Debt Facilities

3 Months Ended

Mar. 31, 2020

Mortgage and Loans Payable

As of March 31, 2020 and December 31, 2019, the Company's mortgage and loans payable consisted of the following (in thousands):



	March 31, 2020			December 31, 2019
Term loans	$	1,219,047		$	1,287,151
Revolving credit facility	250,000			—
Mortgage payable and loans payable	77,236			82,967
	1,546,283			1,370,118
Less amount representing unamortized debt discount and debt issuance cost	(4,330		)	(4,849		)
Add amount representing unamortized mortgage premium	1,715			1,768
	1,543,668			1,367,037
Less current portion	(74,473		)	(77,603		)
Total	$	1,469,195		$	1,289,434

Senior Credit Facility - Revolving Facility

On December 12, 2017, the Company entered into a credit agreement with a group of lenders for a $3,000.0 million credit facility ("Senior Credit Facility"), comprised of a $2,000.0 million senior unsecured multicurrency revolving credit facility ("Revolving Facility") and an approximately $1,000.0 million senior unsecured multicurrency term loan facility. The Revolving Facility allows the Company to borrow, repay and reborrow over its term. The Revolving Facility provides a sublimit for the issuance of letters of credit of up to $250.0 million at any one time.

In March 2020, the Company borrowed a total of $250.0 million under the Revolving Facility, which remained outstanding as of March 31, 2020. In addition, the Company had 41 irrevocable letters of credit totaling $76.1 million issued and outstanding under the Revolving Facility as of March 31, 2020. As a result, the amount available to the Company to borrow under the Revolving Facility was approximately $1.7 billion as of March 31, 2020.

Senior Notes

As of March 31, 2020 and December 31, 2019, the Company's senior notes consisted of the following (in thousands):



	March 31, 2020					December 31, 2019
	Amount			Effective Rate		Amount			Effective Rate
5.000% Infomart Senior Notes ⁽¹⁾	$	450,000		4.46	%	$	450,000		4.46	%
5.375% Senior Notes due 2022	—			—	%	343,711			5.56	%
2.625% Senior Notes due 2024	1,000,000			2.79	%	1,000,000			2.79	%
2.875% Euro Senior Notes due 2024	825,300			3.08	%	841,500			3.08	%
2.875% Euro Senior Notes due 2025	1,100,400			3.04	%	1,122,000			3.04	%
2.900% Senior Notes due 2026	600,000			3.04	%	600,000			3.04	%
5.875% Senior Notes due 2026	1,100,000			6.03	%	1,100,000			6.03	%
2.875% Euro Senior Notes due 2026	1,100,400			3.04	%	1,122,000			3.04	%
5.375% Senior Notes due 2027	1,250,000			5.51	%	1,250,000			5.51	%
3.200% Senior Notes due 2029	1,200,000			3.30	%	1,200,000			3.30	%
	8,626,100					9,029,211
Less amount representing unamortized debt issuance cost	(73,075		)			(78,030		)
Add amount representing unamortized debt premium	1,121					1,716
	8,554,146					8,952,897
Less current portion	(300,401		)			(643,224		)
Total	$	8,253,745				$	8,309,673

⁽¹⁾ 5.000% Infomart Senior Notes consist of three tranches due in each of April 2020, October 2020 and April 2021. The effective rate represents the weighted-average effective interest rates of the tranches outstanding at the periods presented in the table above.

On January 2, 2020, the Company redeemed the remaining $343.7 million principal amount of the 5.375% Senior Notes due 2022. In connection with the redemption, the Company incurred $5.9 million of loss on debt extinguishment, including $4.6 million redemption premium that was paid in cash and $1.3 million related to the write-off of unamortized debt issuance costs.

Maturities of Debt Instruments

The following table sets forth maturities of the Company's debt, including mortgage and loans payable, and senior notes, gross of debt issuance costs, debt discounts and debt premiums, as of March 31, 2020 (in thousands):



Years ending:
2020 (9 months remaining)	$	355,962
2021	224,507
2022	1,383,505
2023	6,357
2024	1,831,174
Thereafter	6,372,592
Total	$	10,174,097

Fair Value of Debt Instruments

The following table sets forth the estimated fair values of the Company's mortgage and loans payable and senior notes, including current maturities, as of (in thousands):



	March 31, 2020		December 31, 2019
Mortgage and loans payable	$	1,557,789	$	1,378,429
Senior notes	8,366,223		9,339,497

The fair values of the mortgage and loans payable and 5.000% Infomart Senior Notes, which are not publicly traded, were estimated by considering the Company's credit rating, current rates available to the Company for debt of the same remaining maturities and terms of the debt (Level 2). The fair value of the senior notes, which are traded in the public debt market, was based on quoted market prices (Level 1).

Interest Charges

The following table sets forth total interest costs incurred and total interest costs capitalized for the periods presented (in thousands):



	Three Months Ended March 31,
	2020		2019
Interest expense	$	107,338	$	122,846
Interest capitalized	6,031		9,854
Interest charges incurred	$	113,369	$	132,700

Total interest paid, net of capitalized interest, during the three months ended March 31, 2020 and 2019 was $119.9 million and $136.3 million, respectively.