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Borrowings and Other Financings
 6 Months Ended
Jun. 30, 2024
Borrowings and Other Financings
(14) Borrowings and Other Financings
(a) Long-Term Borrowings
The following table sets forth total long-term borrowings as of the dates indicated:
 
(Amounts in millions)
  
June 30,

2024
 
  
December 31,

2023
 
Genworth Holdings
 
  
6.50% Senior Notes, due 2034
(1)
    $ 262      $ 262  
Floating Rate Junior Subordinated Notes, due 2066
(2)
      574        592  
  
 
 
     
 
 
  
Subtotal
      836        854  
Bond consent fees
      (9 )       (9 ) 
Deferred borrowing charges
      (5 )       (6 ) 
  
 
 
     
 
 
  
Total Genworth Holdings
      822        839  
  
 
 
     
 
 
  
Enact Holdings
      
6.50% Senior Notes, due 2025
      —         750  
6.25% Senior Notes, due 2029
      750        —   
Deferred borrowing charges
      (8 )       (5 ) 
  
 
 
     
 
 
  
Total Enact Holdings
      742        745  
  
 
 
     
 
 
  
Total
    $ 1,564      $ 1,584  
  
 
 
     
 
 
  
 
(1)
Genworth Holdings has the option to redeem all or a portion of the senior notes at any time with notice to the noteholders at a price equal to the greater of 100% of principal or the sum of the present value of the remaining scheduled payments of principal and interest discounted at the then-current treasury rate plus an applicable spread.
(2)
Genworth Holdings may repay, redeem or repurchase $2,000 principal amount of its junior subordinated notes for each $1,000 principal amount of its senior notes repaid, redeemed or repurchased.

Genworth Holdings
During the six months ended June 30, 2024, Genworth Holdings repurchased $18 million principal of its floating rate junior subordinated notes due in 2066 for a
pre-tax
gain of $3 million and paid accrued interest thereon.
Enact Holdings
On May 28, 2024, Enact Holdings issued
 $750 
million aggregate principal amount of unsecured senior notes, maturing on May 28, 2029 (“2029 Notes”). The 2029 Notes bear interest at an annual rate o
f 6.25%, payable semi-annually in arrears on May 28 and November 28 of each year, commencing on November 28, 2024. Enact Holdings has the option to redeem all or a portion of the 2029 Notes at any time prior to April 28, 2029 with notice to the noteholders at a price equal to the greater of the present value of the remaining scheduled principal and interest payments discounted at the then-current treasury rate plus 30 basis points or 100% of the principal, plus in either case, accrued and unpaid interest. At any time on or after April 28, 2029, Enact Holdings may redeem all or a portion of the 2029 Notes with notice to the noteholders at a price equal to 100% of the principal plus accrued and unpaid interest. The 2029 Notes contain customary events of default, which subject to certain notice and cure conditions, can result in the acceleration of the principal and accrued interest on the outstanding notes if Enact Holdings breaches the terms of the indenture.
On June 3, 2024, Enact Holdings redeemed all of its 6.50% senior notes due in 2025 for a
pre-tax
loss of $11 million. Enact Holdings funded the redemption primarily through the net proceeds from the issuance of its 2029 Notes.
(b) Revolving Credit Facility
Enact Holdings
On June 30, 2022, Enact Holdings entered into a credit agreement with a syndicate of lenders that provides for a five-year unsecured revolving credit facility in the initial aggregate principal amount of $200 
million, including the ability for Enact Holdings to increase the commitments under the credit facility on an uncommitted basis, by an additional aggregate principal amount of up to $100 million. Any borrowings under Enact Holdings’ credit facility will bear interest at a per annum rate equal to a floating rate tied to a standard short-term borrowing index selected at Enact Holdings’ option, plus an applicable margin, pursuant to the terms of the credit agreement. The applicable margin is based on Enact Holdings’ ratings established by certain debt rating agencies for its outstanding debt. Enact Holdings’ credit facility includes customary representations, warranties, covenants, terms and conditions. As of June 30, 2024, Enact Holdings was in compliance with all covenants and the credit facility remained undrawn.