Long-Term Debt

12 Months Ended

Dec. 31, 2022

Long-term debt consisted of the following at December 31 (in millions):


	2022						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	$	582	$	(1)	$	581	$	590	$	(2)	$	588
3.50% Senior Notes due August 2026	—		—		—		425		(3)		422
5.25% Senior Notes due April 2030	261		(5)		256		300		(5)		295
Other	3		—		3		3		—		3
	846		(6)		840		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
	$	1,521	$	(25)	$	1,496	$	1,993	$	(29)	$	1,964

At December 31, 2022, scheduled principal payments on debt for the subsequent five years and thereafter are as follows: 2023 — none; 2024 — none; 2025 — none; 2026 — none; 2027 — none and thereafter — $1.52 billion.

During 2022, AFG repurchased $49 million principal amount of its 3.50% Senior Notes due in August 2026 for $51 million, $8 million principal amount of its 4.50% Senior Notes due in June 2047 for $6 million and $39 million principal amount of its 5.25% Senior Notes due in April 2030 for $38 million in open market transactions. 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 call premium).

In 2020, AFG issued $200 million in 4.50% Subordinated Debentures due in September 2060. The net proceeds of this offering were used, in part, to redeem AFG’s $150 million in 6% Subordinated Debentures due in November 2055 at par value. AFG also issued $300 million in 5.25% Senior Notes due in April 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060 in 2020. The net proceeds of these offerings were used for general corporate purposes, which included repurchases of outstanding common shares.

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 December 31, 2022 or December 31, 2021.

Cash interest payments on long-term debt were $89 million in 2022, $92 million in 2021 and $83 million in 2020.