Debt Obligations

3 Months Ended

Mar. 31, 2020

6.	Debt Obligations

Bank Borrowings. We have an unsecured credit agreement that provides for a revolving aggregate commitment of the lenders of up to $600,000,000 with the opportunity to increase the commitment size of the credit agreement up to a total of $1,000,000,000. The unsecured credit agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2020, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At March 31, 2020, we were in compliance with all covenants.

Senior Unsecured Notes. We had a $337,500,000 shelf agreement with availability of $21,500,000 with affiliates and managed accounts of PGIM, Inc. (“Prudential”) which expired on February 16, 2020.

The debt obligations by component as of March 31, 2020 and December 31, 2019 are as follows (dollar amounts in thousands):


		At March 31, 2020				At December 31, 2019
	Applicable			Available				Available
	Interest	Outstanding		for		Outstanding		for
Debt Obligations	Rate ⁽¹⁾	Balance		Borrowing		Balance		Borrowing
Bank borrowings	2.22%	$	89,900	$	510,100	$	93,900	$	506,100
Senior unsecured notes, net of debt issue costs	4.39%		599,527		—		599,488		21,500
Total	4.10%	$	689,427	$	510,100	$	693,388	$	527,600

(1)	Represents weighted average of interest rate as of March 31, 2020.

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


	Three Months Ended March 31,
	2020				2019
Debt Obligations		Borrowings		Repayments	Borrowings		Repayments
Bank borrowings	$	24,000	$	(28,000)	$	36,900	$	(2,000)
Senior unsecured notes		—		—		—		(4,167)
Total	$	24,000	$	(28,000)	$	36,900	$	(6,167)