Debt

9 Months Ended

Sep. 30, 2020

As of September 30, 2020 and December 31, 2019, our debt balances were as follows (in millions):


	Weighted-Average Interest Rate		Maturities	September 30, 2020		December 31, 2019
Senior Unsecured Notes	6.25	%	2022	$	249.8	$	249.8
Unamortized Debt Discounts and Issuance Costs				(1.3)		(1.7)
Total Debt, net				$	248.5	$	248.1

Senior Unsecured Notes

Interest accrues on the Senior Unsecured Notes (the “Notes”) at a rate of 6.25% per annum and is payable semi-annually in arrears on April 15 and October 15 of each year. Unamortized debt discount and issuance costs are being amortized over the life of the Notes using the interest method, resulting in an effective interest rate of 6.51% as of September 30, 2020.

The Senior Unsecured Notes (the “Notes”) were to mature on October 15, 2022. On October 15, 2020, we redeemed the Notes pursuant to a provision for early redemption without paying a premium at any time on or after October 15, 2020. The redemption resulted in an early-extinguishment loss of $1.3 million, which was charged to interest expense on the redemption date. The Notes were redeemed using $69.8 million of cash on hand and $180.0 million drawn from our Revolving Credit Facility.

Revolving Credit Facility

We have a senior secured revolving credit facility (“Revolving Credit Facility”) that matures on October 30, 2023 which allows for borrowings up to $250.0 million, with a letter of credit sub-facility in an amount of $75 million and a swingline sub-facility in an amount of $25 million.

Borrowings under the Revolving Credit Facility bear interest, at our option, at either (i) a reserve-adjusted LIBOR rate, plus a margin ranging between 1.50% to 2.25% per annum, depending on our consolidated total leverage ratio, or (ii) the base rate plus a margin ranging between 0.50% to 1.25% per annum, depending on our consolidated total leverage ratio. The unused portion of the Revolving Credit Facility is subject to a commitment fee equal to (i) 0.25% per annum, when our consolidated total leverage ratio is less than 2.25 to 1.00 or (ii) 0.38% per annum, otherwise.

To the extent we remain in compliance with certain financial covenants in our credit agreement, we have the ability to access our Revolving Credit Facility. As noted earlier under “Senior Unsecured Notes,” on October 15, 2020, we drew $180.0 million to retire the Notes. As of September 30, 2020, we had no borrowings and letters of credit of $0.7 million outstanding under the Revolving Credit Facility.