Long-Term Debt

Our outstanding long-term debt is shown below:



	September 30,			December 31,
(in thousands)	2017			2016
FPU secured first mortgage bonds ⁽¹⁾:
9.08% bond, due June 1, 2022	$	7,981		$	7,978
Uncollateralized senior notes:
6.64% note, due October 31, 2017	2,727			2,727
5.50% note, due October 12, 2020	8,000			8,000
5.93% note, due October 31, 2023	19,500			21,000
5.68% note, due June 30, 2026	26,100			29,000
6.43% note, due May 2, 2028	7,000			7,000
3.73% note, due December 16, 2028	20,000			20,000
3.88% note, due May 15, 2029	50,000			50,000
3.25% note, due April 30, 2032	70,000			—
Promissory notes	97			168
Capital lease obligation	2,425			3,471
Less: debt issuance costs	(446		)	(291		)
Total long-term debt	213,384			149,053
Less: current maturities	(12,136		)	(12,099		)
Total long-term debt, net of current maturities	$	201,248		$	136,954

⁽¹⁾ FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities.

Shelf Agreements

In October 2015, we entered into the Prudential Shelf Agreement, under which we may request that Prudential purchase, through October 8, 2018, up to $150.0 million of Prudential Shelf Notes. The Prudential Shelf Notes have a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance. Prudential is under no obligation to purchase any of the Prudential Shelf Notes. The interest rate and terms of payment of any series of the Prudential Shelf Notes will be determined at the time of purchase.

In May 2016, Prudential confirmed and accepted our request that Prudential purchase $70.0 million of 3.25 percent Prudential Shelf Notes, which were issued on April 21, 2017. The proceeds received from this issuance of Prudential Shelf Notes were used to reduce short-term borrowings under the Revolver. The balance under the Revolver had accumulated over time as capital expenditures were temporarily financed.

The Prudential Shelf Agreement sets forth certain business covenants to which we are subject when any Prudential Shelf Note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries.

In March 2017, we entered into the MetLife Shelf Agreement and the NYL Shelf Agreement, under which we may request that MetLife and NYL, through March 2, 2020, purchase up to $150.0 million and $100.0 million, respectively, of our unsecured senior debt. The unsecured senior debt would have a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance. MetLife and NYL are under no obligation to purchase any unsecured senior debt. The interest rate and terms of payment of any series of unsecured senior debt will be determined at the time of purchase. As of September 30, 2017, no unsecured senior debt has been issued under the MetLife and NYL Shelf Agreements.