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Long Term Borrowings
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long Term Borrowings
21. Long Term Borrowings
The following is a summary of our long term borrowings:
September 30, 2025December 31, 2024
(Dollars in millions)
Term Loan Credit Facility - due May 25, 2027
$598 $1,297 
5.000% Senior Notes - due June 15, 2027
489 485 
5.750% Senior Notes - due October 1, 2029
596 595 
6.144% Senior Notes - due June 13, 2032
497 496 
6.000% Senior Notes - due July 15, 2035
692 — 
5.000% American Equity Capital Trust II - due June 1, 2047
84 84 
7.000% Fixed-Rate Reset Junior Subordinated Notes - due December 1, 2055
493 — 
Total
$3,449 $2,957 
Term Loan Credit Facility - On June 27, 2025, the Company repaid $700 million under this agreement using proceeds of the 2035 Senior Notes issued on June 27, 2025.
6.000% Senior Notes - On June 27, 2025, the Company issued $700 million aggregate principal amount of 6.000% Senior Notes due 2035 (the “2035 Senior Notes”). The 2035 Senior Notes bear interest at the rate of 6.000% per year, payable semi-annually on January 15 and July 15, beginning on January 15, 2026. The 2035 Senior Notes will mature on July 15, 2035; however the Company may, at its option, redeem some or all of the 2035 Senior Notes, at any time or from time to time prior to their maturity at the applicable redemption price, plus any accrued and unpaid interest thereon to, but excluding, the redemption date for the 2035 Senior Notes. We used the net proceeds from this offering to repay a portion of the outstanding indebtedness under our Term Loan Credit Facility.
7.000% Fixed-Rate Reset Junior Subordinated Notes - On August 22, 2025, the Company issued $500 million aggregate principal amount of 7.000% Fixed-Rate Reset Junior Subordinated Notes due 2055 (the “2055 Notes”). The 2055 Notes are unsecured and junior subordinated obligations of the Company that rank equally in right of payment with all of the Company’s future equally-ranking junior subordinated indebtedness and that rank junior in right of payment to all of the Company’s existing and future senior indebtedness. The 2055 Notes are effectively subordinated to all of the existing and future indebtedness and other liabilities of the Company’s subsidiaries. The 2055 Notes bear interest (i) until, but excluding, December 1, 2030 (the “First Reset Date”), at the rate of 7.000% per annum and (ii) from, and including, December 1, 2030, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the applicable indenture) plus 3.183%, to be reset on each Reset Date (as defined in the applicable indenture), provided that such rate will not reset below 7.000%. The 2055 Notes will mature on December 1, 2055; however the Company may, at its option, redeem some or all of the 2055 Notes at any time or from time to time prior to their maturity (i) during the three-month period prior to, and including, the First Reset Date and (ii) after the First Reset Date, on any interest payment date, at the applicable redemption price, plus any accrued and unpaid interest thereon (including compounded interest, if any) to, but excluding, the date of redemption for the 2055 Notes.
The agreements above require the Company and its subsidiaries to maintain minimum net worth covenants. As of September 30, 2025 and December 31, 2024, the Company was in compliance with its financial covenants.