NOTE 6 – 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 aggregate amount of $27.1 million as of December 31, 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 DSR requirement on an annual basis and an ECR requirement of at least 18 percent at the end of each fiscal year. Other than long-term debt for the Springerville certificates that has a DSR requirement of at least 1.02 on an annual basis, all other long-term debt contains a DSR requirement of at least 1.10 on an annual basis.

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 (“Revolving Credit Agreement”) that expires on April 25, 2023. We had no outstanding borrowings under the Revolving Credit Agreement as of December 31, 2019. As of December 31, 2019, we had $397 million in availability (including $247 million under the commercial paper back-up sublimit) under the Revolving Credit Agreement.

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


	December 31,		December 31,
	2019		2018
Mortgage notes payable
3.66% to 8.08% CFC, due through 2028	$	73,859	$	77,085
2.63% to 4.43% CoBank, ACB, due through 2042		235,900		245,787
First Mortgage Obligations, Series 2017A, Tranche 1, 3.34%, due through 2029		60,000		60,000
First Mortgage Obligations, Series 2017A, Tranche 2, 3.39%, due through 2029		60,000		60,000
First Mortgage Bonds, Series 2016A, 4.25% due 2046		250,000		250,000
First Mortgage Bonds, Series 2014E-1, 3.70% due 2024		250,000		250,000
First Mortgage Bonds, Series 2014E-2, 4.70% due 2044		250,000		250,000
First Mortgage Bonds, Series 2010A, 6.00% due 2040		500,000		500,000
First Mortgage Obligations, Series 2014B, Tranche 1, 3.90%, due through 2033		180,000		180,000
First Mortgage Obligations, Series 2014B, Tranche 2, 4.30%, due through 2039		20,000		20,000
First Mortgage Obligations, Series 2014B, Tranche 3, 4.45%, due through 2045		550,000		550,000
First Mortgage Obligations, Series 2009C, Tranche 1, 6.00%, due through 2019		—		27,143
First Mortgage Obligations, Series 2009C, Tranche 2, 6.31%, due through 2021		44,000		66,000
Variable rate CFC, as determined by CFC, due through 2026		443		498
Variable rate CFC, LIBOR-based term loan, due through 2049		102,220		102,220
Variable rate CoBank, ACB, LIBOR-based term loans, due through 2044		172,039		137,130
Pollution control revenue bonds
Moffat County, CO, 2.00% term rate through October 2022, Series 2009, due 2036		46,800		46,800
Springerville certificates
Series B, 7.14%, due through 2033		371,211		405,000

Total debt	$	3,166,472	$	3,227,663
Less debt issuance costs		(27,412)		(29,775)
Less debt discounts		(9,906)		(10,139)
Plus debt premiums		15,752		17,309
Total debt adjusted for discounts, premiums and debt issuance costs	$	3,144,906	$	3,205,058
Less current maturities		(81,555)		(95,757)
Long-term debt	$	3,063,351	$	3,109,301

Annual maturities of total debt adjusted for debt issuance costs, discounts and premiums at December 31, 2019 are as follows (dollars in thousands):


2020	$	81,555
2021		87,697
2022		93,143
2023		73,184
2024 (1)		306,157
Thereafter		2,503,170
	$	3,144,906

(1)

Includes $250 million bullet maturity for the First Mortgage Bonds, Series 2014 E-1.