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Revolving Credit Facilities | 6 Months Ended
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Jun. 30, 2019
Debt Disclosure [Abstract] |
Revolving Credit Facilities |
7. | Revolving Credit Facilities
The following table discloses certain information regarding the Company’s Revolving Credit Facilities (as defined below) (in millions):
|  | Carrying Amount at June 30, 2019 |  |  | Weighted-Average Interest Rate (A) at June 30, 2019 |  |  | Maturity Date
Unsecured Credit Facility |  | $ | 75.0 |  |  | 3.6% |  |  | September 2021
PNC Facility |  | — |  |  | N/A |  |  | September 2021
(A) | Interest rate on variable-rate debt was calculated using the base rate and spreads effective at June 30, 2019.
The Company maintains an unsecured revolving credit facility with a syndicate of financial institutions, arranged by J.P. Morgan Chase Bank, N.A., Wells Fargo Securities, LLC, Citizens Bank, N.A., RBC Capital Markets and U.S. Bank National Association (the “Unsecured Credit Facility”). The Unsecured Credit Facility provides for borrowings up to $950 million if certain financial covenants are maintained and an accordion feature for expansion of availability up to $1.45 billion, provided that new or existing lenders agree to the existing terms of the facility and increase their commitment level. Prior to its extension in July 2019 (as described below), the Unsecured Credit Facility was scheduled to mature in September 2021 with two six-month extension options subject to the Company’s satisfaction of certain conditions. The Unsecured Credit Facility includes a competitive bid option on periodic interest rates for up to 50% of the facility. The Unsecured Credit Facility also provides for an annual facility fee, which was 25 basis points on the entire facility at June 30, 2019. The Company also maintains a $20 million unsecured revolving credit facility with PNC Bank, National Association (“PNC”, the “PNC Facility” and, together with the Unsecured Credit Facility, the “Revolving Credit Facilities”). The PNC Facility terms are substantially consistent with those contained in the Unsecured Credit Facility. Additionally, the Company has provided an unconditional guaranty to PNC with respect to any obligations of RVI outstanding from time to time under a $30 million revolving credit agreement entered into by RVI with PNC. RVI has agreed to reimburse the Company for any amounts paid to PNC pursuant to the guaranty plus interest at a contracted rate and to pay an annual commitment fee to the Company on account of the guaranty. The Company’s borrowings under the Revolving Credit Facilities bear interest at variable rates at the Company’s election, based on either LIBOR, plus a specified spread (1.2% at June 30, 2019) or the Alternative Base Rate, plus a specified spread (0.20% at June 30, 2019), as defined in the respective facility. The specified spreads vary depending on the Company’s long-term senior unsecured debt rating from Moody’s Investors Service, Inc., S&P Global Ratings and their successors. The Company is required to comply with certain covenants under the Revolving Credit Facilities relating to total outstanding indebtedness, secured indebtedness, value of unencumbered real estate assets and fixed charge coverage. The Company was in compliance with these financial covenants at June 30, 2019. In July 2019, the Company amended the Unsecured Credit Facility to extend its maturity date to January 2024 and reduce its overall interest rate (Note 13).

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