DEBT

Long-term debt comprises the following at September 30:



	2017			2016
Senior Notes:
4.12%, due September 2046	$	200,000		$	200,000
4.98%, due March 2044	175,000			175,000
4.12%, due October 2046	100,000			—
6.21%, due September 2036	100,000			100,000
2.95%, due June 2026	100,000			100,000
Medium-Term Notes:
6.17%, due June 2017	—			20,000
7.25%, due November 2017	20,000			20,000
5.67%, due January 2018	20,000			20,000
6.50%, due August 2033	20,000			20,000
6.13%, due October 2034	20,000			20,000
Total long-term debt	755,000			675,000
Less: unamortized debt issuance costs	(3,899		)	(3,559		)
Less: current maturities	(39,996		)	(19,986		)
Total long-term debt due after one year	$	711,105		$	651,455

Principal payments on long-term debt during the next five fiscal years is as follows: $40,000 is due in Fiscal 2018; $0 is due in Fiscal 2019 through Fiscal 2022.

Pursuant to a note purchase agreement, in October 2016, UGI Utilities issued $100,000 aggregate principal amount of 4.12% Senior Notes due October 2046 (the “4.12% Senior Notes”). The net proceeds of the issuance of the 4.12% Senior Notes were used (1) to provide additional financing for UGI Utilities’ infrastructure replacement and betterment capital program and information technology initiatives and (2) for general corporate purposes. The 4.12% Senior Notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt.

On October 31, 2017, UGI Utilities entered into a $125,000 unsecured term loan (the “Term Loan”) with a group of banks which initially matures on October 30, 2018. Such maturity will be automatically extended to October 30, 2022 once UGI Utilities delivers to the agent a copy of the securities certificate registered with the PUC authorizing UGI Utilities’ incurring indebtedness with such maturity date. Proceeds from the Term Loan were used to repay revolving credit balances and for general corporate purposes. The outstanding principal amount of the Term Loan is payable in equal quarterly installments of $1,563 with the balance of the principal being due and payable in full on the maturity date. Under the term loan, UGI Utilities may borrow at various prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. The margin on such borrowings ranges from 0.0% to 1.875% and is based upon the credit ratings of certain indebtedness of UGI Utilities. The Term Loan requires UGI Utilities to not exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined.

UGI Utilities has an unsecured credit agreement (the “Credit Agreement”) with a group of banks providing for borrowings of up to $300,000 (including a $100,000 sublimit for letters of credit) which expires in March 2020. Under the Credit Agreement, UGI Utilities may borrow at various prevailing market interest rates, including LIBOR and the banks’ prime rate, plus a margin. The margin on such borrowings ranges from 0.0% to 1.75% and is based upon the credit ratings of certain indebtedness of UGI Utilities. UGI Utilities had borrowings outstanding under the credit agreements, which we classify as “Short-term borrowings” on the Consolidated Balance Sheets, totaling $170,000 and $112,500 at September 30, 2017 and 2016, respectively. The weighted-average interest rates on the credit agreement borrowings at September 30, 2017 and 2016 were 2.11% and 1.42%, respectively. Issued and outstanding letters of credit, which reduce available borrowings under the credit agreements, totaled $2,009 and $2,009 at September 30, 2017 and 2016, respectively.

Restrictive Covenants. Certain of UGI Utilities Senior Notes include the usual and customary covenants for similar type notes including, among others, maintenance of existence, payment of taxes when due, compliance with laws and maintenance of insurance. These Senior Notes also contain restrictive and financial covenants including a requirement that UGI Utilities not exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined, of 0.65 to 1.00.

The UGI Utilities Credit Agreement requires UGI Utilities not to exceed a ratio of Consolidated Debt to Consolidated Total Capital, as defined.