The Company maintains credit facilities and letters of credit as part of its normal and recurring business operations.

Credit Facilities: The Company maintains three committed, unsecured credit facilities, as follows:

(1)Borrower is a wholly owned subsidiary of the Company.

(2)JPM acts as the administrative agent for this syndicated credit facility.

On July 31, 2019, the Company and its PoNY subsidiary entered into a credit agreement with a group of lenders which established a new $1.0 billion five year unsecured revolving credit facility (“2019 credit facility”). This revolving credit facility replaced the Company’s predecessor $1.0 billion five year unsecured revolving credit facility that was entered into on August 5, 2015 (“2015 predecessor credit facility”) and which was terminated on July 31, 2019. Under this new credit facility, the Company may borrow at the alternate base rate provided by JPM or at an adjusted LIBOR-based interest rate provided by JPM.

For all credit facilities, obligations under any facility are guaranteed by the Company and certain of its subsidiaries and will bear interest at competitive rates based on options provided to the borrower. Upon the expiration date, any borrowings outstanding will mature and be payable on such date.

JPM $1 Billion Credit Facility: There were no borrowings outstanding under this credit facility as of November 30, 2019 or May 31, 2019. Details of borrowings under this 2019 credit facility and the 2015 predecessor credit facility during the three and six months ended November 30, 2019 and November 30, 2018 are as follows:

The Company typically borrows on an overnight basis and only borrowed on an overnight basis during the three and six months ended November 30, 2019 and November 30, 2018.

JPM $500 Million Credit Facility: There were no borrowings outstanding under this credit facility as of November 30, 2019 or May 31, 2019. Details of borrowings under this credit facility during the three and six months ended November 30, 2019 and November 30, 2018 are as follows:

The Company typically borrows on an overnight basis. In addition to overnight borrowings, during the three and six months ended November 30, 2019, the Company borrowed:

$400.0 million for ten days at a weighted-average LIBOR-based interest rate of 3.00%; and

$ 64.0 million for three days at a weighted-average interest rate of 4.75%.

In addition, during the six months ended November 30, 2019, the Company borrowed:

$450.0 million for eight days at a weighted-average LIBOR-based interest rate of 3.00%.

The Company only borrowed on an overnight basis during the three and six months ended November 30, 2018. Subsequent to November 30, 2019, the Company borrowed three times, on an overnight basis, $168.2 million on a weighted-average basis under this line.

PNC $150 Million Credit Facility: As of November 30, 2019, the Company had $51.3 million outstanding under this credit facility, which remains outstanding as of the date of this report.  There were no borrowings outstanding under this credit facility as of May 31, 2019. Details of borrowings under this credit facility during the three and six months ended November 30, 2019 and November 30, 2018 are as follows:

All of the Company’s credit facilities contain various financial and operational covenants that are usual and customary for such arrangements. The Company was in compliance with all of these covenants as of November 30, 2019.

Certain lenders under these credit facilities, and their respective affiliates, have performed, and may in the future perform for the Company, various commercial banking, investment banking, underwriting, and other financial advisory services, for which they have received, and will continue to receive in the future, customary fees and expenses.