Unsecured Line of Credit

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Unsecured Line Of Credit

8. Unsecured Line of Credit

On December 16, 2020, the Company entered into an unsecured line of credit (the “Line of Credit”) for $100 million with multiple banks. During July 2021 additional banks were added under the Line of Credit, and the total borrowing capacity was increased to $450 million. The Line of Credit expires on December 16, 2023, at which time the Company may request additional one-year extensions thereafter. Interest under the Line of Credit is determined based on one-month U.S. dollar-denominated LIBOR plus 3.0%. The repayment of the Line of Credit is guaranteed by the Company. There were no outstanding borrowings and $375 million outstanding on the line of credit as of March 31, 2022 and December 31, 2021, respectively.