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Borrowings Under Credit Facilities and Related Items
 9 Months Ended
Sep. 30, 2014
Borrowings Under Credit Facilities and Related Items [Abstract]  
Borrowings Under Credit Facilities and Related Items

9. Borrowings Under Credit Facilities and Related Items

     On July 25, 2014, we closed on a new primary unsecured credit facility with a consortium of 28 banks that includes a $2,500,000,000 revolving credit line, a $500,000,000 term loan and a $250,000,000 Canadian denominated term loan. We have an option to upsize the facility by up to an additional $1,000,000,000 through an accordion feature. The facility also allows us to borrow up to $500,000,000 in alternate currencies (none outstanding at September 30, 2014). Borrowings under the revolver are subject to interest payable at the applicable margin over LIBOR interest rate (1.204% at September 30, 2014). The applicable margin is based on certain of our debt ratings and was 1.05% at September 30, 2014. Borrowings under the term loans are subject to interest payable at the applicable margin over LIBOR for the U.S. tranche and CDOR for the Canadian tranche based on our current credit ratings. The applicable margin was 1.15% at September 30, 2014. In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.20% at September 30, 2014. The new facility provides us with additional borrowing capacity and extends the agreement to October 31, 2018. It can be extended for an additional year at our option.

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

Three Months Ended September 30,Nine Months Ended September 30,
2014201320142013
Balance outstanding at quarter end$ - $ 847,670 $ - $ 847,670
Maximum amount outstanding at any month end$ 235,000 $ 1,019,050 $ 637,000 $ 1,019,050
Average amount outstanding (total of daily
principal balances divided by days in period)$ 100,380 $ 562,978 $ 253,681 $ 527,890
Weighted average interest rate (actual interest
expense divided by average borrowings outstanding) 1.67%1.51%1.40%1.43%