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Debt Obligations

3 Months Ended

Mar. 31, 2019

Debt Obligations

Debt Obligations

6. Debt Obligations

Bank Borrowings.  During 2018, we amended and restated our unsecured credit agreement to replace the previous unsecured credit agreement, prior to its expiration on October 14, 2018. The amended credit agreement maintains the $600,000,000 aggregate commitment of the lenders under the prior agreement and provides for the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The amended credit agreement extends the maturity of the credit agreement to June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Additionally, the amended credit agreement decreases the interest rate margins and converts from the payment of unused commitment fees to a facility fee. Based on our leverage at March 31, 2019, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At March 31, 2019, we were in compliance with all covenants.

Senior Unsecured Notes. We have a $337,500,000 shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (“Prudential”).

The debt obligations by component as of March 31, 2019 and December 31, 2018 are as follows (dollar amounts in thousands):

				At March 31, 2019						At December 31, 2018
		Applicable					Available						Available
		Interest		Outstanding			for			Outstanding			for
Debt Obligations		Rate (1)		Balance			Borrowing			Balance			Borrowing
Bank borrowings		3.83%		$	146,900		$	453,100		$	112,000		$	488,000
Senior unsecured notes, net of debt issue costs		4.49%			528,900			98,000			533,029			93,833
Total		4.35%		$	675,800		$	551,100		$	645,029		$	581,833

(1) Represents weighted average of interest rate as of March 31, 2019.  

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

		Three Months Ended March 31,
		2019						2018
Debt Obligations			Borrowings			Repayments		Borrowings			Repayments
Bank borrowings		$	36,900		$	(2,000)		$	24,000		$	—
Senior unsecured notes			—			(4,167)			—			(4,166)
Total		$	36,900		$	(6,167)		$	24,000		$	(4,166)

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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

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