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Debt
 12 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Long-term debt
Long-term debt at September 30, 2024 and 2023 consisted of the following:
20242023
 (In thousands)
Unsecured 3.00% Senior Notes, due June 2027
$500,000 $500,000 
Unsecured 2.625% Senior Notes, due September 2029
500,000 500,000 
Unsecured 1.50% Senior Notes, due January 2031
600,000 600,000 
Unsecured 5.45% Senior Notes, due October 2032
300,000 300,000 
Unsecured 5.90% Senior Notes, due October 2033
725,000 — 
Unsecured 5.95% Senior Notes, due October 2034
200,000 200,000 
Unsecured 5.50% Senior Notes, due June 2041
400,000 400,000 
Unsecured 4.15% Senior Notes, due January 2043
500,000 500,000 
Unsecured 4.125% Senior Notes, due October 2044
750,000 750,000 
Unsecured 4.30% Senior Notes, due October 2048
600,000 600,000 
Unsecured 4.125% Senior Notes, due March 2049
450,000 450,000 
Unsecured 3.375% Senior Notes, due September 2049
500,000 500,000 
Unsecured 2.85% Senior Notes, due February 2052
600,000 600,000 
Unsecured 5.75% Senior Notes, due October 2052
500,000 500,000 
Unsecured 6.20% Senior Notes, due October 2053
500,000 — 
Medium term Series A notes, 1995-1, 6.67%, due December 2025
10,000 10,000 
Unsecured 6.75% Debentures, due July 2028
150,000 150,000 
Finance lease obligations (see Note 7)
48,890 50,393 
Total long-term debt7,833,890 6,610,393 
Less:
Net original issue (premium) discount on unsecured senior notes and debentures(9,071)6,104 
Debt issuance cost57,664 48,588 
Current maturities1,651 1,568 
$7,783,646 $6,554,133 
Maturities of long-term debt, excluding our finance lease obligations, at September 30, 2024 were as follows by fiscal years (in thousands):
2025$— 
202610,000 
2027500,000 
2028150,000 
2029500,000 
Thereafter6,625,000 
$7,785,000 
On October 1, 2024, we completed a public offering of $650 million of 5.00% senior notes due October 2054, with an effective interest rate of 3.90%, after giving effect to the estimated offering costs and settlement of our interest rate swaps. The net proceeds from the offering, after the underwriting discount and estimated offering expenses, of $638.1 million were used for general corporate purposes. In September 2024, we settled the designated interest rate swaps associated with this offering and received $231.1 million.
On June 21, 2024, we completed a public offering of $325 million of 5.90% senior notes due October 2033, with an effective interest rate of 5.17%, after giving effect to the offering costs. The net proceeds from the offering, after the underwriting discount and offering expenses, of $339.0 million were used for general corporate purposes.
On October 10, 2023, we completed a public offering of $500 million of 6.20% senior notes due October 2053, with an effective interest rate of 5.56%, after giving effect to the offering costs and settlement of our interest rate swaps, and $400 million of 5.90% senior notes due October 2033, with an effective interest rate of 4.35%, after giving effect to the offering costs and settlement of our interest rate swaps. The net proceeds from the offering, after the underwriting discount and offering expenses, of $889.4 million were used for general corporate purposes. In September 2023, we settled the designated interest rate swaps associated with this offering and received $171.1 million.
On October 3, 2022, we completed a public offering of $500 million of 5.75% senior notes due October 2052, with an effective interest rate of 4.50%, after giving effect to the offering costs and settlement of our interest rate swaps, and $300 million of 5.45% senior notes due October 2032, with an effective interest rate of 5.57%, after giving effect to the offering costs. The net proceeds from the offering, after the underwriting discount and offering expenses, of $789.4 million were used for general corporate purposes. In September 2022, we settled the interest rate swaps associated with the $500 million offering and received $197.1 million.
