Long-term Debt

3 Months Ended

Mar. 31, 2020

Long-term debt is as follows:


	March 31, 2020		December 31, 2019
	(in thousands)
Unsecured $1,175 million revolver	$	1,174,600	$	46,000
Unsecured term loan A-1	449,000		449,000
$1,000 million 4.875% senior unsecured notes due November 2020	—		215,174
$400 million 4.375% senior unsecured notes due April 2021	—		400,000
$500 million 5.375% senior unsecured notes due November 2023	500,000		500,000
$400 million 3.35% senior unsecured notes due September 2024	400,000		400,000
$850 million 5.25% senior unsecured notes due June 2025	850,000		850,000
$975 million 5.375% senior unsecured notes due April 2026	975,000		975,000
$500 million 5.75% senior unsecured notes due June 2028	500,000		500,000
$750 million 5.30% senior unsecured notes due January 2029	750,000		750,000
$700 million 4.00% senior unsecured notes due January 2030	700,000		700,000
Finance lease liability	958		989
Total long-term debt	6,299,558		5,786,163
Less: unamortized debt issuance costs, bond premiums and original issuance discounts	(43,844)		(48,201)
Total long-term debt, net of unamortized debt issuance costs, bond premiums and original issuance discounts	$	6,255,714	$	5,737,962

The following is a schedule of future minimum repayments of long-term debt as of March 31, 2020 (in thousands):


Within one year	$	131
2-3 years	449,281
4-5 years	2,074,909
Over 5 years	3,775,237
Total minimum payments	$	6,299,558

Senior Unsecured Credit Facility

The Company's senior unsecured credit facility (the "Credit Facility") consists of a $1,175 million revolving credit facility and a $449 million Term Loan A-1 facility. The revolving credit facility matures on May 21, 2023 and the Term Loan A-1 facility matures on April 28, 2021. At March 31, 2020, the interest rate on the term loan facility and revolver was LIBOR plus 1.50%.

The Company fully drew down on its revolving credit facility in the first quarter of 2020 to increase its liquidity position and repay certain senior unsecured notes as described below. At March 31, 2020, the Credit Facility had a gross outstanding balance of $1,623.6 million, consisting of the $449 million Term Loan A-1 facility and $1,174.6 million of borrowings under the revolving credit facility. Additionally, at March 31, 2020, the Company was contingently obligated under letters of credit issued pursuant to the Credit Facility with face amounts aggregating approximately $0.4 million, resulting in no available borrowing capacity under the revolving credit facility as of March 31, 2020.

The Credit Facility contains customary covenants that, among other things, restrict, subject to certain exceptions, the ability of GLPI and its subsidiaries to grant liens on their assets, incur indebtedness, sell assets, make investments, engage in acquisitions, mergers or consolidations or pay certain dividends and other restricted payments. The Credit Facility contains the following financial covenants, which are measured quarterly on a trailing four-quarter basis: a maximum total debt to total asset value ratio, a maximum senior secured debt to total asset value ratio, a maximum ratio of certain recourse debt to unencumbered asset value and a minimum fixed charge coverage ratio. In addition, GLPI is required to maintain a minimum tangible net worth and its status as a REIT. GLPI is permitted to pay dividends to its shareholders as may be required in order to maintain REIT status, subject to the absence of payment or bankruptcy defaults. GLPI is also permitted to make other dividends and distributions subject to pro forma compliance with the financial covenants and the absence of defaults. The Credit Facility also contains certain customary affirmative covenants and events of default, including the occurrence of a change of control and termination of the Penn Master Lease (subject to certain replacement rights). The occurrence and continuance of an event of default under the Credit Facility will enable the lenders under the Credit Facility to accelerate the loans and terminate the commitments thereunder.

At March 31, 2020, the Company was in compliance with all required financial covenants under the Credit Facility. Additionally, the Company entered into an amendment at March 30, 2020, with the Company's credit facility lenders creditors which permits the fair value of non-cash assets received for rental payments from our tenants to be recognized within net operating income to the extent earned in accordance with GAAP for debt covenant purposes as well as the inclusion of cash in the definition of unencumbered assets.

Senior Unsecured Notes

In the first quarter of 2020, the Company redeemed all $215.2 million aggregate principal amount of the Company’s outstanding 4.875% senior unsecured notes due in November 2020 and all $400 million aggregate principal amount of the Company’s outstanding 4.375% senior unsecured notes due in April 2021. The Company recorded a loss on the early extinguishment of debt related to the current year redemption of $17.3 million, primarily for call premium charges and debt issuance write-offs.

At March 31, 2020, the Company had $4,675.0 million of outstanding senior unsecured notes (the "Senior Notes"). Each of the Company's Senior Notes contain covenants limiting the Company’s ability to: incur additional debt and use its assets to secure debt; merge or consolidate with another company; and make certain amendments to the Penn Master Lease. The Senior Notes also require the Company to maintain a specified ratio of unencumbered assets to unsecured debt. These covenants are subject to a number of important and significant limitations, qualifications and exceptions.

At March 31, 2020, the Company was in compliance with all required financial covenants under its Senior Notes.