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v3.25.3

Short-Term and Long-Term Borrowings | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025 and December 31, 2024: Short-Term Debt The following is a summary of our lines of credit as of September 30, 2025 and December 31, 2024:
|  |  | September 30, 2025 |  | December 31, 2024
(in thousands) | Borrowing Limit |  | Amount Outstanding |  | Letters of Credit |  | Amount Available |  | Amount Available
OTC Credit Agreement | $ | 170,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,000 |  |  | $ | 170,000 |
OTP Credit Agreement | 220,000 |  |  | — |  |  | 10,461 |  |  | 209,539 |  |  | 141,613 |
Total | $ | 390,000 |  |  | $ | — |  |  | $ | 10,461 |  |  | $ | 379,539 |  |  | $ | 311,613 |
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 the Secured Overnight Financing Rate (SOFR) 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 borrower. There were no outstanding borrowings on either credit facility as of September 30, 2025. The weighted-average interest rate on all outstanding borrowings as of December 31, 2024 was 5.61%. Long-Term Debt The following is a summary of outstanding long-term debt by borrower as of September 30, 2025 and December 31, 2024:
|  |  |  |  |  |  |  | (in thousands)
Borrower |  | Debt Instrument |  | Rate |  | Maturity |  | September 30, 2025 |  | December 31, 2024
OTC |  | Guaranteed Senior Notes |  | 3.55 | % |  | 12/15/26 |  | $ | 80,000 |  |  | $ | 80,000 |
OTP |  | Series 2007C Senior Unsecured Notes |  | 6.37 | % |  | 08/02/27 |  | 42,000 |  |  | 42,000 |
OTP |  | Series 2013A Senior Unsecured Notes |  | 4.68 | % |  | 02/27/29 |  | 60,000 |  |  | 60,000 |
OTP |  | Series 2019A Senior Unsecured Notes |  | 3.07 | % |  | 10/10/29 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2020A Senior Unsecured Notes |  | 3.22 | % |  | 02/25/30 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2020B Senior Unsecured Notes |  | 3.22 | % |  | 08/20/30 |  | 40,000 |  |  | 40,000 |
OTP |  | Series 2021A Senior Unsecured Notes |  | 2.74 | % |  | 11/29/31 |  | 40,000 |  |  | 40,000 |
OTP |  | Series 2024A Senior Unsecured Notes |  | 5.48 | % |  | 04/01/34 |  | 60,000 |  |  | 60,000 |
OTP |  | Series 2025A Senior Unsecured Notes |  | 5.49 | % |  | 03/27/35 |  | 50,000 |  |  | — |
OTP |  | Series 2007D Senior Unsecured Notes |  | 6.47 | % |  | 08/20/37 |  | 50,000 |  |  | 50,000 |
OTP |  | Series 2019B Senior Unsecured Notes |  | 3.52 | % |  | 10/10/39 |  | 26,000 |  |  | 26,000 |
OTP |  | Series 2020C Senior Unsecured Notes |  | 3.62 | % |  | 02/25/40 |  | 10,000 |  |  | 10,000 |
OTP |  | Series 2013B Senior Unsecured Notes |  | 5.47 | % |  | 02/27/44 |  | 90,000 |  |  | 90,000 |
OTP |  | Series 2018A Senior Unsecured Notes |  | 4.07 | % |  | 02/07/48 |  | 100,000 |  |  | 100,000 |
OTP |  | Series 2019C Senior Unsecured Notes |  | 3.82 | % |  | 10/10/49 |  | 64,000 |  |  | 64,000 |
OTP |  | Series 2020D Senior Unsecured Notes |  | 3.92 | % |  | 02/25/50 |  | 15,000 |  |  | 15,000 |
OTP |  | Series 2021B Senior Unsecured Notes |  | 3.69 | % |  | 11/29/51 |  | 100,000 |  |  | 100,000 |
OTP |  | Series 2022A Senior Unsecured Notes |  | 3.77 | % |  | 05/20/52 |  | 90,000 |  |  | 90,000 |
OTP |  | Series 2024B Senior Unsecured Notes |  | 5.77 | % |  | 04/01/54 |  | 60,000 |  |  | 60,000 |
OTP |  | Series 2025B Senior Unsecured Notes |  | 5.98 | % |  | 06/05/55 |  | 50,000 |  |  | — |
Total |  |  |  |  |  |  |  | 1,047,000 |  |  | 947,000 |
Less: | Unamortized Long-Term Debt Issuance Costs |  |  |  |  |  | 3,563 |  |  | 3,266 |
Total Long-Term Debt, Net of Unamortized Debt Issuance Costs |  |  |  | $ | 1,043,437 |  |  | $ | 943,734 |
On March 27, 2025, OTP entered into a Note Purchase Agreement pursuant to which OTP issued, in a private placement transaction, $100.0 million of senior unsecured notes consisting of (a) $50.0 million of 5.49% Series 2025A Senior Unsecured Notes due March 27, 2035, and (b) $50.0 million of 5.98% Series 2025B Senior Unsecured Notes due June 5, 2055. The Series 2025A Notes were issued on March 27, 2025, upon entering into the agreement. The Series 2025B Notes were issued on June 5, 2025. Per the terms of the agreement, OTP may prepay all or any part of the notes (in an amount not less than 10% of the aggregate principal amount of the notes then outstanding in the case of a partial prepayment) at 100% of the principal amount so prepaid, together with unpaid accrued interest and a make-whole amount, as defined in the agreement; provided that no default or event of default exists under the agreement. Any prepayment of the Series 2025A Notes then outstanding on or after December 27, 2034, or the Series 2025B Notes then outstanding on or after December 5, 2054, will be made without any make-whole amount. Consistent with other of our borrowings, the agreement contains a number of restrictions on the business of OTP, including restrictions on OTP’s ability to merge, sell substantially all assets, create or incur liens on assets, guarantee the obligations of any other party, and engage in certain transactions with affiliates. Financial Covenants Certain of OTC's and OTP's short- and long-term debt agreements require the borrower, whether OTC or OTP, to maintain certain financial covenants, including a maximum debt to total capitalization ratio of 0.60 to 1.00 or 0.65 to 1.00, depending on the debt agreement, a minimum interest and dividend coverage ratio of 1.50 to 1.00, and a maximum level of priority indebtedness. As of September 30, 2025, OTC and OTP were in compliance with these financial covenants.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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