Long-term debt

9 Months Ended

Sep. 30, 2020

Our long-term debt is summarized below (in thousands):


	Sept. 30, 2020		Dec. 31, 2019

Unsecured floating rate term loan due quarterly through June 2020	$	—	$	20,000
Unsecured floating rate term loan due quarterly through September 2020	—		105,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	—		310,000
Unsecured notes bearing fixed rate interest at 4.875% due September 20211	350,000		350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	—		650,000
Borrowings under revolving credit agreement expiring August 2024	175,000		903,000
Unsecured notes bearing fixed rate interest at 5.500% due September 2024	325,000		325,000
Unsecured notes bearing fixed rate interest at 4.750% due March 2026	550,000		—
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000		200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000		240,000
Unsecured notes bearing fixed rate interest at 4.625% due March 2028	1,000,000		—
Unsecured notes bearing fixed rate interest at 5.00% due September 2029	1,100,000		1,100,000
Total principal long-term debt	3,940,000		4,203,000
Debt issuance costs	(40,175)		(26,873)
Unamortized premiums and discounts, net	6,371		3,118


Total long-term debt	$	3,906,196	$	4,179,245

1 We have the intent and ability to refinance the principal payment due within the next 12 months on a long-term basis through our revolving credit facility. As such, all debt presented in the table above is classified as long-term on our September 30, 2020 Condensed Consolidated Balance Sheet.

On January 9, 2020, we completed a private placement offering of $1.0 billion aggregate principal amount of senior unsecured notes bearing an interest rate of 4.625% which are due in March 2028.

On February 11, 2020 we used the net proceeds from the $1.0 billion senior notes to repay the remaining $310.0 million of unsecured notes bearing fixed rate interest of 5.125%, which were due in July 2020 and $650.0 million of unsecured notes bearing fixed rate interest of 6.375%, which were due in October 2023. We incurred $13.8 million of early redemption fees in relation to the 2023 debt payoff. Additionally, we wrote off $7.9 million of unamortized financing fees and discounts related to the early payoff of the 2020 and 2023 notes. These charges were recorded in the “Other non-operating items, net” within our Consolidated Statement of Income.

Given the unpredictability of market conditions during the pandemic, we amended our revolving credit facility on June 11, 2020 to extend the initial step-down of the maximum permitted total leverage ratio (from 5.50 to 1.00 to 5.25 to 1.00) until the fiscal quarter ending March 31, 2022, with additional step downs continuing thereafter. The maximum permitted total leverage ratios under our revolving credit facility are now as follows:


Period			Leverage Ratio
Fiscal quarter ending September 30, 2020 through and including fiscal quarter ending December 31, 2021			5.50 to 1.00
Fiscal quarter ending March 31, 2022			5.25 to 1.00
Fiscal quarter ending June 30, 2022			5.00 to 1.00
Fiscal quarter ending September 30, 2022			4.75 to 1.00
Thereafter			4.50 to 1.00

As of September 30, 2020, cash and cash equivalents totaled $164.6 million and we had unused borrowing capacity of $1.31 billion under our $1.51 billion revolving credit facility (which expires August 2024). We were in compliance with all covenants, including the leverage ratio (our one financial covenant) contained in our debt agreements and revolving credit facility. We believe that we will remain compliant with all covenants for the foreseeable future.

On September 10, 2020, we completed a private placement offering of $550 million aggregate principal amount of senior unsecured notes bearing an interest rate of 4.750% which are due in March 2026. The proceeds were used to pay down borrowings from our revolving credit facility. Then, on October 13, 2020 we utilized our revolving credit facility to repay the entire

$350 million aggregate principal amount of our 4.875% Senior Notes due in 2021 and $188 million aggregate principal amount of our 5.500% Senior Notes due in 2024 and a $3.4 million redemption premium on our Senior Notes due in 2024. After these payments, our revolving credit facility had an unused borrowing capacity of $950 million as of October 31, 2020.