Indebtedness

9 Months Ended

Sep. 30, 2020

The table below provides a summary of our outstanding debt at September 30, 2020, and December 31, 2019:


Outstanding Debt	Issuance Date	Maturity Date	Interest Rate		Original Amount	2020		Carry Value
($ in thousands)						Unamortized Issuance Costs	Debt Discount	September 30, 2020	December 31, 2019
Description
Short-term
Issuance:
FHLBNY	9/14/2020	11/16/2020	0.36	%	100,000	—	—	100,000	—

FHLBI	3/19/2020	12/14/2020	0.58	%	67,000	—	—	67,000	—

Total short-term debt						—	—	167,000	—








Other Outstanding:
FHLBI	12/16/2016	12/16/2026	3.03	%	60,000	—	—	60,000	60,000
FHLBNY	8/15/2016	8/16/2021	1.56	%	25,000	—	—	25,000	25,000
FHLBNY	7/21/2016	7/21/2021	1.61	%	25,000	—	—	25,000	25,000
Senior Notes	11/3/2005	11/1/2035	6.70	%	100,000	329	505	99,166	99,125
Senior Notes	11/16/2004	11/15/2034	7.25	%	50,000	170	87	49,743	49,725
Senior Notes	3/1/2019	3/1/2049	5.375	%	300,000	2,986	5,781	291,233	291,010

Finance lease obligations								424	737

Total long-term debt						3,485	6,373	550,566	550,597

Total debt						3,485	6,373	717,566	550,597

Our long-term debt balance was level with December 31, 2019. We, however, increased our short-term debt by $302 million during the first quarter of 2020 as a contingency in light of the COVID-19-related volatility and uncertainty in the financial markets. We repaid the $50 million line of credit in May 2020, and the $85 million FHLBNY borrowing in September 2020. The remaining $167 million short-term borrowings are still outstanding as of September 30, 2020. The proceeds from these short-term borrowings were invested in high-quality money market funds, and for the most part, were made to increase liquidity and operating flexibility.

Our short-term borrowings through Nine Months 2020 consisted of the following:

•On February 18, 2020, Selective Insurance Company of America (“SICA”) borrowed short-term funds of $85 million from the FHLBNY at an interest rate of 1.81%. This borrowing was refinanced upon its maturity on March 18, 2020, at a lower interest rate of 0.68%. This borrowing was repaid on September 18, 2020.

•On March 12, 2020, SICA borrowed $100 million from the FHLBNY at an interest rate of 0.78%. This borrowing was refinanced upon its maturity on September 14, 2020, at a lower interest rate of 0.36%. This borrowing matures on November 16, 2020.

•On March 19, 2020, Selective Insurance Company of South Carolina ("SISC") and Selective Insurance Company of the Southeast ("SISE") borrowed $39 million and $28 million, respectively, from the FHLBI at an interest rate of 0.58%. These borrowings mature on December 14, 2020.

•On March 24, 2020, the Parent borrowed $50 million on its line of credit issued by the Bank of Montreal at an interest rate of 2.244%. This borrowing was repaid on May 8, 2020.

The remaining $167 million in short-term borrowings are contractually due in the fourth quarter of 2020, and we expect to repay them by year-end. As of September 30, 2020, we were compliant with our required financial debt covenants under the line of credit.

For additional information on our indebtedness and debt covenants, see Note 10. "Indebtedness" in Item 8. "Financial Statements and Supplementary Data." of our 2019 Annual Report.