Quarterly report pursuant to Section 13 or 15(d)

Borrowings (Tables)

v3.23.1
Borrowings (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt Obligations
The Company’s outstanding debt obligations were as follows:
March 31, 2023
Aggregate
Principal
Committed		 Outstanding
Principal		 Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$ 800,000  $ 604,569  $ 604,569  $ 195,431  $ 12,242 
HLEND B Funding Facility(4)
1,000,000  512,560  512,560  487,440  403,425 
HLEND C Funding Facility 400,000  100,000  100,000  300,000  235,548 
HLEND D Funding Facility 250,000  —  —  250,000  — 
Revolving Credit Facility(5)
1,125,000  684,589  684,589  440,411  440,411 
November 2025 Notes(6)
170,000  170,000  169,019  —  — 
November 2027 Notes(6)
155,000  155,000  154,733  —  — 
March 2026 Notes(7)
276,000  276,000  276,923  —  — 
March 2028 Notes(7)
124,000  124,000  124,892  —  — 
Short-Term Borrowings 373,745  373,745  373,745  —  — 
Total $ 4,673,745  $ 3,000,463  $ 3,001,030  $ 1,673,282  $ 1,091,626 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 7.5 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 12.9 million.
(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.
(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of March 31, 2023, the Company had outstanding borrowings denominated in Euros (EUR) of 132.4 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 102.6 million.
(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.7 million and $1.6 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $0.7 million and $1.4 million, respectively, as a result of the qualifying fair value hedge relationship as described above.
(7)The carrying value of the Company's March 2026 Notes and March 2028 Notes are presented net of unamortized debt issuance costs of $2.5 million and $1.1 million, respectively, as of March 31, 2023 and includes the change in the notes carrying value of $3.4 million and $2.0 million, respectively, as a result of the qualifying fair value hedge relationship as described above.
December 31, 2022
Aggregate
Principal
Committed		 Outstanding
Principal		 Carrying
Value
Unused
Portion(1)
Amount
Available(2)
HLEND A Funding Facility(3)
$ 800,000  $ 453,663  $ 453,663  $ 346,337  $ 138,870 
HLEND B Funding Facility(4)
1,000,000  482,084  482,084  517,916  104,760 
Revolving Credit Facility(5)
1,125,000  704,819  704,819  420,181  420,181 
November 2025 Notes(6)
170,000  170,000  168,462  —  — 
November 2027 Notes(6)
155,000  155,000  153,958  —  — 
Short-Term Borrowings 379,081  379,081  379,081  —  — 
Total $ 3,629,081  $ 2,344,647  $ 2,342,067  $ 1,284,434  $ 663,811 
(1)The unused portion is the amount upon which commitment fees, if any, are based.
(2)The amount available reflects any limitations related to each respective credit facility’s borrowing base.
(3)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 8.3 million, in Australian Dollars (AUD) of 34.9 million, and in British Pounds (GBP) of 14.3 million.
(4)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 3.4 million, in Australian Dollars (AUD) of 39.0 million, and in British Pounds (GBP) of 36.3 million.
(5)The Company may borrow amounts in USD or certain other permitted currencies. Debt outstanding denominated in currencies other than USD has been converted to USD using the applicable foreign currency exchange rate as of the applicable reporting date. As of December 31, 2022, the Company had outstanding borrowings denominated in Euros (EUR) of 111.2 million, in Australian Dollars (AUD) of 285.3 million, in Canadian Dollars (CAD) of 47.1 million and in British Pounds (GBP) of 59.5 million.
(6)The carrying value of the Company's November 2025 Notes and November 2027 Notes are presented net of unamortized debt issuance costs of $1.9 million and $1.7 million, respectively, as of December 31, 2022 and includes the change in the notes carrying value of $0.3 million and $0.7 million, respectively, as a result of the qualifying fair value hedge relationship as described above.
Components of Interest Expense The components of interest expense were as follows:
Three Months Ended March 31, 2023 Three Months Ended March 31, 2022
Borrowing interest expense $ 46,521  $ 813 
Facility unused fees 2,155  356 
Amortization of financing and debt issuance costs 1,571  156 
Financing fees (refer to Footnote 8) —  3,366 
Backstop fees (refer to Footnote 8) —  1,059 
Gain (loss) from interest rate swaps accounted for as hedges and the related hedged items:
Interest rate swaps 7,489  — 
Hedged items (7,773) — 
Total interest expense $ 49,963  $ 5,750 
Cash paid for interest expense $ 31,810  $ 4,580