Schedule of debt |
As of September 30, 2017 and December 31, 2016, the Company's debt and related deferred financing costs consisted of the following: | | | | | | | | | | | | | | | | | | September 30, 2017 | | December 31, 2016 | | Contractual Interest Rate (1) | | Payment Type | | Loan Maturity | | Effective Interest Rate (4) | Revolving Credit Facility | $ | 347,758 |
| | $ | 333,458 |
| | 2.74% | | Interest Only | | December 2019 (2) | | 2.96% | AIG Loan | 126,970 |
| | 126,970 |
| | 4.15% | | Interest Only (3) | | November 2025 | | 4.22% | Total Debt | 474,728 |
| | 460,428 |
| | | | | | | | | Unamortized deferred financing costs | (3,160 | ) | | (3,956 | ) | | | | | | | | | Total Debt, net | $ | 471,568 |
| | $ | 456,472 |
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| | (1) | The 2.74% contractual interest rate is based on a 360-day year, pursuant to the Revolving Credit Facility. The 2.78% weighted-average interest rate is based on a 365-day year. As discussed below, the interest rate on the Revolving Credit Facility (as defined below) is a one-month LIBO Rate + 1.50%. As of September 30, 2017, the LIBO Rate was 1.24%. Including the effect of an interest rate swap agreement with a notional amount of $100.0 million, the weighted average interest rate as of September 30, 2017 was approximately 3.04% for the Company's fixed-rate and variable-rate debt combined. |
| | (2) | The Revolving Credit Facility has an initial term of four years, maturing on December 12, 2018, and may be extended for a one-year period if certain conditions are met and upon payment of an extension fee. See discussion below. |
| | (3) | The AIG Loan (as defined below) requires monthly payments of interest only, at a fixed rate, for the first five years and fixed monthly payments of principal and interest thereafter. |
| | (4) | Reflects the effective interest rate at September 30, 2017 and includes the effect of amortization of deferred financing costs. |
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