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Debt
 3 Months Ended
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.