Winter Storm Uri Financing
A historic winter storm impacted supply, market pricing and demand for natural gas in our service territories in mid-February 2021. We experienced unforeseeable and unprecedented market pricing for gas costs, which resulted in aggregated natural gas purchases in February 2021 of approximately $2.3 billion. These gas costs were paid using funds received from a public offering of debt securities completed in March 2021 of $2.2 billion. On March 3, 2023, we entered into a term loan agreement for a $2.02 billion senior unsecured term loan facility and used the proceeds, along with cash on hand, to repay at maturity the outstanding $2.2 billion senior notes that matured on March 9, 2023. On March 23, 2023, we received proceeds from the Finance Corporation in the amount of $2.02 billion and repaid the term loan.
Short-term Debt
We utilize short-term debt to provide cost-effective, short-term financing until it can be replaced with a balance of long-term debt and equity financing that achieves the Company’s desired capital structure. Our short-term borrowing requirements are driven primarily by construction work in progress and the seasonal nature of the natural gas business.
Our short-term borrowing requirements are satisfied through a combination of a $1.5 billion commercial paper program and four committed revolving credit facilities with third-party lenders that provide $3.1 billion of total working capital funding.
The primary source of our funding is our commercial paper program, which is supported by a five-year unsecured $1.5 billion credit facility that was replaced on March 28, 2024, with a new five-year senior unsecured $1.5 billion credit facility that expires on March 28, 2029. This new facility bears interest at a base rate or at a Term SOFR-based rate for the applicable interest period, plus a margin ranging from zero percent to 0.25 percent for base rate advances or a margin ranging from 0.75 percent to 1.25 percent for Term SOFR-based advances, based on the Company’s credit ratings. Additionally, the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion. At September 30, 2024, there were no amounts outstanding under our commercial paper program. At September 30, 2023, there was $241.9 million outstanding under our commercial paper program.
We also had a $900 million three-year unsecured revolving credit facility, which was replaced on March 28, 2024, with a new $1.5 billion three-year senior unsecured credit facility, which expires March 28, 2027 and is used to provide additional working capital funding. This new facility bears interest at a base rate or at a Term SOFR-based rate for the applicable interest period, plus a margin ranging from zero percent to 0.25 percent for base rate advances or a margin ranging from 0.75 percent to 1.25 percent for Term SOFR-based advances, based on the Company's credit ratings. Additionally, the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion. At September 30, 2024 and 2023, there were no borrowings outstanding under this facility.
Additionally, we have a $50 million 364-day unsecured facility, which was renewed April 1, 2024 and is used to provide working capital funding. There were no borrowings outstanding under this facility as of September 30, 2024 and 2023.
Finally, we have a $50 million 364-day unsecured revolving credit facility, which was renewed March 31, 2024 and is used to issue letters of credit and to provide working capital funding. At September 30, 2024, there were no borrowings outstanding under the new facility; however, outstanding letters of credit reduced the total amount available to us to $44.4 million.
Debt Covenants
The availability of funds under these credit facilities is subject to conditions specified in the respective credit agreements, all of which we currently satisfy. These conditions include our compliance with financial covenants and the continued accuracy of representations and warranties contained in these agreements. We are required by the financial covenants in each of these facilities to maintain, at the end of each fiscal quarter, a ratio of total-debt-to-total-capitalization of no greater than 70 percent. At September 30, 2024, our total-debt-to-total-capitalization ratio, as defined, was 40 percent. In addition, both the interest margin and the fee that we pay on unused amounts under each of these facilities are subject to adjustment depending upon our credit ratings.
These credit facilities and our public indentures contain usual and customary covenants for our business, including covenants substantially limiting liens, substantial asset sales, and mergers. Additionally, our public debt indentures relating to our senior notes and debentures, as well as certain of our revolving credit agreements, each contain a default provision that is triggered if outstanding indebtedness arising out of any other credit agreements in amounts ranging from in excess of $15 million to in excess of $100 million becomes due by acceleration or is not paid at maturity. We were in compliance with all of our debt covenants as of September 30, 2024. If we were unable to comply with our debt covenants, we would likely be required to repay our outstanding balances on demand, provide additional collateral or take other corrective actions.