Debt and Financing Arrangements

9 Months Ended

Sep. 30, 2021

DEBT AND FINANCING ARRANGEMENTS

2018 Credit Facility - Our primary financing arrangement is the $400 million unsecured credit facility (the “2018 credit facility” or the “credit facility”), which provides us with the capital necessary to meet our working capital needs as well as the flexibility to continue with our strategic initiatives, including business acquisitions and share repurchases. The 2018 credit facility matures in 2023. The balance outstanding under the 2018 credit facility was $190.2 million and $108.0 million at September 30, 2021 and December 31, 2020, respectively. Effective interest rates, including the impact of interest rate swaps associated with the 2018 credit facility, were as follows:


	Nine Months Ended September 30,
	2021	2020
Weighted average rates	1.89%	2.46%
Range of effective rates	1.06% - 3.64%	1.10% - 4.75%

We had approximately $201.6 million of available funds under the credit facility at September 30, 2021, net of outstanding letters of credit of $3.4 million. As of September 30, 2021, we were in compliance with our financial debt covenants.

Other Line of Credit - We have an unsecured $20.0 million line of credit by and among CBIZ Benefits and Insurance, Inc. and Huntington National Bank. We utilize this line to support our short-term funding requirements of payroll client fund obligations due to the investment of client funds, rather than liquidating client funds that have already been invested in available-for-sale securities. The line of credit, which was renewed on August 5, 2021 and will terminate on August 4, 2022, did not have a balance outstanding at September 30, 2021.

Refer to our Annual Report on Form 10-K for the year ended December 31, 2020 for additional details of our debt and financing arrangements.

Interest Expense - Interest expense, including amortization of deferred financing costs, commitment fees, line of credit fees, and other applicable bank charges, was as follows (in thousands):



	Three Months Ended September 30,
	2021		2020
2018 credit facility	$	1,010	$	955
Other	6		19
Total	$	1,016	$	974


	Nine Months Ended September 30,
	2021		2020
2018 credit facility	$	2,833	$	4,112
Other line of credit	—		1
Other	19		54
Total	$	2,852	$	4,167