Debt

9 Months Ended

Sep. 30, 2022

Total debt consisted of the following:


	Interest rate	September 30, 2022		December 31, 2021


Notes due April 2023	6.20%	—		90,259
Notes due March 2024	4.625%	238,449		242,603
Term loan due March 2026	LIBOR + 1.75%	356,250		370,500
Notes due March 2027	6.875%	400,000		400,000
Term loan due March 2028	LIBOR + 4.0%	443,250		446,625
Notes due March 2029	7.25%	350,000		350,000
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000

Other debt		2,758		3,685
Principal amount		2,251,548		2,364,513
Less: unamortized costs, net		34,849		40,675
Total debt		2,216,699		2,323,838
Less: current portion long-term debt		27,133		24,739
Long-term debt		$	2,189,566	$	2,299,099

During 2022, we redeemed the April 2023 notes and recorded a $5 million pre-tax loss in connection with this redemption. We also made scheduled principal repayments of $18 million on our term loans. At September 30, 2022, the interest rate on the 2026 Term Loan was 4.9% and the interest rate of the 2028 Term Loan was 7.1%.

We have outstanding interest rate swaps that effectively convert $200 million of our variable rate debt to fixed rates. Under the terms of these agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rates under the term loans and the swaps reset monthly.

The credit agreement that governs our $500 million secured revolving credit facility and term loans contains financial and non-financial covenants. At September 30, 2022, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

The PB Bank (the Bank), a wholly owned subsidiary, has become a member of the Federal Home Loan Bank (FHLB) of Des Moines. As a member, the Bank has access to certain credit products as a funding source known as "advances." As of September 30, 2022, the Bank had yet to apply for any advances. The Bank was required to purchase an equity interest in the FHLB of $1 million as a condition of membership. The investment is carried at cost as it does not have a readily determinable fair value as there is no actively traded market and investment is restricted to members only.