DEBT AND CREDIT FACILITIES

Except as noted below, there have been no material changes to the Company’s debt and credit facilities as described in its Form 10-K for the year ended December 31, 2016.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:




	June 30, 2017				December 31, 2016
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	$	296,400	$	295,053	$	—	$	—
3.700% Senior Notes due 2025	300,327		297,132		291,750		296,948
5.75% Senior Notes due 2020	268,228		249,106		270,875		248,941
Series B 7.50% Senior Notes due 2017	—		—		257,500		255,352
4.750% Senior Notes due 2025 (DaVinciRe) (1)	156,386		147,575		144,675		147,422
	$	1,021,341	$	988,866	$	964,800	$	948,663

(1)

RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

3.450% Senior Notes due 2027 of RenaissanceRe Finance

On June 29, 2017, RenaissanceRe Finance issued $300.0 million of its 3.450% Senior Notes due July 1, 2027, with interest on the notes payable on July 1 and January 1 of each year. The notes are fully and unconditionally guaranteed by RenaissanceRe and may be redeemed by RenaissanceRe Finance prior to maturity, subject to the payment of a “make-whole” premium if the notes are redeemed prior to April 1, 2027. The notes contain various covenants, including limitations on mergers and consolidations, and restrictions as to the disposition of, and the placing of liens on, stock of designated subsidiaries. The net proceeds from the offering of the notes are to be used for general corporate purposes.

Series B 7.50% Senior Notes due 2017 of Platinum Underwriters Finance, Inc.

On June 1, 2017, the Company repaid in full at maturity an aggregate principal amount of $250.0 million, plus applicable accrued interest, of its Series B 7.50% Senior Notes due 2017 assumed in connection with the acquisition of Platinum and originally issued by Platinum Underwriters Finance, Inc.

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:




At June 30, 2017	Issued or Drawn
RenaissanceRe Revolving Credit Facility	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	105,892
Uncommitted Standby Letter of Credit Facility with NAB	4,525
Bilateral Letter of Credit Facility with Citibank Europe	206,383
Funds at Lloyd’s Letter of Credit Facilities
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	496,800

Funds at Lloyd’s Letter of Credit Facilities
Specialty Risks FAL Facility	£	10,000
Total credit facilities in British Pounds	£	10,000

Funds at Lloyd’s Letter of Credit Facilities

Effective as of May 25, 2017, Renaissance Reinsurance entered into an amendment to its letter of credit facility with Bank of Montreal (“BMO”), Citibank Europe plc, (“CEP”), and ING Bank N.V. (“ING”) as lenders (the “Renaissance Reinsurance FAL Facility”), which provided for the issuance by the lenders of two letters of credit to support business written by Syndicate 1458 with stated amounts of $380.0 million and £90.0 million, respectively. Pursuant to the amendment, the stated amount of the $380.0 million letter of credit was reduced to $180.0 million and the £90.0 million letter of credit was cancelled. In addition, pursuant to the amendment, Renaissance Reinsurance may request that the Renaissance Reinsurance FAL Facility be amended to increase the stated amount of the letter of credit, or issue a new letter or credit denominated in Pounds, in an aggregate amount for all such increases or issuances not to exceed $75.0 million or the equivalent thereof. All other terms and conditions of the Renaissance Reinsurance FAL Facility remained the same.