On September 20, 2010, Alleghany completed a public offering of $300.0 million aggregate principal amount of its 5.625% senior notes due on September 15, 2020 (the “2020 Senior Notes”). The 2020 Senior Notes were unsecured and unsubordinated general obligations of Alleghany. Interest on the 2020 Senior Notes was payable semi-annually on March 15 and September 15 of each year. The terms of the 2020 Senior Notes permitted redemption prior to their maturity. The indenture under which the 2020 Senior Notes were issued contains covenants that impose conditions on Alleghany’s ability to create liens on, or engage in sales of, the capital stock of AIHL or RSUI. The 2020 Senior Notes were issued at approximately 99.6 percent of par, resulting in proceeds after underwriting discount, commissions and other expenses of $298.9 million and an effective yield of approximately 5.67 percent.

On January 15, 2020, Alleghany redeemed all of its outstanding 2020 Senior Notes for $312.7 million, consisting of the $300.0 million aggregate principal amount redeemed, $7.1 million of redemption premium and $5.6 million of accrued and unpaid interest on the principal amount being redeemed to the date of redemption. As a result of this early redemption of the 2020 Senior Notes, Alleghany recorded a realized loss, before tax, of $7.1 million in the first quarter of 2020.

See Note 8 to Notes to Consolidated Financial Statements set forth in Part II, Item 8, “Financial Statements and Supplementary Data” of the 2019 Form 10-K for additional information on other Alleghany senior notes outstanding.

The debt associated with Alleghany Capital’s operating subsidiaries totaled $429.8 million and $367.1 million as of March 31, 2020 and December 31, 2019, respectively, and is generally used to support working capital needs and to help finance acquisitions. As of March 31, 2020, the $429.8 million included:

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$161.6 million of borrowings by Jazwares under its available credit facilities and borrowings incurred and assumed from its acquisition of Wicked Cool Toys, LLC in October 2019;

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$105.8 million of borrowings by W&W|AFCO Steel under its available credit facility and term loan, including borrowings incurred and assumed from its acquisition of Hirschfeld Holdings, LP in February 2018;

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$74.2 million of term loans at Kentucky Trailer primarily related to borrowings to finance small acquisitions, including its acquisitions of a controlling interest in two manufacturers of aluminum feed transportation equipment in December 2018 and July 2019, and borrowings under its available credit facilities;

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$51.2 million of borrowings by IPS under its available credit facility and term loans, in part to finance a small acquisition in May 2019; and$

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$37.0 million of term loans at PCT primarily related to borrowings to finance the acquisition of a waterjet orifice and nozzle manufacturer in 2016 and the acquisition of a consumable cutting tool manufacturer in June 2019.

None of these liabilities are guaranteed by Alleghany or Alleghany Capital. In December 2019, third-party, floating-rate term loans at Concord were repaid and replaced with approximately $33 million of intercompany floating-rate debt funded by the Alleghany parent company. The intercompany debt and related interest expenses are eliminated at the Alleghany consolidated level.