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Debt | 3 Months Ended
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Mar. 31, 2012
Debt |
Debt |
Note 6. Debt White Mountains’ debt outstanding as of March 31, 2012 and December 31, 2011 consisted of the following:
Millions |  | March 31, 2012 |  | December 31, 2011 |
OBH Senior Notes, at face value |  | $ | 269.9 |  | $ | 269.9 |
Unamortized original issue discount |  | (.1 | ) | (.1 | )
OBH Senior Notes, carrying value |  | 269.8 |  | 269.8 |
SIG Senior Notes, at face value |  | 400.0 |  | 400.0 |
Unamortized original issue discount |  | (.7 | ) | (.7 | )
SIG Senior Notes, carrying value |  | 399.3 |  | 399.3 |
WTM Bank Facility |  | — |  | — |
Other debt (1) |  | 6.0 |  | 6.3 |
Old Lyme |  | 2.1 |  | 2.1 |
Total debt |  | $ | 677.2 |  | $ | 677.5 |
(1) Other debt relates to White Mountains’ consolidation of Hamer and Bri-Mar. 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, N.A. As of March 31, 2012, the WTM Bank Facility was undrawn. Debt Covenants At March 31, 2012, White Mountains was in compliance with all of the covenants under the WTM Bank Facility, the OneBeacon U.S. Holdings, Inc. (“OBH”) Senior Notes and the SIG Senior Notes. Old Lyme On December 30, 2011, Sirius Group acquired the run-off loss reserve portfolio of Old Lyme (see Note 2). As part of the acquisition, Sirius Group entered into a five-year $2.1 million purchase note. The principal amount of the purchase note is subject to upward adjustments for favorable loss reserve development (up to 50% of $6.0 million) and downward adjustments for any adverse loss reserve development.

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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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