Debt

9 Months Ended

Sep. 30, 2023

Debt Instruments [Abstract]

DEBT

DEBT

On April 12, 2023, we issued $350.0 million of fixed rate senior unsecured notes that mature on May 1, 2028 and bear interest at 5.375%. The notes were offered at 99.590% of the principal amount with a yield to maturity of 5.468%. The net proceeds, after issuance discount, underwriting fees, and other costs were $345.7 million.

On June 1, 2023, we repaid our $275.0 million 2.75% senior unsecured notes at maturity.

During the three and nine months ended September 30, 2023, the maximum amount of borrowings outstanding under our $1.25 billion revolving credit facility was $63.5 million and $80.5 million, respectively. The weighted average amount of borrowings outstanding was $37.3 million and $34.9 million, respectively, and the weighted average interest rate, before amortization of

debt fees, was 6.1% and 5.7%, respectively, for the three and nine months ended September 30, 2023. At September 30, 2023, our revolving credit facility had $50.5 million outstanding.

Our revolving credit facility, term loan, and certain notes require us to comply with various financial covenants, including the maintenance of minimum shareholders' equity and debt coverage ratios and a maximum ratio of debt to net worth. As of September 30, 2023, we were in compliance with all default related debt covenants.