Indebtedness

6 Months Ended

Jun. 30, 2020

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



Outstanding Debt	Issuance Date	Maturity Date	Interest Rate		Original Amount	2020		Carry Value
($ in thousands)	Issuance Date	Maturity Date	Interest Rate		Original Amount	Unamortized Issuance Costs	Debt Discount	June 30, 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	—
Total short-term debt						—	—	252,000	—

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	337	510	99,153	99,125
Senior Notes	11/16/2004	11/15/2034	7.25	%	50,000	175	88	49,737	49,725
Senior Notes	3/1/2019	3/1/2049	5.375	%	300,000	3,039	5,802	291,159	291,010

Finance lease obligations								539	737
Total long-term debt						3,551	6,400	550,588	550,597

Total debt						3,551	6,400	802,588	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 of 2020 as a contingency in light of the COVID-19-related volatility and uncertainty in the financial markets. With the exception of our $50 million line of credit borrowing, all of the short-term borrowings we made in the first quarter of 2020 remained outstanding as of June 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 Six 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 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, 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.

We currently expect to extend all or a portion of the remaining short-term borrowings until December 2020 and repay them by year end. As of June 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.