Borrowings Under Line of Credit Arrangements and Related Items

3 Months Ended

Sep. 30, 2012

Borrowings Under Line of Credit Arrangement and Related Items [Abstract]

Borrowings Under Line of Credit Arrangements and Related Items

9. Borrowings Under Line of Credit Arrangements and Related Items

At September 30, 2012, we had a $2,000,000,000 unsecured line of credit arrangement with a consortium of 31 banks with an option to upsize the facility by up to an additional $500,000,000 through an accordion feature, allowing for the aggregate commitment of up to $2,500,000,000. The revolving credit facility is scheduled to expire July 27, 2015.Borrowings under the agreement are subject to interest payable in periods no longer than three months at either the agent bank's prime rate of interest or the applicable margin over LIBOR interest rate, at our option (1.57% at September 30, 2012). The applicable margin is based on certain of our debt ratings and was 1.35% at September 30, 2012. In addition, we pay a facility fee annually to each bank based on the bank's commitment amount. The facility fee depends on certain of our debt ratings and was 0.25% at September 30, 2012. Principal is due upon expiration of the agreement. In addition, at September 30, 2012, we had a $5,000,000 unsecured revolving demand note undrawn and bearing interest at 1-month LIBOR plus 110 basis points.

The following information relates to aggregate borrowings under the unsecured line of credit arrangements for the periods presented (dollars in thousands):

		Three Months Ended September 30,				Nine Months Ended September 30,
		2012		2011		2012		2011
Balance outstanding at quarter end		$	0	$	390,000	$	0	$	390,000
Maximum amount outstanding at any month end		$	145,000	$	390,000	$	897,000	$	495,000
Average amount outstanding (total of daily
	principal balances divided by days in period)	$	165,000	$	140,978	$	255,639	$	152,832
Weighted average interest rate (actual interest
	expense divided by average borrowings outstanding)		2.30%		1.61%		1.79%		1.12%