Debt

9 Months Ended

Sep. 30, 2021

Total debt consisted of the following:


	Interest rate	September 30, 2021		December 31, 2020
Notes due October 2021	4.875%	$	—	$	152,588
Notes due May 2022	5.625%	—		148,792
Notes due April 2023	6.20%	91,766		271,000
Notes due March 2024	4.625%	251,046		374,000
Notes due March 2027	6.875%	400,000		—
Notes due March 2029	7.25%	350,000		—
Notes due January 2037	5.25%	35,841		35,841
Notes due March 2043	6.70%	425,000		425,000
Term loan due March 2026	LIBOR + 1.75%	375,250		380,000
Term loan due January 2025	LIBOR + 5.5%	—		818,125
Term loan due March 2028	LIBOR + 4.0%	447,750		—
Other debt		3,991		4,900
Principal amount		2,380,644		2,610,246
Less: unamortized costs, net		41,760		45,853
Total debt		2,338,884		2,564,393
Less: current portion long-term debt		24,733		216,032
Long-term debt		$	2,314,151	$	2,348,361

In 2021, we issued a $400 million 6.875% unsecured note due March 2027, a $350 million 7.25% unsecured note due March 2029 and entered into a new seven-year $450 million secured term loan maturing March 2028. We redeemed all the outstanding October 2021 notes and an aggregate $363 million of the May 2022 notes, April 2023 notes and March 2024 notes under a tender offer, the remaining balance of the May 2022 notes and repaid the remaining balance of our January 2025 term loan. A $56 million pre-tax loss was incurred on the refinancing of debt.

We also amended our $500 million secured revolving credit facility and our $380 million secured term loan to extend their maturities from November 2024 to March 2026. The credit agreement that governs the revolving credit facility and term loans contains financial and non-financial covenants. At September 30, 2021, we were in compliance with all covenants and there were no outstanding borrowings under the revolving credit facility.

We also terminated our existing $500 million interest rate swap agreements and entered into new interest rate swap agreements with an aggregate notional amount of $200 million. Under the terms of the new swap agreements, we pay fixed-rate interest of 0.56% and receive variable-rate interest based on one-month LIBOR. The variable interest rate under the term loans and the swaps reset monthly.

At September 30, 2021, the interest rate of the 2028 Term Loan was 4.1% and the interest rate on the 2026 Term Loan was 1.8%.