Unsecured Debt and Lines of Credit

9 Months Ended

Sep. 30, 2013

Unsecured Debt and Lines of Credit [Abstract]

(6) Unsecured Debt and Lines of Credit

Unsecured debt and lines of credit consist of the following as of September 30, 2013 and December 31, 2012 ($ in thousands):

	September 30, 2013			December 31, 2012			Weighted Average Maturity In Years

Bonds private placement - fixed rate	$	465,000		$	465,000			5.5
Term loan - variable rate		350,000			350,000			3.4
Bonds public offering - fixed rate		594,883			297,084			9.2
Unsecured debt		1,409,883			1,112,084
Lines of credit		15,352			141,000			0.3
Total unsecured debt and lines of credit	$	1,425,235		$	1,253,084

Weighted average interest rate on fixed rate unsecured bonds		4.0	%		4.2	%
Weighted average interest rate on variable rate term loan		2.5	%		2.7	%
Weighted average interest rate on line of credit		2.2	%		2.3	%

In April 2013, the Company issued $300 million aggregate principal amount of its 3.25% Senior Notes due on May 1, 2023 and such amount is included in the line item “Bonds public offering-fixed rate”, in the table above.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details