Long-Term Debt

6 Months Ended

Jun. 30, 2020

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


	June 30, 2020										December 31, 2019
	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	$	590	$	(2)	$	588	$	590	$	(2)	$	588
3.50% Senior Notes due August 2026	425		(3)		422		425		(3)		422
5.25% Senior Notes due April 2030	300		(7)		293		—		—		—
Other	3		—		3		3		—		3
	1,318		(12)		1,306		1,018		(5)		1,013

Direct Subordinated Obligations of AFG:
5.125% Subordinate Debentures due December 2059	200		(6)		194		200		(6)		194
6% Subordinated Debentures due November 2055	150		(5)		145		150		(5)		145
5.625% Subordinated Debentures due June 2060	150		(4)		146		—		—		—
5.875% Subordinated Debentures due March 2059	125		(4)		121		125		(4)		121
	625		(19)		606		475		(15)		460
	$	1,943	$	(31)	$	1,912	$	1,493	$	(20)	$	1,473

In April and May 2020, AFG issued $300 million in 5.25% Senior Notes due in 2030 and $150 million in 5.625% Subordinated Debentures due in June 2060, respectively. The net proceeds of these offerings will be used for general corporate purposes, which includes repurchases of outstanding common shares.

AFG has no scheduled principal payments on its long-term debt for the balance of 2020 or in the subsequent five years.

AFG can borrow up to $500 million under its revolving credit facility, which expires in June 2021. 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 June 30, 2020 or December 31, 2019.