Note 11 - Borrowings and Financing Activities

3 Months Ended

Mar. 31, 2020

The carrying value of our debt at March 31, 2020 and December 31, 2019 was as follows:



(In thousands)	March 31, 2020		December 31, 2019
Senior notes:
4.500% Senior Notes due 2024	$	444,707	$	444,445
4.875% Senior Notes due 2027	442,877		442,665
Total senior notes	$	887,584	$	887,110

FHLB advances:
FHLB advances due 2020	$	97,902	$	79,002
FHLB advances due 2021	24,000		19,000
FHLB advances due 2022	16,925		11,925
FHLB advances due 2023	14,994		14,994
FHLB advances due 2024	9,954		9,954
FHLB advances due 2025	9,985		—
Total FHLB advances	$	173,760	$	134,875

FHLB Advances

As of March 31, 2020, we had $173.8 million of fixed-rate advances outstanding with a weighted average interest rate of 1.50%. Interest on the FHLB advances is payable quarterly, or at maturity if the term of the advance is less than 90 days. Principal is due at maturity. For obligations with maturities greater than or equal to 90 days, we may prepay the debt at any time, subject to a prepayment fee calculation.

The FHLB advances are required to be collateralized by eligible assets with a market value that must be maintained at a minimum of approximately 103% to 105% of the principal balance of the FHLB advances. Our fixed-maturities available for sale include securities totaling $185.7 million and $143.1 million at March 31, 2020 and December 31, 2019, respectively, which serve as collateral for our FHLB advances to satisfy this requirement. See Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K for additional information about our FHLB advances.

Revolving Credit Facility

Radian Group has in place a $267.5 million unsecured revolving credit facility with a syndicate of bank lenders. Effective May 6, 2020, the credit facility was amended to extend the maturity date from October 16, 2020 to January 18, 2022 and to change a defined term related to LIBOR replacement rates. No other terms or conditions of the credit facility were amended. At March 31, 2020, Radian Group was in compliance with all of the credit facility covenants, and there were no amounts outstanding. For more information regarding our revolving credit facility, including certain of its terms and covenants, see Note 12 of Notes to Consolidated Financial Statements in our 2019 Form 10-K.