Debt Obligations

3 Months Ended

Mar. 31, 2017

5.Debt Obligations

The following table sets forth information regarding debt obligations by component as of March 31, 2017 and December 31, 2016 (dollar amounts in thousands):



		At March 31, 2017				At December 31, 2016
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate(1)	Balance		Borrowing		Balance		Borrowing
Bank borrowings	n.a	$	-	$	600,000	$	107,100	$	492,900
Senior unsecured notes, net of debt issue costs	4.50%		597,873		36,667		502,291		22,500
Total	4.50%	$	597,873			$	609,391

⁽¹⁾

Represents weighted average of interest rate as of March 31, 2017.

Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $600,000,000. The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2017, the facility provides for interest annually at LIBOR plus 150 basis points and an unused commitment fee of 35 basis points. During the three months ended March 31, 2017, we borrowed $3,500,000 and repaid $110,600,000, respectively under our unsecured revolving line of credit. During the three months ended March 31, 2016, we borrowed $40,500,000 under our unsecured revolving line of credit. At March 31, 2017, we were in compliance with all covenants.

Senior Unsecured Notes. During the three months ended March 31, 2017, we amended our shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (or Prudential) to increase our shelf commitment to $337,500,000. Additionally, we sold 15-year senior unsecured notes in the aggregate amount of $100,000,000 to a group of institutional investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual fixed rate of 4.5%, have scheduled principal payments and mature on February 16, 2032. During each of the three months ended March 31, 2017 and 2016, we paid $4,167,000 in regular scheduled principal payments to Prudential.