Long-Term Debt

Our outstanding long-term debt is shown below:



	March 31,			December 31,
(in thousands)	2014			2013
FPU secured first mortgage bonds ^(A):
9.08% bond, due June 1, 2022	$	7,967		$	7,967
Uncollateralized senior notes:
7.83% note, due January 1, 2015	2,000			2,000
6.64% note, due October 31, 2017	10,909			10,909
5.50% note, due October 12, 2020	14,000			14,000
5.93% note, due October 31, 2023	30,000			30,000
5.68% note, due June 30, 2026	29,000			29,000
6.43% note, due May 2, 2028	7,000			7,000
3.73% note, due December 16, 2028	20,000			20,000
Convertible debentures:
8.25% due March 1, 2014	—			646
Promissory notes	360			445
Capital lease obligation	6,914			6,978
Total long-term debt	128,150			128,945
Less: current maturities	(10,955		)	(11,353		)
Total long-term debt, net of current maturities	$	117,195		$	117,592


^(A)	FPU secured first mortgage bonds are guaranteed by Chesapeake.

Uncollateralized Senior Notes

In September 2013, we entered into a Note Agreement to issue $70.0 million in aggregate of unsecured Senior Notes to the Note Holders. In December 2013, we issued Series A Notes of unsecured Senior Notes, with an aggregate principal amount of $20.0 million, at a rate of 3.73 percent. Series B of the unsecured Senior Notes, with an aggregate principal amount of $50.0 million, will be issued on May 15, 2014, at a rate of 3.88 percent. The proceeds received from the issuances of the Notes will be used to reduce our short-term borrowings under our lines of credit and to fund capital expenditures.

Convertible Debentures

During the first two months of 2014, Convertible Debentures totaling $537,000 were converted to stock and $109,000 were redeemed for cash. As of March 1, 2014, we no longer have any outstanding Convertible Debentures.