Notes and Other Debts Payable, net |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes and Other Debts Payable, net | Notes and Other Debts Payable, net Amounts outstanding under notes and other debts payable, net consist of the following:
In October 2021, the Company entered into a line of credit agreement (the "Credit Agreement"). The Credit Agreement provides for a senior unsecured borrowing of up to $585 million as of March 31, 2022. The Company may increase the borrowing amount up to $850.0 million, under certain conditions. Borrowings under the Credit Agreement bear interest at LIBOR plus 3.25% or Prime Rate plus 2.75%. The interest rate includes a floor of 3.75%. As of March 31, 2022, the interest rate on the loan was 3.75%. The Credit Agreement matures in October 2024. The Credit Agreement includes terms to replace LIBOR upon its ultimate sunset with Ameribor.
In addition, the Company has one project-specific construction loan. The loan has a variable interest rate of LIBOR plus 6.50% with a floor of 8.25%. As of March 31, 2022, the interest rate on the loan was 8.25%. The construction loan matures in September 2022. Subsequent to March 31, 2022, in April 2022 the construction loan was repaid in full with proceeds from borrowings under the Credit Agreement.
The Company's loans have certain financial covenants, such as requirements for the Company to maintain a minimum liquidity balance, minimum tangible net worth, and leverage and interest coverage ratios. The Company's loans are collateralized by the assets of the Company and contain various representations, warranties, and covenants that are customary for these types of agreements. As of March 31, 2022, the Company was in compliance with all financial loan agreement covenants.
The aggregate maturities of the principal balances of the notes and other debts payable during the five years subsequent to March 31, 2022 are as follows (dollars in thousands):
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