Long-term debt

Our long-term debt is summarized below (in thousands):



	Dec. 31,
	2018			2017
Unsecured floating rate term loan paid quarterly through August 2018	$	—		$	20,500
VIE unsecured floating rate term loans paid quarterly through December 2018	—			646
Unsecured floating rate term loan due quarterly through June 2020	60,000			100,000
Unsecured floating rate term loan due quarterly through September 2020	165,000			225,000
Borrowings under revolving credit agreement expiring June 2023	50,000			—
Unsecured notes bearing fixed rate interest at 5.125% due October 2019	320,000			320,000
Unsecured notes bearing fixed rate interest at 5.125% due July 2020	600,000			600,000
Unsecured notes bearing fixed rate interest at 4.875% due September 2021	350,000			350,000
Unsecured notes bearing fixed rate interest at 6.375% due October 2023	650,000			650,000
Unsecured notes bearing fixed rate interest at 5.50% due September 2024	325,000			325,000
Unsecured notes bearing fixed rate interest at 7.75% due June 2027	200,000			200,000
Unsecured notes bearing fixed rate interest at 7.25% due September 2027	240,000			240,000
Total principal long-term debt	2,960,000			3,031,146
Debt issuance costs	(15,458		)	(20,551		)
Other (fair market value adjustments and discounts)	(76		)	(2,902		)
Total long-term debt	2,944,466			3,007,693
Less current portion of long-term debt maturities of VIE loans	—			646
Long-term debt, net of current portion	$	2,944,466		$	3,007,047

On June 21, 2018, we entered into an amendment of our Amended and Restated Competitive Advance and Revolving Credit Agreement. Under the amended terms, the $1.51 billion of revolving credit commitments and letter of credit commitments have been extended until June 21, 2023. The amendment also extended our permitted total leverage ratio to remain at 5.0x through June 30, 2019, reducing to 4.75x for the first quarter ending September 30, 2019 through the end of the fiscal quarter ending June 30, 2020, and then reducing to 4.5x for the fiscal quarter ending September 30, 2020 and thereafter.

As of December 31, 2018, we had unused borrowing capacity of $1.44 billion under our revolving credit facility.

We also have an effective shelf registration statement on Form S-3 on file with the U.S. Securities and Exchange Commission under which an unspecified amount of securities may be issued, subject to a $7.0 billion limit established by the Board of Directors. Proceeds from the sale of such securities may be used for general corporate purposes, including capital expenditures, working capital, securities repurchase programs, repayment of debt and financing of acquisitions. We may also invest borrowed funds that are not required for other purposes in short-term marketable securities.

Our debt maturities may be repaid with cash flow from operating activities, accessing capital markets or a combination of both. The following schedule of annual maturities of the principal amount of total debt assumes we use available capacity under our revolving credit agreement to refinance unsecured floating rate term loan payments and unsecured notes due in 2019 and 2020. Based on this refinancing assumption, all of the obligations due prior to 2023 are reflected as maturities for 2023, the year the revolving credit agreement expires (in thousands).



2019 ⁽¹⁾	$	—
2020 ⁽¹⁾	—
2021 ⁽¹⁾	55,000
2022	—
2023 ⁽²⁾	2,140,000
Thereafter	765,000
Total	$	2,960,000

(1) Debt payments due in 2019, 2020 and 2021 are assumed to be repaid with funds from the revolving credit agreement, up to our maximum borrowing capacity. The revolving credit agreement expires in 2023. Excluding our ability to repay funds with the revolving credit agreement, contractual debt maturities are $420 million for 2019, $725 million in 2020 and $350 million in 2021.

(2) Assumes current revolving credit agreement borrowings come due in 2023 and credit facility is not extended.