Quarterly report pursuant to Section 13 or 15(d)

Unsecured Lines of Credit Payable

 v2.3.0.11
Unsecured Lines of Credit Payable
6 Months Ended
Jun. 30, 2011
Unsecured Lines of Credit Payable  
Unsecured Lines of Credit Payable

NOTE 4: UNSECURED LINES OF CREDIT PAYABLE

As of June 30, 2011, we maintained a $75.0 million unsecured line of credit ("Credit Facility No. 1") maturing in June 2012 and a $262.0 million unsecured line of credit ("Credit Facility No. 2") maturing in November 2011. The amounts of these lines of credit unused and available at June 30, 2011 are as follows (in millions):

 

     Credit Facility
No. 1
    Credit Facility
No. 2
 

Committed capacity

   $ 75.0      $ 262.0   

Borrowings outstanding

     (74.0     (171.0

Letters of credit issued

     (0.8     (0.9
  

 

 

   

 

 

 

Unused and available

   $ 0.2      $ 90.1   
  

 

 

   

 

 

 

We executed borrowings and repayments on the unsecured lines of credit during the 2011 Quarter as follows (in millions):

 

     Credit Facility
No. 1
     Credit Facility
No. 2
 

Balance at March 31, 2011

   $ 60.0       $ 100.0   

Borrowings

     14.0         71.0   

Repayments

     —           —     
  

 

 

    

 

 

 

Balance at June 30, 2011

   $ 74.0       $ 171.0   
  

 

 

    

 

 

 

We made borrowings during the 2011 Quarter to partially fund the repayment of the 5.95% senior notes that matured on June 15, 2011 and for general corporate purposes. Subsequent to the end of the 2011 Quarter we entered into a new unsecured credit facility agreement that replaces Credit Facility No. 2 and expands its capacity to $400.0 million (see note 12 to the consolidated financial statements – Subsequent Events).