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Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2020


		At December 31, 2020				At December 31, 2019
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Bank borrowings ⁽²⁾	1.38%	$	89,900	$	510,100	$	93,900	$	506,100
Senior unsecured notes, net of debt issue costs ⁽³⁾	4.37%		559,482		—		599,488		21,500
Total	3.96%	$	649,382	$	510,100	$	693,388	$	527,600

(1)	Represents weighted average of interest rate as of December 31, 2020.

(2)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(3)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

Schedule of borrowings and repayments

Our borrowings and repayments for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):


	2020						2019					2018
Debt Obligations		Borrowings			Repayments		Borrowings			Repayments			Borrowings		Repayments
Bank borrowings	$	24,000	⁽¹⁾	$	(28,000)		$	107,900		$	(126,000)	$	116,200	$	(100,700)
Senior unsecured notes		—			(40,160)	⁽²⁾		100,000	⁽³⁾		(33,667)		-		(38,166)
Total	$	24,000		$	(68,160)		$	207,900		$	(159,667)	$	116,200	$	(138,866)

(1)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(2)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

(3)	During the fourth quarter of 2019, we sold $100,000 senior unsecured notes to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 3.85%, have scheduled principal payments and mature on October 20, 2031.

Schedule of principal payments and amounts due at maturity


	Total			2021			2022		2023		2024		2025		Thereafter
Bank borrowings	$	89,900	⁽¹⁾	$	—	⁽¹⁾	$	89,900	$	—	$	—	$	—	$	—
Senior unsecured notes		560,140	⁽²⁾		47,160	⁽²⁾		48,160		49,160		49,160		49,500		317,000
	$	650,040		$	47,160		$	138,060	$	49,160	$	49,160	$	49,500	$	317,000

(1)	Subsequent to December 31, 2020, we borrowed $9,000 under our unsecured revolving line of credit. Accordingly, we have $98,900 outstanding and $501,100 available for borrowing under our unsecured revolving line of credit.

(2)	Subsequent to December 31, 2020, we paid $7,000 under our senior unsecured notes, accordingly we have $552,482 outstanding, net of debt issue costs, under our senior unsecured notes.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details