NOTE 9—SENIOR NOTES PAYABLE AND OTHER DEBT

The following is a summary of our senior notes payable and other debt as of March 31, 2018 and December 31, 2017:



	March 31, 2018			December 31, 2017
	(In thousands)
Unsecured revolving credit facility ⁽¹⁾	$	794,368		$	535,832
Secured revolving construction credit facility due 2022	18,632			2,868
2.00% Senior Notes due 2018	—			700,000
4.00% Senior Notes due 2019	97,891			600,000
3.00% Senior Notes, Series A due 2019 ⁽²⁾	310,294			318,041
2.700% Senior Notes due 2020	500,000			500,000
Unsecured term loan due 2020	900,000			900,000
4.750% Senior Notes due 2021	700,000			700,000
4.25% Senior Notes due 2022	600,000			600,000
3.25% Senior Notes due 2022	500,000			500,000
3.300% Senior Notes, Series C due 2022 ⁽²⁾	193,934			198,776
3.125% Senior Notes due 2023	400,000			400,000
3.100% Senior Notes due 2023	400,000			400,000
2.55% Senior Notes, Series D due 2023 ⁽²⁾	213,327			218,653
3.75% Senior Notes due 2024	400,000			400,000
4.125% Senior Notes, Series B due 2024 ⁽²⁾	193,934			198,776
3.500% Senior Notes due 2025	600,000			600,000
4.125% Senior Notes due 2026	500,000			500,000
3.25% Senior Notes due 2026	450,000			450,000
3.850% Senior Notes due 2027	400,000			400,000
4.00% Senior Notes due 2028	650,000			—
6.90% Senior Notes due 2037	52,400			52,400
6.59% Senior Notes due 2038	22,973			22,973
5.45% Senior Notes due 2043	258,750			258,750
5.70% Senior Notes due 2043	300,000			300,000
4.375% Senior Notes due 2045	300,000			300,000
Mortgage loans and other	1,386,732			1,308,564
Total	11,143,235			11,365,633
Deferred financing costs, net	(75,036		)	(73,093		)
Unamortized fair value adjustment	3,402			12,139
Unamortized discounts	(31,789		)	(28,617		)
Senior notes payable and other debt	$	11,039,812		$	11,276,062


⁽¹⁾	As of March 31, 2018 and December 31, 2017, respectively, $35.7 million and $28.7 million of aggregate borrowings were denominated in Canadian dollars. Aggregate borrowings of $31.7 million and $31.1 million were denominated in British pounds as of March 31, 2018 and December 31, 2017 respectively.


⁽²⁾	These borrowings are in the form of Canadian dollars.

As of March 31, 2018, our indebtedness had the following maturities:



	Principal Amount Due at Maturity		Unsecured Revolving Credit Facility ⁽¹⁾		Scheduled Periodic Amortization		Total Maturities
	(In thousands)
2018	$	85,871	$	—	$	17,593	$	103,464
2019	820,716		—		17,527		838,243
2020	1,464,063		—		14,748		1,478,811
2021	772,867		794,368		13,386		1,580,621
2022	1,430,314		—		11,841		1,442,155
Thereafter ⁽²⁾	5,613,466		—		86,475		5,699,941
Total maturities	$	10,187,297	$	794,368	$	161,570	$	11,143,235


⁽¹⁾	At March 31, 2018, we had $92.5 million of unrestricted cash and cash equivalents, for $701.8 million of net borrowings outstanding under our unsecured revolving credit facility.


⁽²⁾	Includes $52.4 million aggregate principal amount of our 6.90% senior notes due 2037 that is subject to repurchase, at the option of the holders, on October 1, 2027, and $23.0 million aggregate principal amount of 6.59% senior notes due 2038 that is subject to repurchase, at the option of the holders, on July 7 in each of 2018, 2023 and 2028.

Credit Facilities and Unsecured Term Loan

Our unsecured credit facility is comprised of a $3.0 billion unsecured revolving credit facility, priced at LIBOR plus 0.875% as of March 31, 2018. The unsecured revolving credit facility matures in 2021, but may be extended at our option subject to the satisfaction of certain conditions for two additional periods of six months each. The unsecured revolving credit facility also includes an accordion feature that permits us to increase our aggregate borrowing capacity thereunder to up to $3.75 billion.

As of March 31, 2018, we had $794.4 million of borrowings outstanding, $14.5 million of letters of credit outstanding and $2.2 billion of unused borrowing capacity available under our unsecured revolving credit facility.

As of March 31, 2018, we also had a $900.0 million unsecured term loan due 2020 priced at LIBOR plus 0.975%.

As of March 31, 2018, we also had a $400.0 million secured revolving construction credit facility which matures in 2022 and is primarily used to finance life science and innovation center and other construction projects.

As of March 31, 2018, we had $18.6 million of borrowings outstanding and $381.4 million of unused borrowing capacity available under our secured revolving construction credit facility.

Senior Notes

In February 2018, our wholly-owned subsidiary, Ventas Realty, Limited Partnership (“Ventas Realty”), issued and sold $650.0 million aggregate principal amount of 4.00% senior notes due 2028 at a public offering price equal to 99.233% of par, for total proceeds of $645.0 million before the underwriting discount and expenses.

In February 2018, we redeemed $502.1 million aggregate principal amount then outstanding of our 4.00% senior notes due April 2019 at a public offering price of 101.83% of par, plus accrued and unpaid interest to the redemption date, and recognized a loss on extinguishment of debt of $11.0 million. The redemption was funded using cash on hand and borrowings under our unsecured revolving credit facility. In April 2018, we repaid the remaining balance then outstanding of our 4.00% senior notes due April 2019 of $97.9 million and recognized a loss on extinguishment of debt of $1.8 million.

In February 2018, we repaid in full, at par, $700.0 million aggregate principal amount then outstanding of our 2.00% senior notes due February 2018 upon maturity.

Derivatives and Hedging

In March and April 2018, we entered into $215 million and $35 million, respectively, notional forward starting swaps with an effective date of September 4, 2018 and a maturity of September 4, 2028, that reduces our exposure to fluctuations in interest rates related to changes in rates between the trade dates of the swaps and the forecasted issuance of long-term debt. The weighted average rate on the notional amounts is 2.84%.

During June and December 2017, we entered into a total of $200 million notional value forward starting swaps that reduced our exposure to fluctuations in interest rates prior to the February 2018 issuance of 4.00% senior notes due 2028. On the issuance date, we realized a gain of $10.0 million from these swaps that is being recognized over the life of the senior notes using an effective interest method.