Debt Obligations
Bank Borrowings. We have an Unsecured Credit Agreement that provides for a revolving line of credit up to $600.0 million in aggregate commitment of the lenders and the opportunity to increase the commitment size of the credit agreement up to a total of $1.0 billion. The Unsecured Credit Agreement matures on June 27, 2022 and provides for a one-year extension option at our discretion, subject to customary conditions. Based on our leverage at March 31, 2020, the facility provides for interest annually at LIBOR plus 115 basis points and a facility fee of 20 basis points. At March 31, 2020, we were in compliance with all covenants.
Senior Unsecured Notes. We had a $337.5 million shelf agreement with availability of $21.5 million with affiliates and managed accounts of PGIM, Inc. (“Prudential”) which expired on February 16, 2020.
The debt obligations by component as of March 31, 2020 are as follows (dollar amounts in thousands):
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Applicable
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Available
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Interest
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Outstanding
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for
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Debt Obligations
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Rate (1)
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Balance
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Borrowing
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Bank borrowings
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2.22%
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$
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89,900
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$
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510,100
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Senior unsecured notes, net of debt issue costs
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4.39%
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599,527
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—
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Total
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4.10%
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$
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689,427
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$
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510,100
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(1)
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Represents weighted average of interest rate as of March 31, 2020.
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Our debt borrowings and repayments during the three months ended March 31, 2020 are as follows (in thousands):
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Debt Obligations
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Borrowings
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Repayments
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Bank borrowings
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$
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24,000
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$
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(28,000)
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Senior unsecured notes
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—
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—
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Total
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$
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24,000
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$
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(28,000)
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Equity
At March 31, 2020, we had 39,217,848 shares of common stock outstanding, equity on our balance sheet totaled $806.1 million and our equity securities had a market value of $1.2 billion. During the three months ended March 31, 2020, we declared and paid $23.2 million of cash dividends.
Subsequent to March 31, 2020, we declared a monthly cash dividend of $0.19 per share on our common stock for the months of April, May and June 2020, payable on April 30, May 29, and June 30, 2020, respectively, to stockholders of record on April 22, May 21, and June 22, 2020, respectively.
Stock Repurchase Plan. During the first quarter of 2020, our Board of Directors authorized the repurchase of up to 5,000,000 outstanding shares of common stock. During the three months ended March 31, 2020, we purchased 615,827 shares at an average price of $29.25 per share, including commissions, for a total purchase price of approximately $18.0 million. Due to the rising level of uncertainty in financial markets and the adverse effects of COVID-19 on the public health and our operators, our Board of Directors terminated the stock repurchase plan on March 25, 2020.
At-The-Market Program. On March 1, 2019, we entered into new separate equity distribution agreements (collectively, “Equity Distribution Agreements”) with four sales agents, replacing prior equity