The following table summarizes the Company’s outstanding debt as of June 30, 2020 (dollars in thousands):

	Balance			Weighted Average Effective Rate			Weighted Average Contract Maturity
Unsecured debt
Variable rate revolving credit facility	$	—			—			—
Variable rate commercial paper program		90,000			0.4	%	7/7/2020
Fixed rate senior notes		3,472,000			3.9	%	7/19/2026
Variable rate term loan		300,000			1.1	%	3/1/2022
Debt issuance costs, discounts, premiums and fair market value adjustments		(12,216	)
Total unsecured debt	$	3,849,784			3.6	%
Secured debt
Fixed rate property mortgages	$	626,334			4.5	%	5/3/2037
Debt issuance costs and fair market value adjustments		(3,510	)
Total secured debt	$	622,824			4.5	%
Total outstanding debt	$	4,472,608			3.7	%

In May 2019, MAALP entered into a $1.0 billion unsecured revolving credit facility with a syndicate of banks led by Wells Fargo Bank, National Association, or Wells Fargo, and fourteen other banks, which is referred to as the Credit Facility. The Credit Facility replaced MAALP’s previous unsecured revolving credit facility, and it includes an expansion option up to $1.5 billion. The Credit Facility bears an interest rate of the London Interbank Offered Rate, or LIBOR, plus a spread of 0.75% to 1.45% based on an investment grade pricing grid. The Credit Facility matures in May 2023 with an option to extend for two additional six-month periods. As of June 30, 2020, there was no outstanding balance under the Credit Facility, while $3.1 million of capacity was used to support outstanding letters of credit.

In May 2019, MAALP established an unsecured commercial paper program whereby MAALP may issue unsecured commercial paper notes with varying maturities not to exceed 397 days up to a maximum aggregate principal amount outstanding of $500.0 million. As of June 30, 2020, MAALP had $90.0 million outstanding under the commercial paper program. For the three months ended June 30, 2020, the average daily borrowings outstanding under the commercial paper program were $65.0 million.

As of June 30, 2020, MAALP had $3.3 billion of publicly issued unsecured senior notes outstanding and $222.0 million of privately placed unsecured senior notes outstanding. The unsecured senior notes had maturities at issuance ranging from ten to twelve years, with a weighted average of 6.1 years remaining until maturity as of June 30, 2020.

As of June 30, 2020, MAALP maintained one term loan with a syndicate of banks led by Wells Fargo. The term loan has a balance of $300.0 million and matures in March 2022. The term loan has a variable interest rate of LIBOR plus a spread of 0.90% to 1.75% based on the Company’s credit ratings.

As of June 30, 2020, MAALP had $626.3 million of fixed rate conventional property mortgages with a weighted average interest rate of 4.50% and a weighted average maturity in 2037.

As of June 30, 2020, MAA fully and unconditionally guaranteed $222.0 million of the privately placed unsecured senior notes issued by MAALP.