NOTE 8 – LONG-TERM DEBT

We have $3.3 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 $25.3 million as of March 31, 2020. 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 on an annual basis and an equity to capitalization ratio requirement of at least 18 percent at the end of each fiscal year. Other than long-term debt Springerville certificates that has a debt service ratio requirement of at least 1.02 on an annual basis, all other long-term debt contains a debt service ratio 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 and includes a swingline sublimit of $100 million, a letter of credit sublimit of $75 million, and a commercial paper back-up sublimit of $500 million. As of March 31, 2020, we have borrowed $200 million in LIBOR rate loans which are secured under the Revolving Credit Agreement, and issued $165 million in commercial paper against the commercial paper back-up sublimit. As of March 31, 2020, we had $285.0 million in availability under the Revolving Credit Agreement.

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


	March 31,		December 31,
	2020		2019
Total debt	$	3,324,478		3,166,472
Less debt issuance costs		(26,810)		(27,412)
Less debt discounts		(9,846)		(9,906)
Plus debt premiums		15,385		15,752
Total debt adjusted for debt issuance costs, discounts and premiums		3,303,207		3,144,906
Less current maturities		(85,636)		(81,555)
Long-term debt	$	3,217,571	$	3,063,351