Long-Term Debt

12 Months Ended

Dec. 31, 2024

LONG-TERM DEBT

Our outstanding long-term debt is shown below:


	As of December 31,
(in millions)	2024		2023
Uncollateralized senior notes:
5.68% notes, due June 2026	$	5.8	$	8.7
6.39% notes, due December 2026	100.0		100.0
6.44% notes, due December 2027	100.0		100.0
6.43% notes, due May 2028	2.8		3.5
3.73% notes, due December 2028	8.0		10.0
6.45% notes, due December 2028	100.0		100.0
3.88% notes, due May 2029	25.0		30.0
5.20% notes, due October 2029	100.0		—
6.62% notes, due December 2030	100.0		100.0
3.25% notes, due April 2032	52.5		59.5
6.71% notes, due December 2033	100.0		100.0
2.98% notes, due December 2034	70.0		70.0
3.00% notes, due July 2035	50.0		50.0
2.96% notes, due August 2035	40.0		40.0
2.49% notes, due January 2037	50.0		50.0
5.43% notes, due March 2038	80.0		80.0
3.48% notes, due May 2038	50.0		50.0
3.58% notes, due November 2038	50.0		50.0
6.73% notes, due December 2038	50.0		50.0
3.98% notes, due August 2039	100.0		100.0
2.95% notes, due March 2042	50.0		50.0
Equipment security note
2.46% note, due September 2031	6.7		7.6
Less: debt issuance costs	(3.6)		(3.7)
Total long-term debt	1,287.2		1,205.6
Less: current maturities	(25.5)		(18.5)
Total long-term debt, net of current maturities	$	1,261.7	$	1,187.1

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 1, 2024, we issued 5.20 percent Senior Notes due in November 2029 in the aggregate principal amount of $100.0 million. The proceeds received were used to reduce short-term borrowings under our Revolver and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have semi-annual interest payments due on May 1 and November 1 of each year beginning in 2025.

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. These notes have varying maturity dates of between three and 15 years, and the outstanding principal balance of the notes (net of annual payments on the 6.73 percent notes which begin in 2029) 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 and to fund capital expenditures. These Senior Notes have similar covenants and default provisions as our other Senior Notes, and have an annual principal amortization payment beginning in the sixth year after the issuance.

Annual Maturities

Annual maturities and principal repayments of long-term debt are as follows:


Year	2025		2026		2027		2028		2029		Thereafter		Total
(in millions)
Payments	$	25.5	$	134.6	$	131.7	$	136.7	$	157.0	$	705.3	$	1,290.8

Shelf Agreements

We have entered into Shelf Agreements with Prudential and MetLife with terms that extend through February 2026, however neither of such lenders have any obligation to purchase debt thereunder. At December 31, 2024, a total of $255.0 million of borrowing capacity was available under these agreements.