Corporate Borrowings

3 Months Ended

Mar. 31, 2020

The following table presents the Company’s outstanding indebtedness:


Description^(a)	March 31, 2020		December 31, 2019
Credit Agreement - Revolver, 1.74% (variable rate) due 2025	$	55,000	$	—
Previous Credit Agreement - Revolver, 3.19% (variable rate) due 2022	—		300
Secured Promissory Note, 3.71% (fixed rate) due 2022	1,109		1,208
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		20,000
Total indebtedness outstanding	96,109		41,508
Less unamortized loan fees^(b)	(1,554)		(448)
Total indebtedness outstanding, net	94,555		41,060
Less current maturities of long-term debt	(404)		(401)
Long-term debt	$	94,151	$	40,659

(a) Interest rates are as of March 31, 2020, except for the Previous Credit Agreement which is as of December 31, 2019.

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

Credit Agreements. On February 14, 2020, the Company entered into a new credit agreement (the "Credit Agreement") with multiple participants lead by Wells Fargo Bank, National Association ("Wells Fargo Bank") that matures on February 14, 2025. The Credit Agreement replaces the Company's existing $150,000 Credit Agreement ("Previous Credit Agreement) with Wells Fargo Bank. The Credit Agreement provides for a $300,000 revolving credit facility. The Company may increase the facility from time to time by an aggregate principal amount of up to $100,000 provided certain conditions are satisfied and at the discretion of the lenders. The Company incurred $1,148 of new loan fees related to the Credit Agreement. The Credit Agreement includes certain requirements and covenants, which the Company was in compliance with at March 31, 2020. As of March 31, 2020, the Company’s total outstanding borrowings under the Credit Agreement were $55,000 leaving $245,000 available.

Note Purchase Agreements. 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 until August 2020. During 2017, the Company issued $20,000 of Senior Secured Notes with a maturity date of August 23, 2027. During 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 March 31, 2020.