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Notes and Loan Payable
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Notes and Loan Payable Notes and Loan Payable
Notes and loan payable includes the following:
September 30, 2023December 31, 2022
(Dollars in thousands)
Senior notes due 2027
Principal$500,000 $500,000 
Unamortized debt issue costs(2,507)(2,960)
Unamortized discount(151)(178)
Term loan due 2027
Principal300,000 300,000 
Principal paydown(9,375)(3,750)
Unamortized debt issue costs(869)(1,039)
$787,098 $792,073 
On June 16, 2017, we issued $500 million aggregate principal amount of senior unsecured notes due 2027 which bear interest at 5.0% per year and will mature on June 15, 2027 (the "2027 Notes"). The 2027 Notes were issued at a $0.3 million discount, which is being amortized over the term of the 2027 Notes using the effective interest method. Contractual interest is payable semi-annually in arrears each June 15th and December 15th. The initial transaction fees and costs totaling $5.8 million were capitalized as deferred financing costs and are being amortized over the term of the 2027 Notes using the effective interest method.
On February 15, 2022, we entered into a five-year, $300 million unsecured delayed draw term loan credit agreement. On July 6, 2022, we borrowed $300 million under this agreement. We will pay a floating rate of interest on the term loan utilizing SOFR adjusted for a credit spread. The term loan matures on February 15, 2027 and is amortizing at 2.5% annually for the first three years and 5.0% for the last two years.