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CORPORATE AND SUBSIDIARY BORROWINGS | 6 Months Ended
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Jun. 30, 2022
Disclosure of financial liabilities [abstract] |
CORPORATE AND SUBSIDIARY BORROWINGS | CORPORATE AND SUBSIDIARY BORROWINGS The Company and its subsidiaries have bilateral revolving credit facilities backed by global banks. The total available amount on the credit facilities is $500 million. The credit facilities bear interest at the specified SOFR, CDOR, or bank ers’ acceptance rate plus a spread and have a maturity date of June 2027. As at June 30, 2022, $122 million was drawn on the bilateral credit facilities. The Company has a $1.0 billion 364-day revolving credit facility for the purpose of temporarily warehousing investments that will ultimately be transfe rred into our insurance investment portfolios in the near term. The facility borrowings are secured by the underlying investments related to the credit facility drawings. As at June 30, 2022, the facility had $672 million outstanding. In April 2022, the Company entered into a $1.0 billion 364-day secured facility. As at June 30, 2022, the facility was fully drawn. The facilities require the Company to maintain a minimum net worth covenant. At at June 30, 2022, the Company was in compliance with its financial covenants. The Company also has a revolving credit facility with Brookfield that, as at June 30, 2022, permitted borrowings of up to $400 million. As at June 30, 2022, there were no amounts drawn on the facility. Subsidiary borrowings of $1.5 billion relates to debt issued at American National.

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