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Short-Term and Long-Term Borrowings
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Short-Term and Long-Term Borrowings Short-Term and Long-Term Borrowings
The following is a summary of our outstanding short- and long-term borrowings by borrower, OTC or OTP, as of December 31, 2021 and 2020:
20212020
(in thousands)OTCOTPTotalOTCOTPTotal
Short-Term Debt$22,637 $68,526 $91,163 $65,166 $15,831 $80,997 
Current Maturities of Long-Term Debt— 29,983 29,983 169 139,918 140,087 
Long-Term Debt, net of current maturities79,746 654,268 734,014 79,695 544,737 624,432 
Total$102,383 $752,777 $855,160 $145,030 $700,486 $845,516 
Short-Term Debt
The following is a summary of our lines of credit as of December 31, 2021 and 2020:
20212020
(in thousands)Line LimitAmount OutstandingLetters
of Credit		Amount AvailableAmount Available
OTC Credit Agreement$170,000 $22,637 $— $147,363 $104,834 
OTP Credit Agreement170,000 68,526 13,159 88,315 140,068 
Total$340,000 $91,163 $13,159 $235,678 $244,902 
On September 30, 2021, OTC entered into a Fourth Amended and Restated Credit Agreement (the OTC Credit Agreement) and OTP entered into a Third Amended and Restated Credit Agreement (the OTP Credit Agreement) amending and restating the previously existing credit agreements to extend the maturity date of each credit facility to September 30, 2026. The agreements both provide for $170.0 million unsecured revolving lines of credit to support operations, fund capital expenditures, refinance certain indebtedness and provide for the issuance of letters of credit in an aggregate amount not to exceed $40.0 million under the OTC Credit Agreement and $50.0 million under the OTP Credit Agreement. Each credit facility includes an accordion provision allowing the borrower, subject to certain conditions, to increase the borrowing capacity under the facility; up to $290.0 million under the OTC Credit Agreement and up to $250.0 million under the OTP Credit Agreement.
Borrowings under each credit facility are subject to a variable rate of interest on outstanding balances and a commitment fee is charged based on the average unused amount available to be drawn under the respective facility. The variable rate of interest to be charged is based on a benchmark interest rate, either LIBOR or a Base Rate, as defined in the credit agreements, selected by the borrower at the time of an advance, subject to the conditions of each agreement, plus an applicable credit spread. The credit spread ranges from zero to 2.00%, depending on the benchmark interest rate selected and is subject to adjustment based on the credit ratings of the relevant borrowers. The weighted-average interest rate on all outstanding borrowings as of December 31, 2021 and 2020 was 1.42% and 1.61%.
Each credit facility contains a number of restrictions on the borrower, including restrictions on the ability to merge, sell assets, make investments, create or incur liens on assets, guarantee the obligations of any other party and engage in transactions with related parties. The agreements also contain certain financial and non-financial covenants and defined events of default.
Both the OTC Credit Agreement and the OTP Credit Agreement include interest rates determined by a reference to LIBOR. The applicable LIBOR tenors are currently scheduled to be eliminated on June 30, 2023. In the event that LIBOR is no longer available, both credit agreements contain provisions for the replacement of LIBOR as the benchmark rate with the Secured Overnight Finance Rate (SOFR). The transition to SOFR may be triggered by the discontinuation or loss of representativeness of the applicable LIBOR tenors or as earlier elected by the borrowers, subject to approval by the lender.
Long-Term Debt
The following is a summary of outstanding long-term debt by borrower as of December 31, 2021 and 2020: 
(in thousands)
EntityDebt InstrumentRateMaturity20212020
OTCGuaranteed Senior Notes3.55%12/15/26$80,000 $80,000 
OTPSeries 2011A Senior Unsecured Notes4.63%12/01/21— 140,000 
OTPSeries 2007B Senior Unsecured Notes6.15%08/20/2230,000 30,000 
OTPSeries 2007C Senior Unsecured Notes6.37%08/02/2742,000 42,000 
OTPSeries 2013A Senior Unsecured Notes4.68%02/27/2960,000 60,000 
OTPSeries 2019A Senior Unsecured Notes 3.07%10/10/2910,000 10,000 
OTPSeries 2020A Senior Unsecured Notes3.22%02/25/3010,000 10,000 
OTPSeries 2020B Senior Unsecured Notes3.22%08/20/3040,000 40,000 
OTPSeries 2021A Senior Unsecured Notes2.74%11/29/3140,000 — 
OTPSeries 2007D Senior Unsecured Notes6.47%08/20/3750,000 50,000 
OTPSeries 2019B Senior Unsecured Notes3.52%10/10/3926,000 26,000 
OTPSeries 2020C Senior Unsecured Notes3.62%02/25/4010,000 10,000 
OTPSeries 2013B Senior Unsecured Notes5.47%02/27/4490,000 90,000 
OTPSeries 2018A Senior Unsecured Notes4.07%02/07/48100,000 100,000 
OTPSeries 2019C Senior Unsecured Notes3.82%10/10/4964,000 64,000 
OTPSeries 2020D Senior Unsecured Notes3.92%02/25/5015,000 15,000 
OTPSeries 2021B Senior Unsecured Notes3.69%11/29/51100,000 — 
OTCPACE Note2.54%03/18/21— 169 
Total$767,000 $767,169 
Less:Current Maturities Net of Unamortized Debt Issuance Costs29,983 140,087 
Unamortized Long-Term Debt Issuance Costs3,003 2,650 
Total Long-Term Debt Net of Unamortized Debt Issuance Costs$734,014 $624,432 
On June 10, 2021, OTP entered into a Note Purchase Agreement pursuant to which OTP agreed to issue, in a private placement transaction, $230.0 million of senior unsecured notes consisting of (a) $40.0 million of 2.74% Series 2021A Senior Unsecured Notes due November 29, 2031, (b) $100.0 million of 3.69% Series 2021B Senior Unsecured Notes due November 29, 2051 and (c) $90.0 million of 3.77% Series 2022A Senior Unsecured Notes due May 20, 2052. During the year ended December 31, 2021, OTP issued its Series 2021A and Series 2021B notes for aggregate proceeds of $140.0 million, which were used to repay the Series 2011A notes. The issuance of the Series 2022A notes is scheduled to close, subject to the satisfaction of certain customary conditions to closing, in May 2022.
Our guaranteed and unsecured notes require the borrower to maintain various financial covenants, as further described below. These notes provide for prepayment options allowing for a full or partial prepayment at 100% of the principal amount so prepaid, together with unpaid accrued interest and a make-whole amount, as defined. These notes also include restrictions on the borrowers, including its ability to merge, sell assets, create or incur liens on assets, guarantee the obligations of any other party and engage in transactions with related parties.
Aggregate maturities of long-term debt obligations at December 31, 2021 for each of the next five years are as follows:
(in thousands)20222023202420252026
Debt Maturities$30,000 $— $— $— $80,000 
Financial Covenants
Certain of OTC's and OTP's short-term and long-term debt agreements require the borrower, whether OTC or OTP, to maintain certain financial covenants, including a maximum debt to total capitalization of 0.60 to 1.00, a minimum interest and dividend coverage ratio of 1.50 to 1.00, and a maximum level of priority indebtedness. As of December 31, 2021, OTC and OTP were in compliance with these financial covenants.