XML 28 R17.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Notes and Loan Payable
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Notes and Loan Payable Notes and Loan Payable
Notes and loan payable includes the following:
March 31, 2024December 31, 2023
(Dollars in thousands)
Senior notes due 2027
Principal$500,000 $500,000 
Unamortized debt issue costs(2,196)(2,353)
Unamortized discount(132)(142)
Term loan due 2027
Original principal
300,000 300,000 
Principal paydown(13,125)(11,250)
Unamortized debt issue costs(756)(812)
$783,791 $785,443 
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.