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Long-Term Debt | 9 Months Ended
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Sep. 30, 2020
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Our outstanding long-term debt is shown below:
|  | September 30, |  | December 31,
(in thousands) |  | 2020 |  | 2019
FPU secured first mortgage bonds (1) : |  |  |  |
9.08% bond, due June 1, 2022 |  | $ | 7,993 |  |  | $ | 7,990 |
Uncollateralized senior notes: |  |  |  |
5.50% note, due October 12, 2020 |  | 2,000 |  |  | 2,000 |
5.93% note, due October 31, 2023 |  | 10,500 |  |  | 12,000 |
5.68% note, due June 30, 2026 |  | 17,400 |  |  | 20,300 |
6.43% note, due May 2, 2028 |  | 5,600 |  |  | 6,300 |
3.73% note, due December 16, 2028 |  | 18,000 |  |  | 18,000 |
3.88% note, due May 15, 2029 |  | 45,000 |  |  | 50,000 |
3.25% note, due April 30, 2032 |  | 70,000 |  |  | 70,000 |
3.48% note, due May 31, 2038 |  | 50,000 |  |  | 50,000 |
3.58% note, due November 30, 2038 |  | 50,000 |  |  | 50,000 |
3.98% note, due August 20, 2039 |  | 100,000 |  |  | 100,000 |
2.98% note, due December 20, 2034 |  | 70,000 |  |  | 70,000 |
3.00% note, due July 15, 2035 |  | 50,000 |  |  | — |
2.96% note, due August 15, 2035 |  | 40,000 |  |  | — |
Term Note due February 28, 2020 |  | — |  |  | 30,000 |
Less: debt issuance costs |  | (922) |  |  | (822) |
Total long-term debt |  | 535,571 |  |  | 485,768 |
Less: current maturities |  | (15,600) |  |  | (45,600) |
Total long-term debt, net of current maturities |  | $ | 519,971 |  |  | $ | 440,168 |
(1) FPU secured first mortgage bonds are guaranteed by Chesapeake Utilities. Term Notes In January 2019, we issued a $30 million unsecured term note through Branch Banking and Trust Company, with a maturity date of February 28, 2020. This note was paid in full in February 2020 utilizing our short-term borrowing facilities. Shelf Agreements We have entered into Shelf Agreements with Prudential, MetLife and NYL, whom are under no obligation to purchase any unsecured debt. The following table summarizes our Shelf Agreements at September 30, 2020:
(in thousands) |  | Total Borrowing Capacity |  | Less: Amount of Debt Issued |  | Less: Unfunded Commitments |  | Remaining Borrowing Capacity
Shelf Agreement |  |  |  |  |  |  |  |
Prudential Shelf Agreement (1) (2) |  | $ | 370,000 |  |  | $ | (220,000) |  |  | $ | — |  |  | $ | 150,000 |
MetLife Shelf Agreement (3) |  | 150,000 |  |  | — |  |  | — |  |  | 150,000 |
NYL Shelf Agreement (4) |  | 150,000 |  |  | (140,000) |  |  | — |  |  | 10,000 |
Total Shelf Agreements as of September 30, 2020 |  | $ | 670,000 |  |  | $ | (360,000) |  |  | $ | — |  |  | $ | 310,000 |
(1) In January 2020, we requested and Prudential accepted our request to purchase $50.0 million of our unsecured debt. We issued the Shelf Notes in July 2020 at the rate of 3.00 percent per annum. (2) In April 2020, the Prudential Shelf Agreement was amended to increase the available borrowing capacity to $150.0 million. The Shelf Agreement expires in April 2023. (3) In May 2020, we reached into an agreement with MetLife to provide a new $150.0 million MetLife Shelf Agreement for a three-year term ending May 2023. (4) In February 2020, we requested and NYL accepted our request to purchase $40.0 million of our unsecured debt. The Shelf Notes were issued in August 2020 at the rate of 2.96 percent per annum. The Shelf Agreement expires in November 2021. The Uncollateralized Senior Notes, Shelf Agreements or Shelf Notes set forth certain business covenants to which we are subject when any note is outstanding, including covenants that limit or restrict our ability, and the ability of our subsidiaries, to incur indebtedness, or place or permit liens and encumbrances on any of our property or the property of our subsidiaries.

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- Definition The entire disclosure for long-term debt. + 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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