Quarterly report pursuant to Section 13 or 15(d)

Credit Facilities (Tables)

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Credit Facilities (Tables)
 3 Months Ended
Mar. 31, 2017
Text Block [Abstract]  
Schedule of Additional Detail on Credit Facility

The following table provides additional detail on our credit facility as of March 31, 2017 and December 31, 2016:

 

     March 31,
2017		     December 31,
2016		  
     (dollars in millions)  

Outstanding balance

    $ 305     $ 283  

Value of collateral pledged to credit facility

    $ 513     $ 471  

Weighted average short-term borrowing rate

      2.6 %      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.