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Long-Term Debt | 6 Months Ended
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Jun. 30, 2012
Short-Term Borrowing [Abstract] |
Long-Term Debt |
13. | Long-Term Debt
Our outstanding long-term debt is shown below:
|  | June 30, |  |  | December 31, |
|  | 2012 |  |  | 2011 |
(in thousands) |  |  |  |  |  |
FPU secured first mortgage bonds (A) : |  |  |  |  |  |  |  |
9.57% bond, due May 1, 2018 |  | $ | 5,442 |  |  | $ | 6,348 |
10.03% bond, due May 1, 2018 |  |  | 2,993 |  |  |  | 3,492 |
9.08% bond, due June 1, 2022 |  |  | 7,960 |  |  |  | 7,958 |
Uncollateralized senior notes: |  |  |  |  |  |  |  |
7.83% note, due January 1, 2015 |  |  | 6,000 |  |  |  | 6,000 |
6.64% note, due October 31, 2017 |  |  | 16,363 |  |  |  | 16,363 |
5.50% note, due October 12, 2020 |  |  | 18,000 |  |  |  | 18,000 |
5.93% note, due October 31, 2023 |  |  | 30,000 |  |  |  | 30,000 |
5.68% note, due June 30, 2026 |  |  | 29,000 |  |  |  | 29,000 |
Convertible debentures: |  |  |  |  |  |  |  |
8.25% due March 1, 2014 |  |  | 1,038 |  |  |  | 1,134 |
Promissory note |  |  | 155 |  |  |  | 186 |
Total long-term debt |  |  | 116,951 |  |  |  | 118,481 |
Less: current maturities |  |  | (8,196 | ) |  |  | (8,196 | )
Total long-term debt, net of current maturities |  | $ | 108,755 |  |  | $ | 110,285 |
(A) | FPU secured first mortgage bonds are guaranteed by Chesapeake.
On June 23, 2011, we issued $29.0 million of 5.68 percent unsecured senior notes to Metropolitan Life Insurance Company and New England Life Insurance Company, pursuant to an agreement we entered into with them on June 29, 2010. These notes require annual principal payments of $2.9 million beginning in the sixth year after the issuance. We used the proceeds to permanently finance the redemption of the 6.85 percent and 4.90 percent series of FPU first mortgage bonds. These redemptions occurred in January 2010 and were previously financed by Chesapeake’s short-term loan facilities. Under the same agreement, we may issue an additional $7.0 million of unsecured senior notes prior to May 3, 2013, at a rate ranging from 5.28 percent to 6.43 percent based on the timing of the issuance. These notes, if issued, will have similar covenants and default provisions as the senior notes issued in June 2011.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 + Details
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