Corporate Borrowings

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Corporate Borrowings

Corporate Borrowings

The following table presents the Company’s outstanding indebtedness:

Description(a)	June 30, 2019			December 31, 2018
Credit Agreement - Revolver, 3.80% (variable rate) due 2022	$	1,600		$	11,000
Secured Promissory Note, 3.71% (fixed rate) due 2022	1,403			1,594
Prudential Note Purchase Agreement, 3.53% (fixed rate) due 2027	20,000			20,000
Prudential Note Purchase Agreement, 3.80% (fixed rate) due 2029	20,000			—
Total indebtedness outstanding	43,003			32,594
Less unamortized loan fees(b)	(514		)	(580		)
Total indebtedness outstanding, net	$	42,489		$	32,014
Less current maturities of long-term debt	(393		)	(386		)
Long-term debt	$	42,096		$	31,628

(a) Interest rates are as of June 30, 2019.

(b) Loan fees are being amortized over the life of the Credit Agreement and Note Purchase Agreements.

Credit and Note Purchase Agreements. The Company’s Credit Agreement with Wells Fargo Bank, National Association, provides for a $150,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $25,000 provided certain conditions are satisfied and at the discretion of the lender. The Credit Agreement matures on August 23, 2022. The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at June 30, 2019. As of June 30, 2019, the Company’s total outstanding borrowings under the Credit Agreement were $1,600 leaving $148,400 available.

The Company’s Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc., an affiliate of Prudential Financial, Inc., and certain affiliates of PGIM, Inc. provides for the issuance of up to $75,000 of Senior Secured Notes. During 2017, the Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. On April 30, 2019, the Company issued $20,000 of additional Senior Secured Notes with a maturity date of April 30, 2029. The Note Purchase Agreement includes certain requirements and covenants, which the Company was in compliance with at June 30, 2019.