Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt consists of the following:


	September 30, 2023		December 31, 2022
	(in thousands)
$450 million senior unsecured notes due 2031 ("2020 Senior Notes") with an effective interest rate of 3.86%, less a discount and deferred issuance costs of $4.5 million and $4.9 million at September 30, 2023 and December 31, 2022, respectively	$	445,537	$	445,080
$400 million senior unsecured notes due 2029 ("2019 Senior Notes") with an effective interest rate of 3.88%, less a discount and deferred issuance costs of $3.7 million and $4.2 million at September 30, 2023 and December 31, 2022, respectively	396,290		395,838
$850 million senior unsecured revolving credit facility with an effective interest rate of 6.40% less deferred issuance costs of $2.1 million and $1.8 million at September 30, 2023 and December 31, 2022, respectively (1)	549,445		358,189
Economic development loans with an effective interest rate of 3.00% at September 30, 2023 and December 31, 2022, respectively	4,416		4,416
Total debt	$	1,395,688	$	1,203,523
Less current portion	4,416		2,976
Long-term debt	$	1,391,272	$	1,200,547

(1) On February 14, 2023, the Company entered into a Third Amendment to the Amended and Restated Senior Unsecured Credit Agreement (the "Amendment"). The Amendment provides, among other things, for (i) an increase in the aggregate amount of commitments under the Company's existing $600 million unsecured credit facility (the "Revolver") by $250 million (the “Increased Commitments”) to an aggregate amount of $850 million and (ii) the replacement of the interest reference rate for U.S. dollar-denominated borrowings under the Revolver from the London Interbank Offered Rate ("LIBOR") to an adjusted Secured Overnight Financing Rate ("SOFR"). The pricing and other terms applicable to the Increased Commitments are the same as those applicable to the existing revolving loan commitments that were in effect prior to the Amendment. Except as amended by the Amendment, the remaining terms of the unsecured credit facility remain in full force and effect.