Long-Term Debt

9 Months Ended

Sep. 30, 2024

Our outstanding long-term debt is shown below:


	September 30,		December 31,
(in thousands)	2024		2023
Uncollateralized senior notes:
5.68% notes, due June 2026	$	5,800	$	8,700
6.39% notes, due December 2026	100,000		100,000
6.44% notes, due December 2027	100,000		100,000
6.43% notes, due May 2028	2,800		3,500
3.73% notes, due December 2028	10,000		10,000
6.45% notes, due December 2028	100,000		100,000
3.88% notes, due May 2029	25,000		30,000
6.62% notes, due December 2030	100,000		100,000
3.25% notes, due April 2032	54,250		59,500
6.71% notes, due December 2033	100,000		100,000
2.98% notes, due December 2034	70,000		70,000
3.00% notes, due July 2035	50,000		50,000
2.96% notes, due August 2035	40,000		40,000
2.49% notes, due January 2037	50,000		50,000
5.43% notes, due March 2038	80,000		80,000
3.48% notes, due May 2038	50,000		50,000
3.58% notes, due November 2038	50,000		50,000
6.73% notes, due December 2038	50,000		50,000
3.98% notes, due August 2039	100,000		100,000
2.95% notes, due March 2042	50,000		50,000
Equipment security note
2.46% note, due September 2031	6,957		7,633
Less: debt issuance costs	(3,329)		(3,753)
Total long-term debt	1,191,478		1,205,580
Less: current maturities	(18,522)		(18,505)
Total long-term debt, net of current maturities	$	1,172,956	$	1,187,075

Terms of the Senior Notes

All of our outstanding Senior Notes set forth certain business covenants to which we are subject when any 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.

Senior Notes

On November 1, 2024, we issued 5.20 percent Senior Notes due in October 2029 in the aggregate principal amount of $100.0 million. The proceeds received were used to reduce short-term borrowings under our Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have semi-annual principal payments due on May 1 and November 1 of each year beginning in 2025.

On November 20, 2023, we issued Senior Notes in the aggregate principal amount of $550.0 million at an average interest rate of 6.54 percent that were used to partially finance our acquisition of FCG which closed during the fourth quarter of 2023. These notes have varying final maturity dates of between three and 15 years, and the outstanding principal balance of the notes (net of annual payments on the 6.73 percent notes which begin in 2029) will be due on their respective maturity dates with interest payments payable semiannually until the principal has been paid in full. These Senior Notes have similar covenants and default provisions as our other Senior Notes.

On March 14, 2023 we issued 5.43 percent Senior Notes due in March 2038 in the aggregate principal amount of $80.0 million and used the proceeds received from the issuances of the Senior Notes to reduce short-term borrowings under our Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal payment beginning in the sixth year after the issuance.

Shelf Agreements

We have entered into Shelf Agreements with Prudential and MetLife with terms that extend through February 2026, however neither of such lenders have any obligation to purchase debt thereunder. At September 30, 2024, a total of $255.0 million of borrowing capacity was available under these agreements.