Long-Term Debt

Our outstanding long-term debt is shown below:



	March 31,			December 31,
(in thousands)	2018			2017
FPU secured first mortgage bonds ⁽¹⁾:
9.08% bond, due June 1, 2022	$	7,983		$	7,982
Uncollateralized senior notes:
5.50% note, due October 12, 2020	6,000			6,000
5.93% note, due October 31, 2023	18,000			18,000
5.68% note, due June 30, 2026	26,100			26,100
6.43% note, due May 2, 2028	7,000			7,000
3.73% note, due December 16, 2028	20,000			20,000
3.88% note, due May 15, 2029	50,000			50,000
3.25% note, due April 30, 2032	70,000			70,000
Long-term portion of the Revolver⁽²⁾	25,000			—
Promissory notes	26			97
Capital lease obligation	1,712			2,070
Less: debt issuance costs	(418		)	(433		)
Total long-term debt	231,403			206,816
Less: current maturities	(9,389		)	(9,421		)
Total long-term debt, net of current maturities	$	222,014		$	197,395

⁽¹⁾ FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities.

⁽²⁾ In January 2018, we borrowed an additional $25.0 million under the Revolver, which we classified as long-term debt. The maturity date of the Revolver is October 8, 2020. The interest rate on the Revolver is a variable interest rate that is dependent on various factors and resets every thirty days. As of March 31, 2018, the interest rate on the Revolver was LIBOR + 1.00% or 2.88%.

Shelf Agreements

In October 2015, we entered into the $150.0 million Prudential Shelf Agreement, under which we may request that Prudential purchase up to $150.0 million of our unsecured senior debt. As of March 31, 2018, we have issued $70.0 million of 3.25% Prudential Shelf Notes.

In March 2017, we entered into the MetLife Shelf Agreement and the NYL Shelf Agreement, under which we may request that MetLife and NYL, through March 2, 2020, purchase up to $150.0 million and $100.0 million, respectively, of our unsecured senior debt. The unsecured senior debt would have a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance. MetLife and NYL are under no obligation to purchase any unsecured senior debt. The interest rate and terms of payment of any series of unsecured senior debt will be determined at the time of purchase.

In November 2017, NYL agreed to purchase $50.0 million of 3.48% Series A notes and $50.0 million of 3.58% Series B notes. The Series A notes and Series B notes will be issued on or before May 21, 2018 and November 20, 2018, respectively. The proceeds received from the issuances of these NYL Shelf Notes will be used to reduce long and short-term borrowings under the Revolver and/or lines of credit and/or to fund capital expenditures. The NYL Shelf Agreement has been fully utilized.

As of March 31, 2018, we have $230.0 million of additional potential borrowing capacity under the Prudential and MetLife Shelf Agreements. The Prudential Shelf Agreement and the NYL Shelf Agreement set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries.