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Long-Term Debt
 12 Months Ended
Dec. 31, 2021
Long-term Debt, Unclassified [Abstract]  
Long-term Debt Long-Term Debt
The following table presents outstanding long-term debt due dates and principal amounts, net of debt discount, issuance and other costs and fair value adjustments as of 2021 and 2020:
(Dollars in Thousands)December 31,
SeriesTypeDue20212020
Puget Sound Energy:
7.150%First Mortgage Bond2025$15,000 $15,000 
7.200%First Mortgage Bond20252,000 2,000 
7.020%Senior Secured Note2027300,000 300,000 
7.000%Senior Secured Note2029100,000 100,000 
3.900%Pollution Control Bond2031138,460 138,460 
4.000%Pollution Control Bond203123,400 23,400 
5.483%Senior Secured Note2035250,000 250,000 
6.724%Senior Secured Note2036250,000 250,000 
6.274%Senior Secured Note2037300,000 300,000 
5.757%Senior Secured Note2039350,000 350,000 
5.795%Senior Secured Note2040325,000 325,000 
5.764%Senior Secured Note2040250,000 250,000 
4.434%Senior Secured Note2041250,000 250,000 
5.638%Senior Secured Note2041300,000 300,000 
4.300%Senior Secured Note2045425,000 425,000 
4.223%Senior Secured Note2048600,000 600,000 
3.250%Senior Secured Note2049450,000 450,000 
2.893%Senior Secured Note2051450,000 — 
4.700%Senior Secured Note205145,000 45,000 
*Debt discount, issuance cost and other*(39,141)(35,816)
Total PSE long-term debt$4,784,719 $4,338,044 
Puget Energy:
*Fair value adjustment of PSE long-term debt*$(156,849)$(165,357)
*Revolving Credit Agreement202333,300 14,700 
*
Term Loan Agreement1
2022— 210,000 
5.625%
Senior Secured Note2
2022— 450,000 
3.650%Senior Secured Note2025400,000 400,000 
2.379%Senior Secured Note2028500,000 — 
4.100%Senior Secured Note2030650,000 650,000 
*Debt discount, issuance cost and other*(7,404)(4,947)
Total Puget Energy long-term debt$6,203,766 $5,892,440 
___________________
*Not Applicable.
1.Term loan in the amount of $210.0 million was paid off on June 23, 2021.
2.5.625% Senior Secured Note in the amount of $450.0 million was classified on the Balance Sheet as current maturities of long-term debt as of July 31, 2021.
PSE's senior secured notes will cease to be secured by the pledged first mortgage bonds on the date (the "Substitution Date") that all of the first mortgage bonds issued and outstanding under the electric or natural gas utility mortgage indenture have been retired.  As of December 31, 2021, the latest maturity date of the first mortgage bonds, other than pledged first mortgage bonds, is December 22, 2025. On the Substitution Date, PSE will deliver to the trustee for PSE's senior secured notes substitute pledged first mortgage bonds to be issued under a new mortgage indenture. As a result, as of the Substitution Date PSE's outstanding senior secured notes and any future series of PSE's senior secured notes will be secured by substitute pledged first mortgage bonds.

Puget Energy Long-Term Debt
On May 19, 2020, Puget Energy issued $650.0 million of senior secured notes at an interest rate of 4.1%. The notes pay interest semi-annually and are due to mature on June 15, 2030. On May 26, 2020, proceeds from the issuance of the notes were used to pay $150.0 million under our term loan credit facility, pay $31.6 million of our revolving credit facility, and to redeem $450.0 million in principal amount of the 6.5% senior secured notes due December 15, 2020 and to pay related fees and expenses.
On June 18, 2020, Puget Energy redeemed the $450.0 million senior secured notes due December 15, 2020 and paid related fees and expenses for a total redemption price of $463.2 million. Excluding the repayment of the $450.0 million principal amount and $0.3 million of unamortized debt discount and issuance cost, the extinguishment incurred a $13.5 million loss, which includes $0.4 million of accrued interest expense and is reported in the Puget Energy "Interest Expense" line item as of December 31, 2020.
On June 14, 2021, Puget Energy issued $500.0 million of senior secured notes at an interest rate of 2.379%. The notes were issued for a period of 7 years, mature on June 15, 2028, and pay interest semi-annually on June 15 and December 15. Proceeds from the issuance of the notes were invested in short-term money market funds, then used to repay the Company’s $500.0 million 6.0% notes that matured on September 1, 2021.
On June 23, 2021, Puget Energy received an equity contribution from Puget Equico LLC, Puget Energy’s parent company. The proceeds from the equity contribution were used to pay off Puget Energy’s $210.0 million term loan.
At December 31, 2021, Puget Energy maintained an $800.0 million credit facility, of which $33.3 million was drawn and outstanding under the facility.

Puget Sound Energy Long-Term Debt
On August 2, 2019, PSE filed a new shelf registration statement under which it may issue up to $1.0 billion aggregate principal amount of senior notes secured by first mortgage bonds. As of the date of this report, $100.0 million was available to be issued. The shelf registration will expire in August 2022.
On September 15, 2021, PSE issued $450.0 million of senior secured notes at an interest rate of 2.893%. The notes were issued for a period of 30 years, mature on September 15, 2051, and pay interest semi-annually on March 15 and September 15 of each year. The proceeds from the issuance will be used for repayment of commercial paper as well as general corporate purposes.

Long-Term Debt Maturities
The principal amounts of long-term debt maturities for the next five years and thereafter are as follows:
(Dollars in Thousands)20222023202420252026ThereafterTotal
Maturities of:
PSE$— $— $— $17,000 $— $4,806,860 $4,823,860 
Puget Energy450,000 33,300 — 400,000 — 1,150,000 2,033,300 
Total long-term debt$450,000 $33,300 $— $417,000 $— $5,956,860 $6,857,160