NOTE 8 – LONG-TERM DEBT

We have $3.1 billion of long-term debt which consists of mortgage notes payable, pollution control revenue bonds and the Springerville certificates. The mortgage notes payable and pollution control revenue bonds are secured on a parity basis by a Master First Mortgage Indenture, Deed of Trust and Security Agreement (“Master Indenture”) except for one unsecured note in the amount of $28.9 million as of September 30, 2019. Substantially all our assets, rents, revenues and margins are pledged as collateral. The Springerville certificates are secured by the assets of Springerville Unit 3. All long-term debt contains certain restrictive financial covenants, including a debt service ratio requirement and equity to capitalization ratio requirement.

We have a secured revolving credit facility with National Rural Utilities Cooperative Finance Corporation, as lead arranger and administrative agent, in the amount of $650 million (“2018 Revolving Credit Agreement”) that expires on April 25, 2023. We had no outstanding borrowings under the 2018 Revolving Credit Agreement as of September 30, 2019. As of September 30, 2019, we had $422.0 million in availability (including $272.0 million under the commercial paper back-up sublimit) under the 2018 Revolving Credit Agreement.

Long-term debt consists of the following (dollars in thousands):


	September 30,		December 31,
	2019		2018
Total debt	$	3,170,688	$	3,227,663
Less debt issuance costs		(28,014)		(29,775)
Less debt discounts		(9,966)		(10,139)
Plus debt premiums		16,146		17,309
Total debt adjusted for debt issuance costs, discounts and premiums		3,148,854		3,205,058
Less current maturities		(80,161)		(95,757)
Long-term debt	$	3,068,693	$	3,109,301