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Long-Term Debt
 12 Months Ended
Dec. 31, 2020
Long-term Debt, Unclassified [Abstract]  
Long-term Debt Long-Term Debt
The following table presents outstanding long-term debt principal amounts and due dates as of 2020 and 2019:
(Dollars in Thousands)December 31,
SeriesTypeDue20202019
Puget Sound Energy:
7.150%First Mortgage Bond2025$15,000 $15,000 
7.200%First Mortgage Bond20252,000 2,000 
7.020%Senior Secured Note2027300,000 300,000 
7.000%Senior Secured Note2029100,000 100,000 
3.900%Pollution Control Bond2031138,460 138,460 
4.000%Pollution Control Bond203123,400 23,400 
5.483%Senior Secured Note2035250,000 250,000 
6.724%Senior Secured Note2036250,000 250,000 
6.274%Senior Secured Note2037300,000 300,000 
5.757%Senior Secured Note2039350,000 350,000 
5.795%Senior Secured Note2040325,000 325,000 
5.764%Senior Secured Note2040250,000 250,000 
4.434%Senior Secured Note2041250,000 250,000 
5.638%Senior Secured Note2041300,000 300,000 
4.300%Senior Secured Note2045425,000 425,000 
4.223%Senior Secured Note2048600,000 600,000 
3.250%Senior Secured Note2049450,000 450,000 
4.700%Senior Secured Note205145,000 45,000 
*Debt discount, issuance cost and other*(35,816)(37,718)
Total PSE long-term debt$4,338,044 $4,336,142 
Puget Energy:
*Fair value adjustment of PSE long-term debt*$(165,357)$(173,865)
*Revolving Credit Agreement202314,700 24,100 
*
Term Loan Agreement2
2021— 174,000 
*Term Loan Agreement2022210,000 210,000 
6.000%
Senior Secured Note1
2021— 500,000 
5.625%Senior Secured Note2022450,000 450,000 
3.650%Senior Secured Note2025400,000 400,000 
4.100%Senior Secured Note2030650,000 — 
*Debt discount, issuance cost and other*(4,947)(52)
Total Puget Energy long-term debt$5,892,440 $5,920,325 
___________________
*Not Applicable.
1.6.000% Senior Secured Note in the amount of $500.0 million was classified on the Balance Sheet as short-term debt as of August 31, 2020.
2.Term Loan Agreement in the amount of $24.0 million was classified on the Balance Sheet as short-term debt as of October 1, 2020.
PSE's senior secured notes will cease to be secured by the pledged first mortgage bonds on the date that all of the first mortgage bonds issued and outstanding under the electric or natural gas utility mortgage indenture have been retired.  As of December 31, 2020, the latest maturity date of the first mortgage bonds, other than pledged first mortgage bonds, is December 22, 2025.

Puget Energy Long-Term Debt
In April 2019, Puget Energy entered into an additional $24.0 million of supplemental loans under the expansion feature of the term loan agreement with the existing lenders. All other terms and conditions of the agreement remain unchanged. The proceeds from the term loan and supplemental loans were used to repay borrowings under the revolving credit facility, which carries a higher interest rate.
On September 26, 2019, Puget Energy entered into a separate $210.0 million, three-year term loan agreement with a small group of banks. The agreement allows Puget Energy to borrow at either the banks' prime rate or LIBOR plus a spread, which will vary as those base rates fluctuate over the loan period. The term loan agreement also includes an expansion feature, pursuant to which Puget Energy may request to increase the aggregate amount of the term loan agreement, obtain incremental term loans or any combination of increases and incremental term loans in an amount up to $100.0 million. The proceeds from the term loan were contributed as equity to PSE and used to repay outstanding short term debt under the Company's commercial paper program.
On May 19, 2020, Puget Energy issued $650.0 million of senior secured notes (Notes) at an interest rate of 4.1%. The Notes pay interest semi-annually and are due to mature on June 15, 2030. On May 26, 2020, proceeds from the issuance of the Notes were used to pay $150.0 million under our term loan credit facility, pay $31.6 million of our revolving credit facility, and to redeem $450.0 million in principal amount of the 6.5% senior secured notes due December 15, 2020 and to pay related fees and expenses.
On June 18, 2020, Puget Energy redeemed the $450.0 million senior secured notes due December 15, 2020 and paid related fees and expenses for a total redemption price of $463.2 million. Excluding the repayment of the $450.0 million principal amount and $0.3 million of unamortized debt discount and issuance cost, the extinguishment incurred a $13.5 million loss, which includes $0.4 million of accrued interest expense and is reported in the Puget Energy "Interest Expense" line item as of December 31, 2020.
At December 31, 2020, Puget Energy maintained an $800.0 million credit facility, of which $14.7 million was drawn and outstanding under the facility.

Puget Sound Energy Long-Term Debt
On August 2, 2019, PSE filed a new shelf registration statement under which it may issue up to $1.0 billion aggregate principal amount of senior notes secured by first mortgage bonds. As of the date of this report, $550.0 million was available under the registration. The shelf registration will expire in August 2022.
Substantially all utility properties owned by PSE are subject to the lien of the Company’s electric and natural gas mortgage indentures.  To issue additional first mortgage bonds under these indentures, PSE’s earnings available for interest must exceed certain minimums as defined in the indentures.  At December 31, 2020, the earnings available for interest exceeded the required amount.
On August 30, 2019, PSE issued $450.0 million of senior notes at an interest rate of 3.25%.  The notes pay interest semi-annually and are due to mature on September 15, 2049. Proceeds from the sale of the notes were used to repay outstanding short term debt under the Company’s commercial paper program.

Long-Term Debt Maturities
The principal amounts of long-term debt maturities for the next five years and thereafter are as follows:

(Dollars in Thousands)20212022202320242025ThereafterTotal
Maturities of:
PSE$2,412 $— $— $— $17,000 $4,356,860 $4,376,272 
Puget Energy524,000 660,000 14,700 — 400,000 650,000 2,248,700 
Total long-term debt$526,412 $660,000 $14,700 $— $417,000 $5,006,860 $6,624,972