Long-Term Debt

6 Months Ended

Jun. 30, 2020

Our outstanding long-term debt is shown below:



	June 30,			December 31,
(in thousands)	2020			2019
FPU secured first mortgage bonds ⁽¹⁾:
9.08% bond, due June 1, 2022	$	7,992		$	7,990
Uncollateralized senior notes:
5.50% note, due October 12, 2020	2,000			2,000
5.93% note, due October 31, 2023	10,500			12,000
5.68% note, due June 30, 2026	17,400			20,300
6.43% note, due May 2, 2028	5,600			6,300
3.73% note, due December 16, 2028	18,000			18,000
3.88% note, due May 15, 2029	45,000			50,000
3.25% note, due April 30, 2032	70,000			70,000
3.48% note, due May 31, 2038	50,000			50,000
3.58% note, due November 30, 2038	50,000			50,000
3.98% note, due August 20, 2039	100,000			100,000
2.98% note, due December 20, 2034	70,000			70,000
Term Note due February 28, 2020	—			30,000
Less: debt issuance costs	(786		)	(822		)
Total long-term debt	445,706			485,768
Less: current maturities	(15,600		)	(45,600		)
Total long-term debt, net of current maturities	$	430,106		$	440,168

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

Term Notes

In January 2019, we issued a $30 million unsecured term note through Branch Banking and Trust Company, with a maturity date of February 28, 2020. This note was paid in full in February 2020 utilizing our short-term borrowing facilities.

Shelf Agreements

We have entered into Shelf Agreements with Prudential, MetLife and NYL, whom are under no obligation to purchase any unsecured debt. The following table summarizes our Shelf Agreements at June 30, 2020:



(in thousands)	Total Borrowing Capacity		Less: Amount of Debt Issued			Less: Unfunded Commitments			Remaining Borrowing Capacity
Shelf Agreement
Prudential Shelf Agreement ^{(1) (2)}	$	370,000	$	(170,000	)	$	(50,000	)	$	150,000
MetLife Shelf Agreement ⁽³⁾	150,000		—			—			150,000
NYL Shelf Agreement ⁽⁴⁾	150,000		(100,000		)	(40,000		)	10,000
Total Shelf Agreements as of June 30, 2020	$	670,000	$	(270,000	)	$	(90,000	)	$	310,000

⁽¹⁾ In January 2020, we requested and Prudential accepted our request to purchase $50.0 million of our unsecured debt. We issued the Shelf Notes in July 2020 at the rate of 3.00 percent per annum.

⁽²⁾ In April 2020, the Prudential Shelf Agreement was amended to increase the available borrowing capacity to $150.0 million.

⁽³⁾In May 2020, we reached into an agreement with MetLife to provide a new $150.0 million MetLife Shelf Agreement for a three-year term ending in March 31, 2023.

⁽⁴⁾ In February 2020, we requested and NYL accepted our request to purchase $40.0 million of our unsecured debt. We expect to issue the Shelf Notes in August 2020 at the rate of 2.96 percent per annum.

The Uncollateralized Senior Notes, Shelf Agreements or Shelf Notes 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.