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Debt Obligations | 9 Months Ended
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Sep. 30, 2020
Debt Obligations |
Debt Obligations |
6. | Debt Obligations
Bank Borrowings. We have an unsecured credit agreement that provides for a revolving aggregate commitment of the lenders of up to $600,000,000 with the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The unsecured credit agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at September 30, 2020, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At September 30, 2020, we were in compliance with all covenants. Senior Unsecured Notes. We have senior unsecured notes held by institutional investors with interest rates ranging from 3.85% to 5.03%. The senior unsecured notes mature between 2021 and 2032. The debt obligations by component as of September 30, 2020 and December 31, 2019 are as follows (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | At September 30, 2020 | ​ | At December 31, 2019 | ​
​ | ​ | Applicable | ​ | ​ | ​ | Available | ​ | ​ | ​ | Available | ​
​ | ​ | Interest | ​ | Outstanding | ​ | for | ​ | Outstanding | ​ | for | ​
Debt Obligations | ​ | Rate (1) | ​ | Balance | ​ | Borrowing | ​ | Balance | ​ | Borrowing | ​
Bank borrowings | ​ | 1.33% | ​ | $ | 89,900 | ​ | $ | 510,100 | ​ | $ | 93,900 | ​ | $ | 506,100 | ​
Senior unsecured notes, net of debt issue costs | ​ | 4.36% | ​ | ​ | 574,444 | ​ | ​ | — | ​ | ​ | 599,488 | ​ | ​ | 21,500 | ​
Total | ​ | 3.95% | ​ | $ | 664,344 | ​ | $ | 510,100 | ​ | $ | 693,388 | ​ | $ | 527,600 | ​
(1) | Represents weighted average of interest rate as of September 30, 2020.
Our borrowings and repayments are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nine Months Ended September 30, | ​
​ | ​ | 2020 | ​ | 2019 | ​
Debt Obligations | ​ | ​ | Borrowings | ​ | ​ | Repayments | ​ | Borrowings | ​ | Repayments | ​
Bank borrowings | ​ | $ | 24,000 | ​ | $ | (28,000) | ​ | $ | 73,400 | ​ | $ | (20,000) | ​
Senior unsecured notes | ​ | ​ | — | ​ | ​ | (25,160) | ​ | ​ | — | ​ | ​ | (14,667) | ​
Total | ​ | $ | 24,000 | ​ | $ | (53,160) | ​ | $ | 73,400 | ​ | $ | (34,667) | ​
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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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