5. Credit Facilities and Mortgage Notes Payable

Below is a listing of our outstanding debt, excluding capital leases, as of June 30, 2014 and December 31, 2013 (in thousands):


	June 30, 2014 (Unaudited)		December 31, 2013
Unsecured Credit Facility	$	439,000	$	256,500
Richmond Credit Facility		70,000		70,000
Atlanta-Metro Equipment Loan		17,739		18,839

Total	$	526,739	$	345,339

(a) Unsecured Credit Facility – On May 1, 2013, the Company entered into an unsecured credit facility agreement with a syndicate of financial institutions in which KeyBank National Association serves as administrative agent (the “Unsecured Credit Facility”). Proceeds from the Unsecured Credit Facility were used to repay the Company’s prior secured credit facility. This unsecured credit facility includes a term loan of $225 million, with a term of five years, and initially had a revolving credit facility of $350 million, with a term of four years, for an aggregate borrowing capacity of $575 million. In February 2014, the Company expanded the capacity of its unsecured revolving credit facility by $50 million, increasing the unsecured revolving credit facility capacity to $400 million. The credit facility may be increased up to $675 million, subject to certain conditions, including the consent of the administrative agent and obtaining necessary commitments.

The Unsecured Credit Facility requires monthly interest payments and requires the Company to comply with various quarterly covenant requirements relating to debt service coverage ratio, fixed charge ratio, leverage ratio and tangible net worth and various other operational requirements. In connection with the Unsecured Credit Facility, as of June 30, 2014, the Company had an additional $3 million letter of credit outstanding.

Amounts outstanding under the Unsecured Credit Facility bear interest at a variable rate equal to, at our election, LIBOR or a base rate, plus a spread that will range, depending upon the Company’s leverage ratio, from 2.10% to 2.85% for LIBOR loans or 1.10% to 1.85% for base rate loans. As of June 30, 2014, the interest rate for amounts outstanding under the Unsecured Credit Facility was 2.25%.

In April 2014, the Company amended the Unsecured Credit Facility to allow the Company to prepay the term loan with proceeds of any new unsecured debt until the outstanding balance is equal to or less than $150 million, rather than prepay the entire $225 million of the term loan as was previously required. Pursuant to the terms of this amendment, on July 23, 2014, the Company repaid $75 million of the term loan portion of the Unsecured Credit Facility and repaid a portion of the outstanding balance of the revolving portion of the Unsecured Credit Facility with proceeds from the issuance of its 5.875% Senior Notes due 2022 as described in Note 13.

In August 2014, the Company increased the capacity of its unsecured revolving credit facility by $10 million to $410 million.

(b) Richmond Credit Facility – In December 2012, the Company entered into a credit facility secured by the Company’s Richmond data center (the “Richmond Credit Facility”). This credit facility had a total borrowing capacity of $80 million at December 31, 2012, which was increased to $100 million in January 2013. On June 30, 2014, the Company amended the Richmond Credit Agreement to, among other things, extend the maturity from December 18, 2015 to June 30, 2019, reduce the interest rate, increase the accordion feature. These modifications resulted in an additional reduction of credit commitments from $100 million to $80 million. The Richmond Credit Facility includes an accordion feature that allows the Company to increase the size of the credit facility up to $200 million. The Richmond Credit Facility requires the Company to comply with covenants similar to the Unsecured Credit Facility.

Amounts outstanding under the Richmond Credit Facility bear interest at a variable rate equal to, at our election, LIBOR or a base rate, plus a spread that will range, depending upon the Company’s leverage ratio, from 2.10% to 2.85% for LIBOR loans or 1.10% to 1.85% for base rate loans. As of June 30, 2014, the interest rate for amounts outstanding under the Richmond Credit Facility was 2.25%.

In August 2014, the Company increased the capacity of the Richmond Credit Facility by $40 million to $120 million.

(c) Atlanta-Metro Equipment Loan – On April 9, 2010, the Company entered into a $25 million loan to finance equipment related to an expansion project at the Company’s Atlanta-Metro data center (the “Atlanta-Metro Equipment Loan”). The loan originally featured monthly interest-only payments but now requires monthly interest and principal payments. The loan bears interest at 6.85%, amortizes over ten years and matures on June 1, 2020.

The annual remaining principal payment requirements as of June 30, 2014 per the contractual maturities and excluding extension options are as follows (in thousands):


2014	$	1,139
2015		2,397
2016		2,567
2017		216,748
2018		227,943
Thereafter		75,945

Total	$	526,739

As of June 30, 2014, the Company was in compliance with all of its covenants.