Long-Term Debt

9 Months Ended

Sep. 30, 2020

Our outstanding long-term debt is shown below:


	September 30,		December 31,
(in thousands)	2020		2019
FPU secured first mortgage bonds (1) :
9.08% bond, due June 1, 2022	$	7,993	$	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
3.00% note, due July 15, 2035	50,000		—
2.96% note, due August 15, 2035	40,000		—
Term Note due February 28, 2020	—		30,000
Less: debt issuance costs	(922)		(822)
Total long-term debt	535,571		485,768
Less: current maturities	(15,600)		(45,600)
Total long-term debt, net of current maturities	$	519,971	$	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 September 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	$	(220,000)	$	—	$	150,000
MetLife Shelf Agreement (3)	150,000		—		—		150,000
NYL Shelf Agreement (4)	150,000		(140,000)		—		10,000
Total Shelf Agreements as of September 30, 2020	$	670,000	$	(360,000)	$	—	$	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. The Shelf Agreement expires in April 2023.

(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 May 2023.

(4) In February 2020, we requested and NYL accepted our request to purchase $40.0 million of our unsecured debt. The Shelf Notes were issued in August 2020 at the rate of 2.96 percent per annum. The Shelf Agreement expires in November 2021.

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.