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Debt | 6 Months Ended
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Jun. 30, 2011
Debt |
Debt |
Note 6. Debt White Mountains’ debt outstanding as of June 30, 2011 and December 31, 2010 consisted of the following:
Millions |  | June 30, 2011 |  | December 31, 2010 |
OBH Senior Notes, at face value |  | $ | 269.9 |  | $ | 419.9 |
Unamortized original issue discount |  | (.2 | ) | (.3 | )
OBH Senior Notes, carrying value |  | 269.7 |  | 419.6 |
WMRe Senior Notes, at face value |  | 400.0 |  | 400.0 |
Unamortized original issue discount |  | (.7 | ) | (.8 | )
WMRe Senior Notes, carrying value |  | 399.3 |  | 399.2 |
WTM Bank Facility |  | — |  | — |
Total debt |  | $ | 669.0 |  | $ | 818.8 |
OBH Senior Notes In April 2011, OneBeacon U.S. Holdings, Inc. (“OBH”) completed a cash tender offer for $150.0 million in aggregate principal amount of OBH Senior Notes for $161.6 million, which resulted in a $12.0 million loss, including transaction fees. On June 1, 2010, through a cash tender offer, OBH purchased and retired $156.4 million aggregate principal amount of the OBH Senior Notes for an aggregate purchase price of $165.4 million, which resulted in a $9.6 million loss. During 2010, in addition to the cash tender offer, OBH repurchased and retired $29.7 million of outstanding OBH Senior Notes for $30.8 million, which resulted in a $1.2 million loss and OBIC purchased $1.1 million of outstanding OBH Senior Notes for $1.1 million. At June 30, 2011, White Mountains and OneBeacon were in compliance with all of the covenants under the OBH Senior Notes. Bank Facility White Mountains has a revolving credit facility with a syndicate of lenders administered by Bank of America, N.A. with a total commitment of $475.0 million (the “WTM Bank Facility”). As of June 30, 2011, the WTM Bank Facility was undrawn. At June 30, 2011, White Mountains was in compliance with all of the covenants under the WTM Bank Facility.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
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