Long-Term Debt

3 Months Ended

Mar. 31, 2023

Our outstanding long-term debt is shown below:


	March 31,		December 31,
(in thousands)	2023		2022
Uncollateralized senior notes:
5.93% note, due October 31, 2023	$	3,000	$	3,000
5.68% note, due June 30, 2026	11,600		11,600
6.43% note, due May 2, 2028	4,200		4,200
3.73% note, due December 16, 2028	12,000		12,000
3.88% note, due May 15, 2029	35,000		35,000
3.25% note, due April 30, 2032	64,750		66,500
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		50,000
2.96% note, due August 15, 2035	40,000		40,000
2.49% notes Due January 25, 2037	50,000		50,000
2.95% notes Due March 15, 2042	50,000		50,000
5.43% notes Due March 14, 2038	80,000		—
Equipment security note
2.46% note, due September 24, 2031	8,298		8,517
Less: debt issuance costs	(1,075)		(946)
Total long-term debt	677,773		599,871
Less: current maturities	(21,489)		(21,483)
Total long-term debt, net of current maturities	$	656,284	$	578,388

Note Purchase Agreements

On March 15, 2022 we issued 2.95 percent Senior Notes due March 15, 2042 to MetLife in the aggregate principal amount of $50.0 million. We used the proceeds received from the issuances of the Senior Notes to reduce short-term borrowings under the Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal payment beginning in the eleventh year after the issuance.

On March 14, 2023 we issued 5.43 percent Senior Notes due March 14, 2038 in the aggregate principal amount of $80.0 million and used the proceeds received from the issuances of the Senior Notes to reduce short-term borrowings under our Revolver credit facility and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal payment beginning in the sixth year after the issuance.

Shelf Agreements

We have entered into Shelf Agreements with Prudential and MetLife, whom are under no obligation to purchase any unsecured debt. In February 2023, we amended our Shelf Agreements with Prudential and MetLife. The amended agreements expand the total borrowing capacity and extend the term of the agreements for an additional three years from the effective dates. The following table summarizes the current available capacity under our Shelf Agreements at March 31, 2023:


(in thousands)	Total Borrowing Capacity		Less: Amount of Debt Issued		Less: Unfunded Commitments		Remaining Borrowing Capacity
Shelf Agreements (1)
Prudential Shelf Agreement	$	405,000	$	(300,000)	$	—	$	105,000
MetLife Shelf Agreement	200,000		(50,000)		—		150,000

Total Shelf Agreements as of March 31, 2023	$	605,000	$	(350,000)	$	—	$	255,000

(1) The Prudential and MetLife Shelf Agreements both expire in February 2026.

The Uncollateralized Senior 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.