Note 11 - Long-Term Debt (Notes)

9 Months Ended

Sep. 30, 2012

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

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



(In thousands)			September 30, 2012		December 31, 2011
5.625	%	Senior Notes due 2013	$	79,609	$	252,267
5.375	%	Senior Notes due 2015	249,855		249,819
3.000	%	Convertible Senior Notes due 2017 (1)	329,655		316,498
		Total Long-Term Debt	$	659,119	$	818,584

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(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 and third quarters of 2012, Radian Group purchased an additional $24.1 million in aggregate principal amount of the outstanding 2013 Notes resulting in an additional gain of $1.0 million.

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