LOANS PAYABLE AND OTHER BORROWINGS |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LOANS PAYABLE AND OTHER BORROWINGS |
LOANS PAYABLE AND OTHER BORROWINGS
Loans payable and other borrowings consist of the following (in thousands):
The Company has a $540.0 million unsecured revolving credit facility ("Credit Facility"), with an accordion feature that permits the size of the facility to increase to a maximum of $600.0 million. In June 2016, we amended the Credit Facility to extend the maturity date of a substantial portion of the Credit Facility whereby $60.0 million matures in July 2019 with the remainder maturing in July 2020. Borrowings under the Credit Facility are unsecured but availability is subject to, among other things, a borrowing base. The Credit Facility also contains certain financial covenants, including (a) a minimum tangible net worth requirement of $670.3 million (which amount is subject to increase over time based on subsequent earnings and proceeds from equity offerings), and (b) a maximum leverage covenant that prohibits the leverage ratio (as defined therein) from exceeding 60%. In addition, we are required to maintain either (i) an interest coverage ratio (EBITDA to interest expense, as defined therein) of at least 1.50 to 1.00 or (ii) liquidity (as defined therein) of an amount not less than our consolidated interest incurred during the trailing 12 months. We were in compliance with all Credit Facility covenants as of December 31, 2016.
We had $15.0 million of outstanding borrowings under the Credit Facility as of December 31, 2016 with no borrowings outstanding at December 31, 2015. During the twelve months ended December 31, 2016, we had $286.0 million and $271.0 million of gross borrowings and repayments, respectively. During the twelve months ended December 31, 2015 we had $210.0 million of gross borrowings and repayments each. Borrowings and repayments during the twelve months ended December 31, 2014 totaled $111.0 million each. As of December 31, 2016 we had outstanding letters of credit issued under the Credit Facility totaling $43.8 million, respectively, leaving $481.2 million available under the Credit Facility to be drawn.
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