Long-term debt

12 Months Ended

Dec. 31, 2020

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


	Dec. 31,
	2020		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 2021	—		350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	—		650,000
Borrowings under revolving credit facility expiring August 2024	355,000		903,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	137,000		325,000
Unsecured notes bearing fixed rate interest at 4.75% 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	3,582,000		4,203,000
Debt issuance costs	(36,595)		(26,873)
Unamortized premiums and discounts, net	7,815		3,118
Total long-term debt	$	3,553,220	$	4,179,245

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 unsecured senior notes to repay the remaining $310.0 million of unsecured senior notes bearing fixed rate interest of 5.125%, which were due in July 2020 and $650.0 million of unsecured senior 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 line item of the Consolidated Statements 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

On September 10, 2020, we issued $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.

On October 13, 2020 we utilized our revolving credit facility to repay the entire $350 million aggregate principal amount of our 4.875% unsecured senior notes due in 2021 and $188 million aggregate principal amount of our 5.500% unsecured senior notes due in 2024 and a $3.4 million redemption premium on our unsecured senior notes due in 2024.

As of December 31, 2020, we had unused borrowing capacity of $1.13 billion under our revolving credit facility. As of December 31, 2020, we were in compliance with all covenants contained in our debt agreements and credit facility, 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.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule discloses annual maturities of the principal amount of total debt due (in thousands):


Repayment schedule of principal long-term debt as of Dec. 31, 2020
2021	$	—
2022	—
2023	—
2024 (1)	492,000
2025	—
Thereafter	3,090,000
Total	$	3,582,000

(1) Assumes current revolving credit facility borrowings come due in 2024 and credit facility is not extended.