Quarterly report pursuant to Section 13 or 15(d)

Unsecured Lines of Credit Payable

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Unsecured Lines of Credit Payable
9 Months Ended
Sep. 30, 2015
Unsecured Debt [Abstract]  
Unsecured Lines of Credit Payable
UNSECURED LINES OF CREDIT PAYABLE

On June 23, 2015, we terminated our $100.0 million unsecured line of credit maturing in June 2015 ("Prior Credit Facility No. 1") and our $400.0 million unsecured line of credit maturing in July 2016 ("Prior Credit Facility No. 2"), and executed a new $600.0 million unsecured credit agreement ("New Credit Facility") that matures in June 2019, unless extended pursuant to one or both of the two six-month extension options. The New Credit Facility has an accordion feature, which we utilized a portion of in September 2015, as described below, that allows us to increase the facility to $1.0 billion, subject to the extent the lenders agree to provide additional revolving loan commitments or term loans. The New Credit Facility bears interest at a rate of either LIBOR plus a margin ranging from 0.875% to 1.55% or the base rate plus a margin ranging from 0.0% to 0.55% (in each case depending upon Washington REIT’s credit rating). The base rate is the highest of the administrative agent's prime rate, the federal funds rate plus 0.50% and the LIBOR market index rate plus 1.0%. In addition, the New Credit Facility requires the payment of a facility fee ranging from 0.125% to 0.30% (depending on Washington REIT’s credit rating) on the $600.0 million committed capacity, without regard to usage. As of September 30, 2015, the interest rate on the facility is LIBOR plus 1.00% and the facility fee is 0.20%.

The amount of the New Credit Facility's unsecured line of credit unused and available at September 30, 2015 is as follows (in thousands):
Committed capacity
$
600,000

Borrowings outstanding
(195,000
)
Letters of credit issued (1)
(15,474
)
Unused and available
$
389,526


(1) The letter of credit is provided to the lender for John Marshall II relating to tenant improvements.

We executed borrowings and repayments on the unsecured lines of credit during the 2015 Period as follows (in thousands):
 
Prior Credit Facility No. 1
 
Prior Credit 
Facility No. 2
 
New Credit Facility
Balance at December 31, 2014
$
5,000

 
$
45,000

 
$

Borrowings
3,000

 
150,000

 
365,000

Repayments
(8,000
)
 
(195,000
)
 
(170,000
)
Balance at September 30, 2015
$

 
$

 
$
195,000