Quarterly report pursuant to Section 13 or 15(d)

Senior Unsecured Notes

v2.4.0.6
Senior Unsecured Notes
9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Senior Unsecured Notes

8.     SENIOR UNSECURED NOTES 

 

On April 19, 2012, the Company 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 September 30, 2012 and December 31, 2011 is as follows:  (dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

September 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

 

$

99,980 

 

 

99,958 

 

4.742 

%

5.125% Senior Unsecured Notes, due February 15, 2014

 

 

200,330 

 

 

200,509 

 

5.110 

%

5.125% Senior Unsecured Notes, due January 15, 2015

 

 

149,786 

 

 

149,717 

 

5.297 

%

5.800% Senior Unsecured Notes, due January 15, 2016

 

 

200,256 

 

 

200,313 

 

5.806 

%

7.750% Senior Unsecured Notes, due August 15, 2019

 

 

248,532 

 

 

248,372 

 

8.017 

%

4.500% Senior Unsecured Notes, due April 18, 2022

 

 

299,430 

 

 

-

 

4.612 

%

 

 

 

 

 

 

 

 

 

 

Total Senior Unsecured Notes

 

$

1,198,314 

 

$

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 Company 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 103.19 percent of the principal amount of the 2002 Notes, plus accrued and unpaid interest up to the redemption date. The Company 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 (including the write-off of unamortized deferred financing costs). 

(4)

On May 25, 2012, the Company 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 103.87 percent of the principal amount of the 2003 Notes, plus accrued and unpaid interest up to the redemption date.  The Company 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 (including the write-off of unamortized deferred financing costs).