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Indebtedness | 3 Months Ended
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Mar. 31, 2020
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness The table below provides a summary of our outstanding debt at March 31, 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 |  | March 31, 2020 |  | December 31, 2019
Description |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
FHLBNY |  | 3/12/2020 |  | 9/14/2020 |  | 0.78 | % |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |  |  | — |
FHLBNY |  | 3/18/2020 |  | 9/18/2020 |  | 0.68 | % |  | 85,000 |  |  | — |  |  | — |  |  | 85,000 |  |  | — |
FHLBI |  | 3/19/2020 |  | 12/14/2020 |  | 0.58 | % |  | 67,000 |  |  | — |  |  | — |  |  | 67,000 |  |  | — |
Line of Credit |  | 3/24/2020 |  | 9/24/2020 |  | 2.244 | % |  | 50,000 |  |  | — |  |  | — |  |  | 50,000 |  |  | — |
Total short-term debt |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | 302,000 |  |  | — |
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 |  |  | 346 |  |  | 515 |  |  | 99,139 |  |  | 99,125 |
Senior Notes |  | 11/16/2004 |  | 11/15/2034 |  | 7.25 | % |  | 50,000 |  |  | 180 |  |  | 89 |  |  | 49,731 |  |  | 49,725 |
Senior Notes |  | 3/1/2019 |  | 3/1/2049 |  | 5.375 | % |  | 300,000 |  |  | 3,092 |  |  | 5,823 |  |  | 291,085 |  |  | 291,010 |
Finance lease obligations |  |  |  |  |  |  |  |  |  |  |  |  |  | 622 |  |  | 737 |
Total long-term debt |  |  |  |  |  |  |  |  |  | 3,618 |  |  | 6,427 |  |  | 550,577 |  |  | 550,597 |
Total debt |  |  |  |  |  |  |  |  |  | 3,618 |  |  | 6,427 |  |  | 852,577 |  |  | 550,597 |
Our long-term debt balance did not materially change from December 31, 2019. However, we increased our short-term debt by $302 million during the First Quarter 2020 as a contingency in light of the COVID-19-related volatility and uncertainty in the financial markets. The proceeds from these short-term borrowings were invested in high-quality money market funds, and for the most part, were to increase liquidity and operating flexibility in the next few quarters. Our short-term borrowings in First Quarter 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 matures on September 18, 2020.
• | On March 12, 2020, SICA borrowed $100 million from the FHLBNY at an interest rate of 0.78%. This borrowing matures on September 14, 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, Selective Insurance Group ("SIGI") borrowed $50 million on its line of credit issued by the Bank of Montreal at an interest rate of 2.244%. The borrowings can be repaid at anytime, without a prepayment penalty, through the December 20, 2022 maturity of the line of credit. The interest rate is based on a spread over 180 LIBOR and will reset on September 24, 2020 if the borrowings under the line of credit remain outstanding at that time.
As of March 31, 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.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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