DEBT, NET

6 Months Ended

Jun. 30, 2021

9. DEBT, NET

Our debt, net is summarized as follows:


	June 30, 2021				December 31, 2020
	Outstanding Borrowings		Stated Interest Rate	Maturity Date	Outstanding Borrowings
Loans payable
Revolving Credit Facility (1)	$	100,000	(i) Base Rate + 2.00%; or (ii) Adjusted Eurodollar Rate + 3.00%	1/31/2022	$	—
DRP Revolver (2)	25,000		(i) Base Rate + 1.50%; or (ii) Base Rate + 2.50% (Eurodollar)	11/5/2021	25,000
EB-5 Loan Agreement	26,100		5.75%	1/25/2026	—
Total loans payable	151,100				25,000
Bonds payable
Series 2020 Bonds	263,980		(i) Tax Exempt Series 2020A Bonds: 3.625% (ii) Tax Exempt Series 2020A Bonds: 4.00% (iii) Taxable Series 2020B Bonds: 6.00%	(i) 1/1/2035 (ii) 1/1/2050 (iii) 1/1/2025	263,980
Senior Notes due 2022 (3)	—		6.75%	3/15/2022	399,331
Senior Notes due 2025 (4)	852,440		6.50%	10/1/2025	852,673
Senior Notes due 2027	400,000		9.75%	8/1/2027	400,000
Senior Notes due 2028	500,000		5.50%	5/1/2028	—
Total bonds payable	2,016,420				1,915,984

Debt	2,167,520				1,940,984
Less: Debt issuance costs	(40,434)				(36,222)
Total debt, net	$	2,127,086			$	1,904,762

Total debt due within one year	$	125,000			$	25,000

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(1) Requires a quarterly commitment fee at a rate of 0.50% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(2) Requires a quarterly commitment fee at a rate of 0.875% on the average daily unused portion, as well as customary letter of credit fees and agency fees.

(3) Includes an unamortized discount of $2,230 and an unamortized premium of $1,561 at December 31, 2020.

(4) Includes an unamortized discount of $3,913 and $4,303 at June 30, 2021 and December 31, 2020, respectively, and an unamortized premium of $6,353 and $6,976 at June 30, 2021 and December 31, 2020, respectively.

EB-5 Loan Agreement—On January 25, 2021, Jefferson entered into a non-recourse loan agreement under the U.S. Citizenship and Immigration Services EB-5 Program (“EB-5 Loan Agreement”) to pay for the development, construction and acquisition of certain facilities at Jefferson Terminal. The maximum aggregate principal amount available under the EB-5 Loan Agreement is $61.2 million, of which $26.1 million is available under the first tranche and $35.1 million is available under the second tranche. The loans mature in 5 years from the funding of each individual tranche with an option to extend the maturity for both tranches by two one-year periods. If the option to extend the maturity is exercised, the interest rate will increase to 6.25% from 5.75% for the extension period.

Senior Notes due 2028—On April 12, 2021, we issued $500 million aggregate principal amount of senior unsecured notes due 2028 (the “Senior Notes due 2028”). The Senior Notes due 2028 bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on May 1 and November 1 of each year, commencing on November 1, 2021.

We used a portion of the proceeds to redeem in full the Senior Notes due 2022 (see below), and used the remaining net proceeds for general corporate purposes, including the funding of acquisitions and investments, including aviation investments.

Senior Notes due 2022—On May 7, 2021, we redeemed in full the Senior Notes due 2022, which totaled $400 million aggregate principal plus accrued and unpaid interest, and recognized a loss on extinguishment of debt of $3.3 million.

We were in compliance with all debt covenants as of June 30, 2021.