DEBT

9 Months Ended

Sep. 30, 2022

DEBT

DEBT

5.    DEBT

Our debt as of September 30, 2022 and December 31, 2021 consists of the following (amounts in thousands):

	As of September 30, 2022						As of December 31, 2021
	Principal		Debt Issuance Costs		Total		Principal		Debt Issuance Costs1		Total
		(Amounts in thousands)						(Amounts in thousands)
Revolving credit facility	$	450,000	$	(3,673)	$	446,327	$	—	$	(4,408)	$	(4,408)
Total debt	$	450,000	$	(3,673)	$	446,327	$	—	$	(4,408)	$	(4,408)

⁽¹⁾    Included in Other assets on our consolidated balance sheets.

Revolving credit facility

On July 2, 2022, we borrowed $500 million under our revolving credit facility for the acquisition of the Cortez Complex Royalty, and on September 6, 2022, we repaid $50 million of the outstanding borrowings. Refer to Note 2 of our notes to consolidated financial statements for further discussion on the Cortez Complex Royalty acquisition.

As of September 30, 2022, we had $450 million outstanding and $550 million available under our revolving credit facility dated June 2, 2017, and as amended. The interest rate on borrowings under our revolving credit facility as of September 30, 2022, was LIBOR plus 1.10% for an all-in rate of 4.2%. Interest expense, which includes interest on outstanding borrowings and amortization of debt issuance costs, was $3.9 million and $4.4 million for the three and nine months ended September 30, 2022, respectively, and $1.0 million and $2.1 million for the three and nine months ended September 30, 2021, respectively. We were in compliance with each financial covenant (leverage ratio and interest coverage ratio) under the revolving credit facility as of September 30, 2022.

We may repay any borrowings under the revolving credit facility at any time without premium or penalty.