Long-Term Debt

9 Months Ended

Sep. 30, 2022

Long-term debt consisted of the following (in millions):


	September 30, 2022						December 31, 2021
	Principal		Discount and Issue Costs		Carrying Value		Principal		Discount and Issue Costs		Carrying Value
Direct Senior Obligations of AFG:
4.50% Senior Notes due June 2047	$	586	$	(2)	$	584	$	590	$	(2)	$	588
3.50% Senior Notes due August 2026	—		—		—		425		(3)		422
5.25% Senior Notes due April 2030	295		(5)		290		300		(5)		295
Other	3		—		3		3		—		3
	884		(7)		877		1,318		(10)		1,308

Direct Subordinated Obligations of AFG:
4.50% Subordinated Debentures due September 2060	200		(5)		195		200		(5)		195
5.125% Subordinated Debentures due December 2059	200		(6)		194		200		(6)		194
5.625% Subordinated Debentures due June 2060	150		(4)		146		150		(4)		146
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	675		(19)		656		675		(19)		656
	$	1,559	$	(26)	$	1,533	$	1,993	$	(29)	$	1,964

Scheduled principal payments on debt for the balance of 2022, the subsequent five years and thereafter are as follows: 2022 — none; 2023 — none; 2024 — none; 2025 — none; 2026 — none; 2027 — none and thereafter — $1.56 billion.

In the first six months of 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 in open market transactions for $51 million. In June 2022, AFG redeemed the remaining $376 million of outstanding 3.50% Senior Notes due August 2026 for $382 million (including a $6 million make-whole premium).

In the third quarter of 2022, AFG repurchased $4 million principal amount of its 4.50% Senior Notes due in June 2047 for $3 million and $5 million principal amount of its 5.25% Senior Notes due in April 2030 for $5 million in open market transactions (a portion of these repurchases settled in the first few days of October 2022).

AFG can borrow up to $500 million under its revolving credit facility, which expires in December 2025. Amounts borrowed under this agreement bear interest at rates ranging from 1.00% to 1.875% (currently 1.375%) over LIBOR based on AFG’s credit rating. No amounts were borrowed under this facility at September 30, 2022 or December 31, 2021.