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Debt | 9 Months Ended
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Sep. 30, 2011
Debt |
Debt |
Note 6. Debt White Mountains’ debt outstanding as of September 30, 2011 and December 31, 2010 consisted of the following:
Millions |  | September 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 |
Sirius Group Senior Notes, at face value |  | 400.0 |  | 400.0 |
Unamortized original issue discount |  | (.7 | ) | (.8 | )
Sirius Group Senior Notes, carrying value |  | 399.3 |  | 399.2 |
WTM Bank Facility |  | — |  | — |
Total debt |  | $ | 669.0 |  | $ | 818.8 |
OBH Senior Notes On April 20, 2011, through a cash tender offer, OneBeacon U.S. Holdings, Inc. (“OBH”) purchased and retired $150.0 million 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 OBH Senior Notes for an aggregate purchase price of $165.4 million, which resulted in a $9.6 million loss, including transaction fees. 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. Bank Facility On August 12, 2011 White Mountains entered into a new revolving credit facility with a total commitment of $375.0 million (the “WTM Bank Facility”) with a syndicate of lenders administered by Bank of America. The WTM Bank Facility replaces the previous revolving credit facility which had a total commitment of $475.0 million. As of September 30, 2011, the WTM Bank Facility was undrawn. During the third quarter of 2011, White Mountains recorded $2.2 million of interest expense on the WTM Bank Facility, primarily related to costs associated with entering into the new facility. Debt Covenants At September 30, 2011, White Mountains was in compliance with all debt covenants.

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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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