Quarterly report pursuant to Section 13 or 15(d)

Bank Loans

Bank Loans
3 Months Ended
Mar. 31, 2021
Bank Loans [Abstract]  
Bank Loans

6. Bank loans

We have an unsecured revolving line of credit (the “Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”). The Credit Facility has a borrowing limit of $250.0 million and expires January 10, 2022. The rate of interest charged on borrowings is based on LIBOR plus 0.80% to LIBOR plus 1.55% depending on the Company’s credit ratings. Currently, the Company’s rate under the Credit Facility is LIBOR plus 0.825%. In addition, the Company is required to pay an annual facility fee ranging from 0.10% to 0.30% of the borrowing limit depending on the Company’s credit ratings (currently 0.125%). We had zero balance outstanding on our Credit Facility at March 31, 2021 and December 31, 2020. The Company had $0.2 million of total unamortized loan origination costs as of March 31, 2021 and December 31, 2020, which is included in other assets in the accompanying consolidated balance sheets. The Credit Facility requires us to meet certain covenants, all of which we were in compliance with at March 31, 2021. Interest on outstanding borrowings is payable monthly.