| Senior Unsecured Notes |
7. SENIOR UNSECURED NOTES
On
April 19, 2012, the Operating Partnership completed the sale of $300 million face amount of 4.50 percent senior unsecured
notes due April 18, 2022
with interest payable semi-annually in arrears.
The net proceeds from the issuance of $296.8 million, after
underwriting discount and offering expenses, were used primarily to repay
outstanding borrowings under the Company’s unsecured revolving credit
facility.
A
summary of the Company’s senior unsecured notes as of June 30, 2012 and
December 31, 2011 is as follows: (dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2012
|
|
|
December 31,
2011
|
|
Effective
Rate (1)
|
|
|
5.250% Senior Unsecured Notes, due January 15, 2012 (2)
|
|
|
-
|
|
$
|
99,988
|
|
5.457
|
%
|
|
6.150% Senior Unsecured Notes, due December 15, 2012 (3)
|
|
|
-
|
|
|
94,438
|
|
6.894
|
%
|
|
5.820% Senior Unsecured Notes, due March 15, 2013 (4)
|
|
|
-
|
|
|
25,972
|
|
6.448
|
%
|
|
4.600% Senior Unsecured Notes, due June 15, 2013
|
|
$
|
99,973
|
|
|
99,958
|
|
4.742
|
%
|
|
5.125% Senior Unsecured Notes, due February 15, 2014
|
|
|
200,390
|
|
|
200,509
|
|
5.110
|
%
|
|
5.125% Senior Unsecured Notes, due January 15, 2015
|
|
|
149,763
|
|
|
149,717
|
|
5.297
|
%
|
|
5.800% Senior Unsecured Notes, due January 15, 2016
|
|
|
200,275
|
|
|
200,313
|
|
5.806
|
%
|
|
7.750% Senior Unsecured Notes, due August 15, 2019
|
|
|
248,478
|
|
|
248,372
|
|
8.017
|
%
|
|
4.500% Senior Unsecured Notes, due April 18, 2022
|
|
|
299,415
|
|
|
-
|
|
4.612
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Senior Unsecured Notes
|
|
$
|
1,198,294
|
|
$
|
1,119,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes the cost of terminated
treasury lock agreements (if any), offering and other transaction costs and the
discount/premium on the notes, as applicable.
|
|
(2) These notes were paid at
maturity, primarily from borrowing on the Company’s unsecured revolving
credit facility.
|
|
(3) On May 25, 2012, the Operating
Partnership redeemed $94.9 million principal
amount of its 6.15 percent senior unsecured notes due December 15, 2012 (the
“2002 Notes”). The redemption price, including a make-whole premium, was 103.191672 percent of the
principal amount of the 2002 Notes, plus accrued and unpaid interest up to
the redemption date. The Operating Partnership funded the redemption price,
including accrued and unpaid interest, of approximately $100.5 million from borrowing
on its unsecured revolving credit facility, as well as cash on hand. In
connection with the redemption, the Company recorded approximately $3.3 million as a loss from
early extinguishment of debt.
|
|
(4) On May 25, 2012, the Operating
Partnership redeemed $26.1 million principal
amount of its 5.82 percent senior unsecured notes due March 15, 2013 (the
“2003 Notes”). The redemption price, including a make-whole premium, was 103.868592 percent of the
principal amount of the 2003 Notes, plus accrued and unpaid interest up to
the redemption date. The Operating Partnership funded the redemption price,
including accrued and unpaid interest, of approximately $27.4 million from borrowing
on its unsecured revolving credit facility, as well as cash on hand. In
connection with the redemption, the Company recorded approximately $1.1 million as a loss from
early extinguishment of debt.
|
|