outstanding |  | for |  | Outstanding |  | for |
Debt Obligations |  | Rate(1) |  | Balance |  | Borrowing |  | Balance |  | Borrowing |
Bank borrowings(2) |  | 3.21% |  | $ | 120,500 |  | $ | 479,500 |  | $ | 96,500 |  | $ | 503,500 |
Senior unsecured notes, net of debt issue costs |  | 4.49% |  |  | 566,888 |  |  | 67,833 |  |  | 571,002 |  |  | 63,667 |
Total |  | 4.27% |  | $ | 687,388 |  | $ | 547,333 |  | $ | 667,502 |  | $ | 567,167 |
| (1) |  | Represents weighted average of interest rate as of March 31, 2018.
| (2) |  | Subsequent to March 31, 2018, we repaid $65,000 under our unsecured revolving line of credit. Accordingly, we have $55,500 outstanding under our unsecured revolving line of credit with $544,500 available for borrowing.
Our borrowings and repayments are as follows (in thousands):
|  | Three months ended March 31,
|  | 2018 |  | 2017
Debt Obligations |  |  | Borrowings |  |  | Repayments |  | Borrowings |  | Repayments
Bank borrowings |  | $ | 24,000 |  | $ | — |  | $ | 3,500 |  | $ | (110,600)
Senior unsecured notes |  |  | — |  |  | (4,166) |  |  | 100,000 | (1) |  | (4,167)
Totals |  | $ | 24,000 |  | $ | (4,166) |  | $ | 103,500 |  | $ | (114,767)
| (1) |  | During 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.

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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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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