Senior Notes

9 Months Ended

Sep. 30, 2021

Senior Notes [Abstract]

Senior Notes

11. SENIOR NOTES

The table below displays Everest Reinsurance Holdings’ (“Holdings”) outstanding senior notes. Market value is based on quoted market prices, but due to limited trading activity, these senior notes are considered Level 2 in the fair value hierarchy.

				September 30, 2021				December 31, 2020
				Consolidated Balance				Consolidated Balance
(Dollars in thousands)	Date Issued	Date Due	Principal Amounts	Sheet Amount		Market Value		Sheet Amount		Market Value
4.868% Senior notes	6/5/2014	6/1/2044	400,000	$	397,284	$	506,828	$	397,194	$	528,000
3.5% Senior notes	10/07/2020	10/15/2050	1,000,000		979,915		1,065,400		979,524		1,138,100

On June 5, 2014, Holdings issued $400.0 million of 30 year senior notes with an interest coupon rate of 4.868%, which will mature on June 1, 2044. Interest is paid semi-annually on June 1 and December 1 of each year.

On October 7, 2020, Holdings issued $1,000.0 million of 30 year senior notes with an interest coupon rate of 3.50%, which will mature on October 15, 2050. Interest is paid semi-annually on April 15 and October 15 of each year.

On October 4, 2021, Holdings issued $1,000.0 million of 31 year senior notes with an interest coupon rate of 3.125%, which will mature on October 15, 2052. Interest is paid semi-annually on April 15 and October 15 of each year.

Interest expense incurred in connection with these senior notes is as follows for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars In thousands	2021		2020		2021		2020
Interest expense incurred 4.868% Senior notes	$	4,868	$	4,868	$	14,604	$	14,604
Interest expense incurred 3.5% Senior notes		8,805		-		26,415		-