6.Debt Obligations

Bank Borrowings. During 2018, we amended and restated our unsecured credit agreement to replace the previous unsecured credit agreement, prior to its expiration on October 14, 2018. The amended credit agreement maintains the $600,000,000 aggregate commitment of the lenders under the prior agreement and provides for the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The amended credit agreement extends the maturity of the credit agreement to June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Additionally, the amended credit agreement decreases the interest rate margins and converts from the payment of unused commitment fees to a facility fee. Based on our leverage at September 30, 2018, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At September 30, 2018, we were in compliance with all covenants.

Senior Unsecured Notes. During 2017, we amended our shelf agreement with affiliates and managed accounts of Prudential Investment Management, Inc. (“Prudential”) to increase our shelf commitment to $337,500,000.

The debt obligations by component as of September 30, 2018 and December 31, 2017 are as follows (dollar amounts in thousands):


		At September 30, 2018				At December 31, 2017
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate (1)	Balance		Borrowing		Balance		Borrowing
Bank borrowings (2)	3.38%	$	120,000	$	480,000	$	96,500	$	503,500
Senior unsecured notes, net of debt issue costs	4.49%		550,986		79,833		571,002		63,667
Total	4.29%	$	670,986	$	559,833	$	667,502	$	567,167

⁽¹⁾

Represents weighted average of interest rate as of September 30, 2018.

⁽²⁾

Subsequent to September 30, 2018, we paid down $20,000 under our unsecured revolving line of credit. Accordingly, we have $100,000 outstanding under our unsecured revolving line of credit with $500,000 available for borrowing.

Our borrowings and repayments are as follows (in thousands):


	Nine months ended September 30,
	2018				2017
Debt Obligations		Borrowings		Repayments	Borrowings			Repayments
Bank borrowings	$	96,500	$	(73,000)	$	64,500		$	(116,600)
Senior unsecured notes		—		(20,166)		100,000	(1)		(19,167)
Total	$	96,500	$	(93,166)	$	164,500		$	(135,767)

⁽¹⁾

During 2017, we sold 15-year senior unsecured notes in the aggregate amount of $100,000 to a group of investors, which included Prudential, in a private placement transaction. The notes bear interest at an annual rate of 4.5%, have scheduled principal payments and mature on February 16, 2032.