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Debt
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Debt Debt
The following table represents the Company’s debt:

Interest RateMaturitySeptember 30, 2020December 31, 2019
Fixed-rate:
6.75% Notes
6.75%2024$350,000 $350,000 
7.625% Notes
7.625%2055100,000 100,000 
Floating-rate:
Subordinated Debentures I(1)
LIBOR + 3.40%
203541,238 41,238 
Subordinated Debentures II(2)
LIBOR + 4.25%
203730,930 30,930 
2019 Credit Agreement(3)
LIBOR + 1.75%
2023140,000 140,000 
Finance lease liabilitiesVariousVarious18,133 20,477 
Other3.5%Various4,563 9,342 
Unamortized debt issuance costs and unamortized discount(5,428)(5,981)
Total carrying amount of debt$679,436 $686,006 
(1) Interest rate was 3.65% and 5.29%, as of September 30, 2020, and December 31, 2019, respectively.
(2) Interest rate was 4.50% and 6.14%, as of September 30, 2020, and December 31, 2019, respectively.
(3) Weighted-average interest rate was 1.94% and 3.59% as of September 30, 2020, and December 31, 2019, respectively.
The following table presents the Company’s interest expense:

Three Months Ended September 30,Nine Months Ended September 30,
Interest Payment Frequency2020201920202019
6.75% Notes
Semiannually$5,906 $5,906 $17,719 $17,719 
7.625% Notes
Quarterly1,906 1,906 5,719 5,719 
Subordinated DebenturesQuarterly749 1,118 2,556 3,470 
2016 Credit AgreementQuarterly— — — 1,211 
2019 Credit AgreementQuarterly678 1,674 2,712 4,020 
Finance lease liabilitiesVarious259 302 906 888 
Other(1)
Various1,794 1,992 5,239 5,795 
Total interest expense$11,292 $12,898 $34,851 $38,822 
(1) Includes interest for other liabilities, interest credited on funds held balances and accretion of debt issuance costs.

Notes

The 6.75% Notes are the Company’s general unsecured obligations and rank (i) equally in right of payment with its other existing and future senior unsecured indebtedness and (ii) senior in right of payment to any of its indebtedness that is contractually subordinated to the 6.75% Notes. The 6.75% Notes are also effectively subordinated to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness and are structurally subordinated to the existing and future indebtedness of the Company’s subsidiaries (including trade payables). The 6.75% Notes mature on May 15, 2024, unless earlier redeemed or purchased by the Company.

The 7.625% Notes are the Company’s subordinated unsecured obligations and rank (i) senior in right of payment to any future junior subordinated debt, (ii) equal in right of payment with any unsecured, subordinated debt that the Company incurs in the future that ranks equally with the 7.625% Notes, and (iii) subordinate in right of payment to any of the Company’s existing and future senior debt, including amounts outstanding under the Company’s revolving credit facility, the Company’s 6.75% notes and certain of the Company’s other obligations. In addition, the 7.625% Notes are structurally subordinated to all existing and future indebtedness, liabilities, and other obligations of the Company’s subsidiaries. The 7.625% Notes mature on September 15, 2055, unless earlier redeemed or purchased by the Company.

Subordinated Debentures

The Company, through a subsidiary, is the issuer of junior subordinated debentures (the “Subordinated Debentures”) relating to an issuance of trust preferred securities. The Subordinated Debentures require interest-only payments to be made on a quarterly basis, with principal due at maturity. The Subordinated Debentures’ principal amounts of $41,238 and $30,930 mature on 2035 and 2037, respectively, and bear interest at an annual rate equal to LIBOR plus 3.40% and LIBOR plus 4.25%, respectively. The Subordinated Debentures are redeemable by the Company at a redemption price equal to 100% of their principal amount.
Credit Agreement

In 2019, the Company refinanced its existing credit agreement and entered into a new credit agreement (the “2019 Credit Agreement”), with JPMorgan Chase Bank, N.A., as Administrative Agent, KeyBank National Association and Fifth Third Bank, as Co-Syndication Agents, and the various lending institutions party thereto. The 2019 Credit Agreement is currently a $340,000 base revolving credit facility with a letter of credit sublimit of $150,000 and an expansion feature of up to $50,000. Borrowings under the 2019 Credit Agreement bear interest at either the Alternate Base Rate (“ABR”) or the LIBOR rate. ABR borrowings under the 2019 Credit Agreement will bear interest at the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate on such day plus 0.5 percent or (c) the adjusted LIBOR rate for a one-month interest period on such day plus 1 percent. Eurodollar borrowings under the 2019 Credit Agreement will bear interest at the adjusted LIBOR rate plus the Eurodollar spread for the interest period in effect. Fees payable by the Company under the 2019 Credit Agreement include a letter of credit participation fee, a letter of credit fronting fee with respect to each letter of credit (0.125%) and a commitment fee on the available commitments of the lenders (a range of 0.175% to 0.25% based on the Company’s consolidated leverage ratio; and as of September 30, 2020, the rate was 0.225%). The 2019 Credit Agreement has a maturity date of February 25, 2023.

Maturities of the Company’s debt for the years subsequent to September 30, 2020, are as follows:

2020 (remaining three months)20212022202320242025 and thereafterTotal
6.75% Notes
$— $— $— $— $350,000 $— $350,000 
7.625% Notes
— — — — — 100,000 100,000 
Subordinated Debentures I— — — — — 41,238 41,238 
Subordinated Debentures II— — — — — 30,930 30,930 
2019 Credit Agreement— — — 140,000 — — 140,000 
Finance lease liabilities1,665 5,962 3,796 2,349 1,402 2,959 18,133 
Other1,620 2,943 — — — — 4,563 
Total principal amount of debt$3,285 $8,905 $3,796 $142,349 $351,402 $175,127 $684,864 
Unamortized debt issuance costs and unamortized discount(5,428)
Carrying amount of debt$679,436 

Covenants and Compliance

The indenture relating to the 6.75% Notes and 7.625% Notes contains customary covenants, such as reporting of annual and quarterly financial results, and restrictions on certain mergers and consolidations, as well as covenants relating to the incurrence of debt if the Company’s consolidated leverage ratio would exceed 0.35 to 1.00, a limitation on liens, a limitation on the disposition of stock of certain of the Company’s subsidiaries and a limitation on transactions with certain of the Company’s affiliates.

The 2019 Credit Agreement contains certain restrictive covenants customary for facilities of this type (subject to negotiated exceptions and baskets), including restrictions on indebtedness, liens, acquisitions and investments, restricted payments and dispositions. There are also financial covenants that require the Company to maintain a minimum consolidated net worth, a maximum consolidated leverage ratio, a minimum risk-based capital and a minimum rating.
The 2019 Credit Agreement also provides for customary events of default, with grace periods where customary, including failure to pay principal when due, failure to pay interest or fees within three business days after becoming due, failure to comply with covenants, breaches of representations and warranties, default under certain other indebtedness, certain insolvency or receivership events affecting the Company and its subsidiaries, the occurrence of certain material judgments, or a change in control of the Company. Upon the occurrence and during the continuation of an event of default, the administrative agent, upon the request of the requisite percentage of the lenders, may terminate the obligations of the lenders to make loans and to issue letters of credit under the 2019 Credit Agreement, declare the Company’s obligations under the 2019 Credit Agreement to become immediately due and payable and/or exercise any and all remedies and other rights under the 2019 Credit Agreement.

As of September 30, 2020, the Company was in compliance with the covenants contained in the Company’s debt agreements.