Long-term Debt

12 Months Ended

Dec. 31, 2023

NOTE 10—Long-term Debt

Long-term debt consists of the following:


	December 31,
	2023			2022
	(in thousands)
$250,000,000 principal amount of First Mortgage Bonds, 2017 Series A due 2037 at an interest rate of 3.33%	$	175,000		$	187,500
$260,000,000 principal amount of First Mortgage Bonds, 2015 Series A due 2044 at an interest rate of 4.46%		260,000			260,000
$72,000,000 principal amount of First Mortgage Bonds, 2015 Series B due 2053 at an interest rate of 4.56%		72,000			72,000
$50,000,000 principal amount of First Mortgage Bonds, 2013 Series A due 2043 at an interest rate of 4.21%		50,000			50,000
$50,000,000 principal amount of First Mortgage Bonds, 2013 Series B due 2053 at an interest rate of 4.36%		50,000			50,000
$90,000,000 principal amount of First Mortgage Bonds, 2011 Series A due 2040 at an interest rate of 4.83%		51,000			54,000
$165,000,000 principal amount of First Mortgage Bonds, 2011 Series B due 2040 at an interest rate of 5.54%		140,250			148,500
$95,000,000 principal amount of First Mortgage Bonds, 2011 Series C due 2050 at an interest rate of 5.54%		64,125			66,500
$250,000,000 principal amount of 2003 Series A Bonds due 2028 at an interest rate of 5.676%		52,080			62,496
$300,000,000 principal amount of 2002 Series B Bonds due 2028 at an interest rate of 6.21%		62,500			75,000
		976,955			1,025,996
Debt issuance costs		(4,369	)		(4,788	)
Current maturities		(49,041	)		(49,041	)
	$	923,545		$	972,167

As of December 31, 2023 and 2022, deferred gains and losses on reacquired debt totaled a net loss of approximately $0.5 million and $0.7 million, respectively. Deferred gains and losses on reacquired debt are deferred under regulatory accounting. See Note 9—Regulatory Assets and Liabilities.

Maturities of long-term debt for the next five years and thereafter are as follows:


Year Ended December 31,	(in thousands)
2024	$	49,041
2025		49,041
2026		49,041
2027		49,041
2028		49,041
2029 and thereafter		731,750
	$	976,955

The aggregate fair value of long-term debt was $900.4 million and $942.8 million as of December 31, 2023 and 2022, respectively, based on current market prices. For debt issues that are not quoted on an exchange, interest rates currently available to us for issuance of debt with similar terms and remaining maturities are used to estimate fair value.

All of our long-term debt is secured under our Indenture. Substantially all of our real property and tangible personal property and some of our intangible personal property are pledged as collateral under the Indenture. Under the Indenture, we may not make any distribution, including a dividend or payment or retirement of patronage capital, to our members if an event of default exists under the Indenture. Otherwise, we may make a distribution to our members if (1) after the distribution, our patronage capital as of the end of the most recent fiscal quarter would be equal to or greater than 20% of our total long-term debt and patronage capital, or (2) all of our distributions for the year in which the distribution is to be made do not exceed 5% of the patronage capital as of the end of the most recent fiscal year. For this purpose, patronage capital and total long-term debt do not include any earnings retained in any of our subsidiaries or affiliates or the debt of any of our subsidiaries or affiliates.

Additionally, we maintain a revolving credit facility. See Note 11—Liquidity Resources.