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Debt Obligations | 6 Months Ended
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Jun. 30, 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 June 30, 2019, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At June 30, 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 June 30, 2019 and December 31, 2018 are as follows (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At June 30, 2019 | ​ | At December 31, 2018 | ​
​ | ​ | Applicable | ​ | ​ | ​ | Available | ​ | ​ | ​ | Available | ​
​ | ​ | Interest | ​ | Outstanding | ​ | for | ​ | Outstanding | ​ | for | ​
Debt Obligations | ​ | Rate (1) | ​ | Balance | ​ | Borrowing | ​ | Balance | ​ | Borrowing | ​
Bank borrowings (2) | ​ | 3.74% | ​ | $ | 146,900 | ​ | $ | 453,100 | ​ | $ | 112,000 | ​ | $ | 488,000 | ​
Senior unsecured notes, net of debt issue costs (3) | ​ | 4.49% | ​ | ​ | 528,938 | ​ | ​ | 98,000 | ​ | ​ | 533,029 | ​ | ​ | 93,833 | ​
Total | ​ | 4.33% | ​ | $ | 675,838 | ​ | $ | 551,100 | ​ | $ | 645,029 | ​ | $ | 581,833 | ​
(1) | Represents weighted average of interest rate as of June 30, 2019.
​
(2) | Subsequent to June 30, 2019, we borrowed $12,000 under our unsecured revolving line of credit. Accordingly, we have $158,900 outstanding under our revolving line of credit with $441,100 available for borrowing.
​
(3) | Subsequent to June 30, 2019, we paid $8,500 in scheduled principal payments. Accordingly, we have $520,438 outstanding and $105,500 available under our senior unsecured notes.
​ Our borrowings and repayments are as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Six Months Ended June 30, | ​
​ | ​ | 2019 | ​ | 2018 | ​
Debt Obligations | ​ | ​ | Borrowings | ​ | ​ | Repayments | ​ | Borrowings | ​ | Repayments | ​
Bank borrowings | ​ | $ | 36,900 | ​ | $ | (2,000) | ​ | $ | 54,000 | ​ | $ | (65,000) | ​
Senior unsecured notes | ​ | ​ | — | ​ | ​ | (4,167) | ​ | ​ | — | ​ | ​ | (4,166) | ​
Total | ​ | $ | 36,900 | ​ | $ | (6,167) | ​ | $ | 54,000 | ​ | $ | (69,166) | ​
​

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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 + Details
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