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Note 12 - Borrowings and Financing Activities (Note) | 9 Months Ended
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Sep. 30, 2020
Senior Notes [Abstract] |
Borrowings and Financing Activities | Borrowings and Financing Activities The carrying value of our debt at September 30, 2020 and December 31, 2019 was as follows:
(In thousands) | September 30, 2020 |  | December 31, 2019
Senior notes: |  |  |
Senior Notes due 2024 | $ | 445,241 |  |  | $ | 444,445 |
Senior Notes due 2025 | 516,210 |  |  | — |
Senior Notes due 2027 | 443,308 |  |  | 442,665 |
Total senior notes | $ | 1,404,759 |  |  | $ | 887,110 |
FHLB advances: |  |  |
FHLB advances due 2020 | $ | 52,200 |  |  | $ | 79,002 |
FHLB advances due 2021 | 30,000 |  |  | 19,000 |
FHLB advances due 2022 | 16,925 |  |  | 11,925 |
FHLB advances due 2023 | 21,995 |  |  | 14,994 |
FHLB advances due 2024 | 9,954 |  |  | 9,954 |
FHLB advances due 2025 | 9,984 |  |  | — |
Total FHLB advances | $ | 141,058 |  |  | $ | 134,875 |
Senior Notes due 2025 In May 2020, we issued $525 million aggregate principal amount of Senior Notes due 2025 and received net proceeds of $515.6 million. These notes mature on March 15, 2025 and bear interest at a rate of 6.625% per annum, payable semi-annually on March 15 and September 15 of each year, which interest payments commenced on September 15, 2020. We have the option to redeem these notes, in whole or in part, at any time, or from time to time, prior to September 15, 2024 (the date that is six months prior to the maturity date of the notes) (the “Par Call Date”), at a redemption price equal to the greater of (i) 100% of the aggregate principal amount of the notes to be redeemed and (ii) the make-whole amount, which is the sum of the present values of the remaining scheduled payments of principal and interest in respect of the notes to be redeemed from the redemption date to the Par Call Date discounted to the redemption date at the applicable treasury rate plus 50 basis points, plus, in each case, accrued and unpaid interest thereon to, but excluding, the redemption date. At any time on or after the Par Call Date, we may, at our option, redeem the notes in whole or in part, at a redemption price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest thereon to, but excluding, the redemption date. The indenture governing the Senior Notes due 2025 contains covenants customary for securities of this nature, including covenants related to the payments of the notes, reports to be provided, compliance certificates to be issued and the ability to modify the covenants. Additionally, the indenture includes covenants restricting us from encumbering the capital stock of a designated subsidiary (as defined in the indenture for the notes) or disposing of any capital stock of any designated subsidiary unless either all of the stock is disposed of or we retain more than 80% of the stock. FHLB Advances As of September 30, 2020, we had $141.1 million of fixed-rate advances outstanding with a weighted average interest rate of 1.35%. Interest on the FHLB advances is payable quarterly, or at maturity if the term of the advance is less than 90 days. Principal is due at maturity. For obligations with maturities greater than or equal to 90 days, we may prepay the debt at any time, subject to a prepayment fee calculation. The principal balance of the FHLB advances are required to be collateralized by eligible assets with a market value that must be maintained generally within a range of 103% to 111% of market value, depending on the type of collateral pledged. Our fixed-maturities available for sale include securities totaling $158.9 million and $143.1 million at September 30, 2020 and December 31, 2019, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our FHLB advances. Revolving Credit Facility Radian Group has in place a $267.5 million unsecured revolving credit facility with a syndicate of bank lenders, which has a maturity date of January 18, 2022. At September 30, 2020, Radian Group was in compliance with all of the credit facility covenants, and there were no amounts outstanding. For more information regarding our revolving credit facility, including certain of its terms and covenants, see Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.

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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://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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