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Debt | 6 Months Ended
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Jun. 30, 2021
Debt Disclosure [Abstract] |
Debt | Debt As of June 30, 2021 and December 31, 2020, the Company’s indebtedness was comprised as follows:
| June 30, 2021 |  | December 31, 2020
Revolving Credit Agreement | $ | 88,602 |  |  | $ | — |
Senior Notes | 870,256 |  |  | 870,256 |
Debt Issuance Cost | (23,786) |  |  | (27,072) |
| $ | 935,072 |  |  | $ | 843,184 |
See Note 1 of the Notes to the Unaudited Condensed Consolidated Financial Statements for information regarding the Company’s plan to redeem the Senior Notes and the termination of its Revolving Credit Agreement subsequent to June 30, 2021. Senior Notes The aggregate principal amount of the senior notes totaling $870.3 million mature on May 1, 2024 bear interest, payable semiannually in arrears on May 1 and November 1, at a rate of 7.50% per annum (the “Senior Notes”). MDC may, at its option, redeem the Senior Notes in whole at any time or in part from time to time, at varying prices based on the timing of the redemption. The Company was in compliance with all covenants at June 30, 2021. Revolving Credit Agreement The Company is party to a $211,500 secured revolving credit facility due February 3, 2022. The Company had $88,602 outstanding under the revolving credit facility as of June 30, 2021. Advances under the Credit Agreement bear interest as follows: (i) Non-Prime Rate Loans bear interest at the Non-Prime Rate plus the Non-Prime Rate Margin and (ii) all other Obligations bear interest at the Prime Rate, plus the Prime Rate Margin. The Non-Prime Rate Margin and Prime Rate Margin will range from 2.50% to 3.00% for Non-Prime Rate Loans and from 1.75% to 2.25% for Prime Rate Loans. In addition to paying interest on outstanding principal under the Credit Agreement, MDC is required to pay an unused revolver fee to lenders under the Credit Agreement in respect of unused commitments thereunder. The Company was in compliance with all of the terms and conditions of its Credit Agreement as of June 30, 2021. At June 30, 2021 and December 31, 2020, the Company had issued undrawn outstanding letters of credit of $19,533 and $18,651, respectively.

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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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