Note 11 - Long-Term Debt Level 1 (Notes)

6 Months Ended

Jun. 30, 2012

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

The composition of our long-term debt at June 30, 2012 and December 31, 2011, was as follows:



(In thousands)			June 30, 2012		December 31, 2011
5.625	%	Senior Notes due 2013	$	91,800	$	252,267
5.375	%	Senior Notes due 2015	249,843		249,819
3.000	%	Convertible Senior Notes due 2017 (1)	325,163		316,498
		Total Long-Term Debt	$	666,806	$	818,584

_________________________

(1) The principal amount of these notes is $450 million.

On February 23, 2012, Radian Group commenced a “Modified Dutch Auction” tender offer (the “Tender Offer”) to purchase a portion of its outstanding 2013 Notes. We acquired $146.5 million in aggregate principal amount of the 2013 Notes as a result of the Tender Offer for a price of $900 per $1,000 principal amount of Notes, which represented 59% of the principal amount of the 2013 Notes outstanding. The transaction resulted in a realized gain of $15.2 million, representing the excess of carrying value over the purchase price. During the second quarter of 2012, Radian Group purchased an additional $12.2 million in aggregate principal amount of the outstanding 2013 Notes resulting in an additional gain of $0.7 million. Since June 30, 2012, we have purchased an additional $12.0 million in principal amount of the 2013 Notes.

As of June 30, 2012 and December 31, 2011, we were in compliance with all provisions of each of our indentures for our outstanding notes.