Long-Term Debt

3 Months Ended

Mar. 31, 2024

Our outstanding long-term debt is shown below:


	March 31,		December 31,
(in thousands)	2024		2023
Uncollateralized senior notes:
5.68% notes, due June 30, 2026	$	8,700	$	8,700
6.43% notes, due May 2, 2028	3,500		3,500
3.73% notes, due December 16, 2028	10,000		10,000
3.88% notes, due May 15, 2029	30,000		30,000
3.25% notes, due April 30, 2032	57,750		59,500
3.48% notes, due May 31, 2038	50,000		50,000
3.58% notes, due November 30, 2038	50,000		50,000
3.98% notes, due August 20, 2039	100,000		100,000
2.98% notes, due December 20, 2034	70,000		70,000
3.00% notes, due July 15, 2035	50,000		50,000
2.96% notes, 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		80,000
6.39% notes, due December 2026	100,000		100,000
6.44% notes, due December 2027	100,000		100,000
6.45% notes, due December 2028	100,000		100,000
6.62% notes, due December 2030	100,000		100,000
6.71% notes, due December 2033	100,000		100,000
6.73% notes, due December 2038	50,000		50,000
Equipment security note
2.46% note, due September 24, 2031	7,409		7,633
Less: debt issuance costs	(3,682)		(3,753)
Total long-term debt	1,203,677		1,205,580
Less: current maturities	(18,511)		(18,505)
Total long-term debt, net of current maturities	$	1,185,166	$	1,187,075

Terms of the Senior Notes

All of our outstanding 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.

Senior Notes

On November 20, 2023, we issued Senior Notes in the aggregate principal amount of $550.0 million at an average interest rate of 6.54 percent that were used to partially finance our acquisition of FCG which closed during the fourth quarter of 2023. These notes have varying maturity dates of between three and 15 years, and the outstanding principal balance of the notes will be due on their respective maturity dates with interest payments payable semiannually until the principal has been paid in full. These Senior Notes have similar covenants and default provisions as our other Senior Notes.

On March 14, 2023 we issued 5.43 percent Senior Notes due in March 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, with terms that extend through February 2026. At March 31, 2024, a total of $255.0 million of borrowing capacity was available under these agreements.