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DEBT (Tables)
9 Months Ended
Sep. 30, 2018
Schedule of Debt Outstanding

Debt outstanding as of September 30, 2018 and December 31, 2017 consists of the following (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Revolving Credit Facility, principal due at maturity

   in April 2023; interest payable periodically at

   variable interest rates. The weighted average rate at

   September 30, 2018 and December 31, 2017 was 3.7%

   and 3.1%, respectively.

 

$

189,000

 

 

$

199,000

 

Term Loan, scheduled principal payments through maturity in

   April 2023; interest payable periodically at variable interest

   rates. The rate at September 30, 2018 and December 31, 2017

   was 3.7% and 3.1%, respectively.  Unamortized debt issuance

   costs amounted to $0.1 million and $0.3 million at

   September 30, 2018 and December 31, 2017, respectively.

 

 

198,750

 

 

 

85,000

 

4.625% Senior Notes, principal due at maturity in May 2023;

   interest payable semi-annually in May and November at

   4.625%. Unamortized debt issuance costs amounted to

   $2.9 million and $3.3 million at September 30, 2018 and

   December 31, 2017, respectively.

 

 

350,000

 

 

 

350,000

 

4.125% Senior Notes, principal due at maturity in April 2020;

   interest payable semi-annually in April and October at

   4.125%. Unamortized debt issuance costs amounted to

   $1.3 million and $1.9 million at September 30, 2018 and

   December 31, 2017, respectively.

 

 

325,000

 

 

 

325,000

 

5.0% Senior Notes, principal due at maturity in October 2022;

   interest payable semi-annually in April and October at 5.0%.

   Unamortized debt issuance costs amounted to $1.9 million

   and $2.3 million at September 30, 2018 and

   December 31, 2017, respectively.

 

 

250,000

 

 

 

250,000

 

4.75% Senior Notes, principal due at maturity in October 2027;

   interest payable semi-annually in April and October at 4.75%.

   Unamortized debt issuance costs amounted to $3.6 million

   and $4.0 million at September 30, 2018 and

   December 31, 2017, respectively.

 

 

250,000

 

 

 

250,000

 

4.5% Non-Recourse Mortgage Note, secured by Capital Commerce

   Center; principal and interest at 4.5% payable monthly until

   maturity in January 2033. Unamortized debt issuance costs

   amounted to $0.3 million at September 30, 2018.

 

 

23,725

 

 

 

 

4.43% Non-Recourse Mortgage Note, secured by the Lansing

   Correctional Facility; principal and interest at 4.43% payable

   quarterly beginning in July 2020 until maturity in

   January 2040. Unamortized debt issuance costs amounted

   to $3.4 million at September 30, 2018.

 

 

35,363

 

 

 

 

4.5% Non-Recourse Mortgage Note, secured by SSA-Baltimore;

   principal and interest at 4.5% payable monthly until maturity in

   February 2034. Unamortized debt issuance costs amounted to

   $0.2 million at September 30, 2018.

 

 

156,846

 

 

 

 

Total debt

 

 

1,778,684

 

 

 

1,459,000

 

Unamortized debt issuance costs

 

 

(13,704

)

 

 

(11,813

)

Current portion of long-term debt

 

 

(12,795

)

 

 

(10,000

)

Long-term debt, net

 

$

1,752,185

 

 

$

1,437,187

 

 

Schedule of Principal Payments

Scheduled principal payments as of September 30, 2018 for the remainder of 2018, the next four years, and thereafter were as follows (in thousands):

 

2018 (remainder)

 

$

2,857

 

2019

 

 

14,121

 

2020

 

 

343,849

 

2021

 

 

20,337

 

2022

 

 

274,231

 

Thereafter

 

 

1,123,289

 

Total debt

 

$

1,778,684