Annual report pursuant to Section 13 and 15(d)

Credit Facility (Tables)

v3.3.1.900
Credit Facility (Tables)
 12 Months Ended
Dec. 31, 2015
Text Block [Abstract]  
Schedule of Limit of Borrowing at Any Point in Time and Total Maximum Advances

The limit of borrowing at any point in time and the total maximum advances 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 31, 2014

    $ 125       $ 325       $ 375       $ 975   

December 31, 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, 2015 and 2014:

 

     December 31,  
         2015             2014      
     (dollars in millions)  

Outstanding balance

    $ 247      $ 316   

Value of collateral pledged to credit facility

    $ 356      $ 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.