Debt

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt obligations

The aggregate carrying values of our long-term debt obligations and their par values, if different, as of September 30, 2021 and December 31, 2020 are presented in table 3.1 below.

Long-term debt obligations
Table	3.1
(In millions)		September 30, 2021		December 31, 2020
FHLB Advance - 1.91%, due February 2023		$	155.0	$	155.0
5.75% Notes, due August 2023 (par value: $242.3 million)		241.1		240.6
5.25% Notes, due August 2028 (par value: $650 million)		639.9		638.8
9% Debentures, due April 2063 (1)		208.8		208.8
Long-term debt, carrying value		$	1,244.8	$	1,243.2

(1)Convertible at any time prior to maturity at the holder’s option, at a conversion rate, which is subject to adjustment, of 75.5932 shares per $1,000 principal amount, representing a conversion price of approximately $13.23 per share. The payment of dividends by our holding company results in adjustments to the conversion rate, with such adjustment generally deferred until the end of the year.

The 5.75% Senior Notes (“5.75% Notes”), 5.25% Senior Notes (5.25% Notes) and 9% Convertible Junior Subordinated Debentures (“9% Debentures”) are obligations of our holding company, MGIC Investment Corporation. The Federal Home Loan Bank Advance (the “FHLB Advance”) is an obligation of MGIC.

See Note 7 “Debt” in our Annual Report on Form 10-K for the year ended December 31, 2020 for additional information pertaining to our debt obligations and the 2020 repurchase of a portion of our 5.75% Notes and 9% Debentures resulting in a total loss on debt extinguishment of $26.7 million .As of September 30, 2021 we are in compliance with all of our debt covenants.

Interest payments

Interest payments for the nine months ended September 30, 2021 and 2020 were $60.0 million and $44.2 million, respectively.