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Debt Obligations | 9 Months Ended
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Sep. 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 September 30, 2019, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At September 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 PGIM, Inc. (“Prudential”) which expires on February 16, 2020. The debt obligations by component as of September 30, 2019 and December 31, 2018 are as follows (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At September 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) | ​ | 3.39% | ​ | $ | 165,400 | ​ | $ | 434,600 | ​ | $ | 112,000 | ​ | $ | 488,000 | ​
Senior unsecured notes, net of debt issue costs (3) | ​ | 4.48% | ​ | ​ | 518,469 | ​ | ​ | 107,500 | ​ | ​ | 533,029 | ​ | ​ | 93,833 | ​
Total | ​ | 4.22% | ​ | $ | 683,869 | ​ | $ | 542,100 | ​ | $ | 645,029 | ​ | $ | 581,833 | ​
(1) | Represents weighted average of interest rate as of September 30, 2019.
​
(2) | Subsequent to September 30, 2019, we paid down $100,000 under our unsecured revolving line of credit, using the proceeds from the sale of $100,000 senior unsecured notes as explained below. Accordingly, we have $65,400 outstanding under our revolving line of credit with $534,600 available for borrowing.
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(3) | Subsequent to September 30, 2019, we sold $100,000 aggregate principal amount of 3.85% senior unsecured notes maturing in 2031 to Prudential. Accordingly, we have $618,469 outstanding and $7,500 available under our senior unsecured notes.
​ Our borrowings and repayments are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2019 | ​ | 2018 | ​
Debt Obligations | ​ | ​ | Borrowings | ​ | ​ | Repayments | ​ | Borrowings | ​ | Repayments | ​
Bank borrowings | ​ | $ | 73,400 | ​ | $ | (20,000) | ​ | $ | 96,500 | ​ | $ | (73,000) | ​
Senior unsecured notes | ​ | ​ | — | ​ | ​ | (14,667) | ​ | ​ | — | ​ | ​ | (20,166) | ​
Total | ​ | $ | 73,400 | ​ | $ | (34,667) | ​ | $ | 96,500 | ​ | $ | (93,166) | ​
​

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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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