Term Loans |
6 Months Ended |
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Jun. 30, 2026 | |
| Term Loans | |
| Debt | |
| Debt | Term Loans A.2026 Term Loan Facility In March 2026, we closed a $693.9 million unsecured term loan due January 2036 at a fixed rate of 4.9% (the "2026 Term Loan Facility") and executed a cross-currency swap on $500.0 million of proceeds for approximately €431.0 million, achieving an effective blended borrowing rate of 4.34%. As of June 30, 2026, the outstanding principal balance was $703.0 million. B.2026 Delayed Draw Term Loan During the three months ended June 30, 2026, the Fund fully drew on its $380.0 million unsecured delayed draw term loan under the Fund Credit Facilities. The delayed draw term loan matures in April 2028, includes four six- month extensions, which can be exercised at our option, and is subject to interest rate swaps that fix the effective interest rate at 4.92%. C.2025 Term Loan Facility Our term loan agreement governing our multi-currency term loan provides for a £900.0 million Sterling-denominated term loan facility that will initially mature in January 2028, before giving effect to one twelve-month extension option. As of June 30, 2026, we had an outstanding balance of $1.2 billion. Our A3/A- credit ratings provide for a borrowing rate of 80 basis points over the applicable benchmark rate, which includes adjusted SOFR for USD-denominated loans and adjusted SONIA for GBP-denominated loans. In conjunction with the closing, we executed variable-to- fixed interest rate swaps, which fix the weighted average per annum interest rate at 4.3% over the two-year term. D.2024 Term Loan Facility In January 2024, in connection with the merger with Spirit (the "Merger"), we entered into an amended and restated term loan agreement that replaced Spirit's then-existing term loans with various lenders. As of June 30, 2026, we had an outstanding balance of $500.0 million, due August 2027, which is subject to interest rate swaps that fix the effective interest rate at 3.3%. E.Deferred Financing Costs Deferred financing costs were $14.5 million as of June 30, 2026 and are included net of the term loans' principal balance, as compared to $9.4 million as of December 31, 2025 on our consolidated balance sheets. These costs are being amortized over the remaining term of the term loans. As of June 30, 2026, we were in compliance with the covenants contained in the term loans.
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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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