Quarterly report pursuant to Section 13 or 15(d)

Credit Facility (Tables)

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Credit Facility (Tables)
 9 Months Ended
Sep. 30, 2015
Text Block [Abstract]  
Schedule of Additional Detail on Credit Facility

The following table provides additional detail on our credit facility as of September 30, 2015 and December 31, 2014:

 

     September 30,
2015		     December 31,
2014		  
     (dollars in millions)  

Outstanding balance

    $ 378      $ 316   

Value of collateral pledged to credit facility

    $ 533      $ 422   

Weighted average short-term borrowing rate

      2.3 %      2.4 % 
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.