Debt

3 Months Ended

Mar. 31, 2019

On February 4, 2019, we completed a $95,700,000 refinancing of 435 Seventh Avenue, a 43,000 square foot Manhattan retail property. The interest-only loan carries a rate of LIBOR plus 1.30% (3.78% as of March 31, 2019) and matures in 2024. The recourse loan replaces the previous $95,700,000 loan that bore interest at LIBOR plus 2.25% and was scheduled to mature in August 2019.

On February 12, 2019, we completed a $580,000,000 refinancing of 100 West 33rd Street, a 1.1 million square foot Manhattan property comprised of 859,000 square feet of office space and the 256,000 square foot Manhattan Mall. The interest-only loan carries a rate of LIBOR plus 1.55% (4.03% as of March 31, 2019) and matures in April 2024, with two one-year extension options. The loan replaces the previous $580,000,000 loan that bore interest at LIBOR plus 1.65% and was scheduled to mature in July 2020.

Senior Unsecured Notes

On March 1, 2019, we called for redemption all of our $400,000,000 5.00% senior unsecured notes. The notes, which were scheduled to mature in January 2022, were redeemed on April 1, 2019 at a redemption price of 105.51% of the principal amount plus accrued interest. In connection therewith, we expensed $22,540,000 relating to debt prepayment costs which is included in "interest and debt expense" on our consolidated statements of income for the three months ended March 31, 2019.

Unsecured Revolving Credit Facility

On March 26, 2019, we increased to $1.5 billion (from $1.25 billion) and extended to March 2024 (as fully extended) from February 2022 one of our two unsecured revolving credit facilities. The interest rate on the extended facility was lowered from LIBOR plus 1.00% to LIBOR plus 0.90%. The facility fee remains unchanged at 20 basis points.

The following is a summary of our debt:



(Amounts in thousands)	Weighted Average Interest Rate at March 31, 2019	Balance as of
	Weighted Average Interest Rate at March 31, 2019	March 31, 2019			December 31, 2018
Mortgages Payable:
Fixed rate	3.52%	$	4,610,526		$	5,003,465
Variable rate	4.20%	1,945,508			3,212,382
Total	3.72%	6,556,034			8,215,847
Deferred financing costs, net and other		(36,845		)	(48,049		)
Total, net		$	6,519,189		$	8,167,798

Unsecured Debt:
Senior unsecured notes	4.21%	$	850,000		$	850,000
Deferred financing costs, net and other		(4,739		)	(5,998		)
Senior unsecured notes, net		845,261			844,002

Unsecured term loan	3.87%	750,000			750,000
Deferred financing costs, net and other		(4,924		)	(5,179		)
Unsecured term loan, net		745,076			744,821

Unsecured revolving credit facilities	3.46%	530,000			80,000

Total, net		$	2,120,337		$	1,668,823