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Senior Notes
3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Senior Notes

NOTE 10 – Senior Notes

The following table summarizes our senior notes as of March 31, 2023 and December 31, 2022 (in thousands):

 

 

March 31, 2023

 

 

December 31,
2022

 

4.25% senior notes, due 2024 (1)

 

$

500,000

 

 

$

500,000

 

4.00% senior notes, due 2030 (2)

 

 

400,000

 

 

 

400,000

 

5.20% senior notes, due 2047 (3)

 

 

225,000

 

 

 

225,000

 

 

 

 

1,125,000

 

 

 

1,125,000

 

Debt issuance costs, net

 

 

(10,178

)

 

 

(10,446

)

Senior notes, net

 

$

1,114,822

 

 

$

1,114,554

 

(1)
In July 2014, we sold in a registered underwritten public offering, $300.0 million in aggregate principal amount of 4.25% senior notes due July 2024. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to 100% of their principal amount, plus a “make-whole” premium and accrued and unpaid interest, if any, to the date of redemption. In July 2016, we issued an additional $200.0 million in aggregate principal amount of 4.25% senior notes due 2024.
(2)
In May 2020, we sold in a registered underwritten public offering, $400.0 million in aggregate principal amount of 4.00% senior notes due May 2030. Interest on these senior notes is payable semi-annually in arrears. We may redeem the notes in whole or in part, at our option, at a redemption price equal to the greater of a) 100% of their principal amount, or b) discounted present value at Treasury rate plus 50 basis points prior to February 15, 2030, and on or after February 15, 2030, at 100% of their principal amount, and accrued and unpaid interest, if any, to the date of redemption.
(3)
In October 2017, we completed the pricing of a registered underwritten public offering of $200.0 million in aggregate principal amount of 5.20% senior notes due October 2047. Interest on the senior notes is payable quarterly in arrears. On or after October 15, 2022, we may redeem some or all of the senior notes at any time at a redemption price equal to 100% of the principal amount of the notes being redeemed plus accrued interest thereon to the redemption date. On October 27, 2017, we completed the sale of an additional $25.0 million aggregate principal amount of Notes pursuant to the over-allotment option.

Our senior notes mature as follows, based upon contractual terms (in thousands):

2023

 

$

 

2024

 

 

500,000

 

2025

 

 

 

2026

 

 

 

2027

 

 

 

Thereafter

 

 

625,000

 

 

 

$

1,125,000