Debt

12 Months Ended

Dec. 31, 2019

Debt is composed of the following long term obligations.



December 31
(In millions)	2019		2018
Senior notes of CNAF:
5.875%, face amount of $500, due August 15, 2020⁽¹⁾	$	—	$	499
5.750%, face amount of $400, due August 15, 2021	399		399
3.950%, face amount of $550, due May 15, 2024	548		547
4.500%, face amount of $500, due March 1, 2026	498		498
3.450%, face amount of $500, due August 15, 2027	496		495
3.900%, face amount of $500, due May 1, 2029	496		—
Debenture of CNAF, 7.250%, face amount of $243, due November 15, 2023	242		242
Total	$	2,679	$	2,680

(1) The Company redeemed these notes in the second quarter of 2019.

CCC is a member of the Federal Home Loan Bank of Chicago (FHLBC). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CCC held $5 million of FHLBC stock as of December 31, 2019 giving it immediate access to approximately $111 million of additional liquidity. As of December 31, 2019 and 2018, CCC had no outstanding borrowings from the FHLBC.

During the fourth quarter of 2019, the Company amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At the Company's election, the commitments under the agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. Under the agreement, the Company is required to pay a facility fee which will adjust automatically in the event of a change in the Company's financial ratings. The agreement includes several covenants, including maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization. The minimum consolidated net worth, as defined, at December 31, 2019, was $8.7 billion. As of December 31, 2019 and 2018, the Company had no outstanding borrowings under the credit agreement.

The Company's debt obligations contain customary covenants for investment grade issuers. The Company was in compliance with all covenants as of and for the years ended December 31, 2019 and 2018.

The combined aggregate maturities for debt as of December 31, 2019 are presented in the following table.



(In millions)
2020	$	—
2021	400
2022	—
2023	243
2024	550
Thereafter	1,500
Less discount	(14		)
Total	$	2,679