Debt

3 Months Ended

Mar. 31, 2020

Debt obligations

The par value of our long-term debt obligations and their aggregate carrying values as of March 31, 2020 and December 31, 2019 are presented in table 3.1 below.



Long-term debt obligations
Table	3.1
(In millions)		March 31, 2020		December 31, 2019
FHLB Advance - 1.91%, due February 2023		$	155.0	$	155.0
5.75% Notes, due August 2023 (par value: $425 million)		421.2		420.8
9% Debentures, due April 2063 ⁽¹⁾		256.9		256.9
Long-term debt, carrying value		$	833.1	$	832.7


⁽¹⁾	Convertible at any time prior to maturity at the holder’s option, at a conversion rate, which is subject to adjustment, of 74.4718 shares per $1,000 principal amount, representing a conversion price of approximately $13.43 per share.

The 5.75% Senior Notes (“5.75% Notes”), 9% Convertible Junior Subordinated Debentures (“9% Debentures”) are obligations of our holding company, MGIC Investment Corporation, and not of its subsidiaries. The Federal Home Loan Bank Advance (the “FHLB Advance”) is an obligation of MGIC.

Interest payments

Interest payments for the three months ended March 31, 2020 and 2019 were $13.0 million and $13.1 million, respectively.

See Note 7 “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2019 for additional information pertaining to our debt obligations. As of March 31, 2020 we are in compliance with all of our debt covenants.