Senior Notes, Convertible Notes and Trust Preferred Securities

12 Months Ended

Dec. 31, 2023

Senior Notes, Convertible Notes and Trust Preferred Securities

The Company had the following Senior Notes outstanding as of December 31, 2023 and 2022:


Issue Date	December 31, 2023		December 31, 2022		Interest Rate		Maturity Date	Issue Price
November 2023	$	300,000	$	—	6.750	%	November 2028	99.423	%
August 2021	400,000		400,000		2.375	%	October 2031	99.758	%
August 2020	400,000		400,000		2.70	%	September 2030	99.233	%
May 2014	198,932		198,932		4.40	%	June 2024	99.883	%
	1,298,932		998,932
Unamortized debt discount	(4,489)		(3,228)
Unamortized debt issuance cost	(8,298)		(6,409)
	$	1,286,145	$	989,295

Each series of the senior notes is unsecured and requires payment of interest semi-annually in arrears. The Company may redeem the notes at its option at any time prior to maturity in whole or in part by paying the principal amount of the notes being redeemed plus a make-whole premium.

In November 2023, the Company issued $300,000 aggregate principal amount of 6.750% Senior Notes due 2028 (“2028 Senior Notes”) at an issuance price of 99.423% of the principal amount. The Company issued the 2028 Senior Notes at an initial discount of $1,731, which is being recognized as additional interest expense over the term of the 2028 Senior Notes. The Company used the net proceeds to pay down amounts outstanding on its unsecured revolving credit facility and for general corporate purposes. A portion of the proceeds were invested on a short-term basis and the Company intends to use the investments to repay the 2014 Senior Notes at or near maturity.

In August 2021, the Company issued $400,000 aggregate principal amount of 2.375% Senior Notes due 2031 (“2031 Senior Notes”) at an issuance price of 99.758% of the principal amount. The Company issued the 2031 Senior Notes at an initial discount of $968, which is being recognized as additional interest expense over the term of the 2031 Senior Notes. The Company used a portion of the net proceeds from the offering of the 2031 Senior Notes to redeem the $188,756 aggregate principal balance of its outstanding 4.25% Senior Notes due 2023 (“2023 Senior Notes”). The consideration paid included a make-whole premium of $12,191 and $2,028 of accrued and unpaid interest. The Company recognized a $12,948 debt satisfaction loss related to the aggregate redemptions.

During 2007, the Company issued $200,000 original principal amount of Trust Preferred Securities. The Trust Preferred Securities, which are classified as debt, are due in 2037, are open for redemption at the Company's option, and bear interest at a variable rate of three month SOFR plus 26 basis points through maturity. The interest rate at December 31, 2023 was 7.352%. As of December 31, 2023 and 2022, there was $129,120 original principal amount of Trust Preferred Securities outstanding and $1,326 and $1,426, respectively, of unamortized debt issuance costs.

Scheduled principal payments for these debt instruments for the next five years and thereafter are as follows:


Year ending December 31,	Total
2024	$	198,932
2025	—
2026	—
2027	—
2028	300,000
Thereafter	929,120
	1,428,052
Unamortized debt discounts	(4,489)
Unamortized debt issuance costs	(9,624)
	$	1,413,939