Quarterly report pursuant to Section 13 or 15(d)

Credit Facilities (Tables)

v3.5.0.2
Credit Facilities (Tables)
 9 Months Ended
Sep. 30, 2016
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 are 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 September 30, 2016 and December 31, 2015:

 

     September 30,
2016		     December 31,
2015		  
     (dollars in millions)  

Outstanding balance

    $ 307      $ 247   

Value of collateral pledged to credit facility

    $ 423      $ 356   

Weighted average short-term borrowing rate

      2.4 %      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.