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DEBT (Tables)
9 Months Ended
Sep. 30, 2021
Schedule of Debt Outstanding

Debt outstanding as of September 30, 2021 and December 31, 2020 consisted of the following (in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Revolving Credit Facility maturing April 2023. Interest payable

    periodically at variable interest rates. The weighted average rate

    at December 31, 2020 was 1.7%.

 

$

 

 

$

219,000

 

Term Loan A maturing April 2023.  Interest payable periodically at

    variable interest rates. The rate at both September 30, 2021 and

    December 31, 2020 was 1.6%.  Unamortized debt issuance costs

    amounted to $0.0 million and $0.1 million at September 30, 2021

    and December 31, 2020, respectively.

 

 

172,500

 

 

 

180,000

 

Term Loan B maturing December 2024.  Interest payable periodically

    at variable interest rates. The rate at both September 30, 2021 and

    December 31, 2020 was 5.5%.  Unamortized debt issuance

    costs amounted to $3.3 million and $4.1 million

    at September 30, 2021 and December 31, 2020, respectively.

 

 

223,438

 

 

 

237,500

 

4.625% Senior Notes maturing May 2023.  Unamortized debt

    issuance costs amounted to $0.5 million and $1.5 million at

    September 30, 2021 and December 31, 2020, respectively.  A

    portion of these notes was repurchased during the second quarter

    of 2021 in privately negotiated transactions, as further described

    hereafter.

 

 

174,012

 

 

 

350,000

 

5.0% Senior Notes.  Unamortized debt issuance costs amounted to

    $0.8 million at December 31, 2020.  These notes were fully

    redeemed in April 2021, as further described hereafter.

 

 

 

 

 

250,000

 

4.75% Senior Notes maturing October 2027.  Unamortized debt

    issuance costs amounted to $2.4 million and $2.7 million at

    September 30, 2021 and December 31, 2020, respectively.

 

 

250,000

 

 

 

250,000

 

8.25% Senior Notes maturing April 2026.  Unamortized debt issuance

    costs amounted to $13.7 million at September 30, 2021.

 

 

675,000

 

 

 

 

4.5% Capital Commerce Center Non-Recourse Mortgage Note.

    Unamortized debt issuance costs amounted to $0.3 million

    at December 31, 2020.  This note was repaid in connection with

    the sale of Capital Commerce Center, as further described hereafter.

 

 

 

 

 

20,934

 

4.43% Lansing Correctional Center Non-Recourse Mortgage Note

    maturing January 2040.  Unamortized debt issuance costs

    amounted to $3.0 million and $3.1 million at September 30, 2021 and

    December 31, 2020, respectively.

 

 

155,240

 

 

 

157,607

 

4.5% SSA-Baltimore Non-Recourse Mortgage Note.  Unamortized

    debt issuance costs amounted to $0.2 million at December 31, 2020.

    This note was repaid in connection with the sale of SSA-Baltimore,

    as further described hereafter.

 

 

 

 

 

144,476

 

Total debt

 

 

1,650,190

 

 

 

1,809,517

 

Unamortized debt issuance costs

 

 

(22,946

)

 

 

(12,766

)

Net unamortized original issue discount

 

 

(7,196

)

 

 

(10,000

)

Current portion of long-term debt

 

 

(33,685

)

 

 

(39,087

)

Long-term debt, net

 

$

1,586,363

 

 

$

1,747,664

 

Schedule of Principal Payments Scheduled principal payments as of September 30, 2021 for the remainder of 2021, the next five years, and thereafter were as follows (in thousands):

 

2021 (remainder)

 

$

7,896

 

2022

 

 

35,376

 

2023

 

 

355,158

 

2024

 

 

186,597

 

2025

 

 

5,823

 

2026

 

 

681,326

 

Thereafter

 

 

378,014

 

Total debt

 

$

1,650,190