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Long-Term Debt, Net of Deferred Financing Costs
3 Months Ended
Mar. 31, 2020
Debt Disclosure [Abstract]  
Long-Term Debt, Net of Deferred Financing Costs LONG-TERM DEBT, NET OF DEFERRED FINANCING COSTS
At March 31, 2020, and December 31, 2019, our long-term debt consisted of (1) $400 million of non-amortizing term loans, and (2) $225 million of senior, unsecured, fixed rate notes. At March 31, 2020 and December 31, 2019, the outstanding borrowings under the revolving credit facility were $178 million and $52 million, respectively, and there were no outstanding letters of credit.
The following table presents the Term Loan balances as of March 31, 2020 and December 31, 2019.
 
 
 
 
 
 
Outstanding Balance
 
 
Maturity
 
Interest
 
March 31,
 
December 31,
(Dollars in thousands)
 
Date
 
Rate
 
2020
 
2019
Term Loans:
 
 
 
 
 
 
 
 
Term loan due 2022
 
Nov 2022
 
2.36
%
(a)
$
150,000

 
$
150,000

Term loan due 2023
 
Nov 2023
 
2.26
%
(a)
150,000

 
150,000

Term loan due 2024
 
Mar 2024
 
2.26
%
(a)
100,000

 
100,000

Total Term Loans
 
 
 
 
 
$
400,000

 
$
400,000

(a) Loan is a variable‑rate loan which resets monthly at one-month LIBOR + the applicable credit spread which was 1.25%-1.35% at March 31, 2020.
The following table presents the senior unsecured fixed rate notes balance as of March 31, 2020 and December 31, 2019.
 
 
 
 
 
 
Outstanding Balance
 
 
Maturity
 
Interest
 
March 31,
 
December 31,
(Dollars in thousands)
 
Date
 
Rate
 
2020
 
2019
Notes Payable:
 
 
 
 
 
 
 
 
Senior unsecured fixed rate note, issued June 2017
 
Jun 2024
 
4.68
%
 
$
50,000

 
$
50,000

Senior unsecured fixed rate note, issued June 2017
 
Jun 2027
 
4.93
%
 
75,000

 
75,000

Senior unsecured fixed rate note, issued December 2018
 
Dec 2026
 
4.63
%
 
50,000

 
50,000

Senior unsecured fixed rate note, issued December 2018
 
Dec 2028
 
4.76
%
 
50,000

 
50,000

Total Notes
 
 
 
 
 
$
225,000

 
$
225,000


At March 31, 2020, and December 31, 2019, net unamortized deferred financing costs were approximately $6.5 million and $7.1 million, respectively. During the three months ended March 31, 2020 and 2019, amortization of deferred financing costs was $512 thousand and $513 thousand, respectively. The weighted average interest rate on the term loans before consideration of the interest rate hedge described below was 2.30% and 3.01% at March 31, 2020 and December 31, 2019, respectively.
The Company was in compliance with all debt covenants at March 31, 2020.