Annual report pursuant to Section 13 and 15(d)

Credit Facility (Tables)

v3.6.0.2
Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2016
Text Block [Abstract]  
Schedule of Limit of Borrowing at Any Point in Time and Total Maximum Advances

 Our borrowing limits and the total maximum advances available to us under the facility is summarized below:

 

     Limit of Borrowing at any
point in time		      Maximum Total Advances  

As of

    G&I Facility      PF Facility      G&I Facility      PF Facility  
     (dollars in millions)  

December 2014

    $ 125      $ 325      $ 375      $ 975  

December 2015

    $ 150      $ 350      $ 450      $ 1,050  

January 2016

    $ 250      $ 250      $ 600      $ 900  

Schedule of Additional Detail on Credit Facility

The following table provides additional detail on our credit facility as of December 31, 2016 and 2015:

 

     December 31,  
         2016             2015      
     (dollars in millions)  

Outstanding balance

    $ 283     $ 247  

Value of collateral pledged to credit facility

    $ 471     $ 356  

Weighted average short-term borrowing rate

      2.3 %      2.3 % 

Summary of Required Covenant Included in Loan Agreements

We were in compliance with the required financial covenants described below at each quarterly reporting date that such covenants were applicable:

 

Covenant

    Covenant
Threshold		  

Minimum Liquidity (defined as available borrowings under the Loan Agreements plus unrestricted cash divided by actual borrowings) of greater than:

      5 % 

12 month rolling Net Interest Margin of greater than:

      zero  

Maximum Debt to Equity Ratio of less than: (1)

      4 to 1  

 

(1) Debt is defined as Total Indebtedness excluding accounts payable and accrued expenses and nonrecourse debt.