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v3.22.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Disclosure [Abstract] |
Schedule of debt outstanding | The following table presents White Mountains’s debt outstanding as of March 31, 2022 and December 31, 2021:
$ in Millions |  | March 31, 2022 |  | Effective Rate | (1) | December 31, 2021 |  | Effective Rate | (1)
Ark 2007 Subordinated Notes, carrying value |  | $ | 30.0 |  |  |  |  | $ | 30.0 |  |  |  |
Ark 2021 Notes Tranche 1 |  | 42.9 |  |  |  |  | 44.2 |  |  |  |
Ark 2021 Notes Tranche 2 |  | 47.0 |  |  |  |  | 47.0 |  |  |  |
Ark 2021 Notes Tranche 3 |  | 70.0 |  |  |  |  | 70.0 |  |  |  |
Unamortized issuance cost |  | (5.1) |  |  |  |  | (5.3) |  |  |  |
Ark 2021 Subordinated Notes, carrying value |  | 154.8 |  |  |  |  | 155.9 |  |  |  |
Total Ark Subordinated Notes, carrying value |  | 184.8 |  |  | 6.6% |  | 185.9 |  |  | 6.9% |
NSM Bank Facility |  | 275.9 |  |  | 7.0% | (2) | 277.6 |  |  | 7.3% | (2)
Unamortized issuance cost |  | (5.9) |  |  |  |  | (6.4) |  |  |  |
NSM Bank Facility, carrying value |  | 270.0 |  |  |  |  | 271.2 |  |  |  |
Other NSM debt |  | .6 |  |  | 5.8% |  | .9 |  |  | 2.9% |
Kudu Credit Facility |  | 225.4 |  |  | 5.0% |  | 225.4 |  |  | 4.3% |
Unamortized issuance cost |  | (7.2) |  |  |  |  | (7.2) |  |  |  |
Kudu Credit Facility, carrying value |  | 218.2 |  |  |  |  | 218.2 |  |  |  |
Other Operations debt |  | 17.8 |  |  | 7.3% |  | 17.1 |  |  | 7.5% |
Unamortized issuance cost |  | (.5) |  |  |  |  | (.3) |  |  |  |
Other Operations debt, carrying value |  | 17.3 |  |  |  |  | 16.8 |  |  |  |
Total debt |  | $ | 690.9 |  |  |  |  | $ | 693.0 |  |  |  |
(1) Effective rate includes the effect of the amortization of debt issuance costs. (2) NSM’s effective rate excludes the effect of the interest rate swap and the interest rate cap on the debt. See Note 9 — “Derivatives”. The weighted average interest rate for the quarter ended March 31, 2022 and December 31, 2021, excluding the effect of amortization of debt issuance costs, was 6.1% and 6.5%. The weighted average interest rate for the quarter ended March 31, 2022 and December 31, 2021 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap and the interest rate cap was 2.9% and 8.2%. The following table presents the change in debt under the NSM Bank Facility for the three months ended March 31, 2022 and 2021:
Millions |  |  |  | Three Months Ended March 31,
NSM Bank Facility |  |  |  |  |  | 2022 |  | 2021
Beginning balance |  |  |  |  |  | $ | 277.6 |  |  | $ | 277.4 |
Term loans |  |  |  |  |  |  |  |
Borrowings |  |  |  |  |  | — |  |  | — |
Repayments |  |  |  |  |  | (.7) |  |  | (.7) |
Foreign currency translation |  |  |  |  |  | (1.5) |  |  | .6 |
Revolving credit loan |  |  |  |  |  |  |  |
Borrowings |  |  |  |  |  | 13.0 |  |  | — |
Repayments |  |  |  |  |  | (12.5) |  |  | — |
Ending balance |  |  |  |  |  | $ | 275.9 |  |  | $ | 277.3 |
The following table presents the change in debt under the Kudu Bank Facility and Kudu Credit Facility for the three months ended March 31, 2022 and 2021:
|  | Three Months Ended March 31,
Millions |  | 2022 |  | 2021 |  |
Kudu Bank Facility |  |  |  |  |  |
Beginning balance |  | $ | — |  |  | $ | 89.2 |  |  |
Term loans |  |  |  |  |  |
Borrowings |  | — |  |  | 3.0 |  |  |
Repayments |  | — |  |  | (92.2) |  |  |
Ending balance |  | $ | — |  |  | $ | — |  |  |
Kudu Credit Facility |  |  |  |  |  |
Beginning balance |  | $ | 225.4 |  |  | $ | — |  |  |
Term loans |  |  |  |  |  |
Borrowings |  | — |  |  | 102.0 |  |  |
Repayments |  | — |  |  | — |  |  |
Ending balance |  | $ | 225.4 |  |  | $ | 102.0 |  |  |
Schedule of Debt | The following table presents the NSM weighted average interest rate for the three months ended March 31, 2022 and 2021:
$ in Millions |  | Three Months Ended March 31,
|  | 2022 |  | 2021
NSM Weighted Average Interest Rate |  | Weighted Average |  | Interest Expense (1) |  | Weighted Average Interest rate |  | Weighted Average |  | Interest Expense (2) |  | Weighted Average Interest rate
Term loan - hedged |  | $ | — |  |  | $ | — |  |  | — | % |  | $ | 147.6 |  |  | $ | 3.4 |  |  | 9.2 | %
Term loan - unhedged |  | 273.5 |  | 2.0 |  | 2.9 | % |  | 129.8 |  | 2.5 |  | 7.7 | %
Total NSM Bank Facility |  | $ | 273.5 |  |  | $ | 2.0 |  |  | 2.9 | % |  | $ | 277.4 |  |  | $ | 5.9 |  |  | 8.5 | %
(1) For the three months ended March 31, 2022, interest expense includes the amortization of debt issuance costs of $0.5 and the effect of the interest rate swap and interest rate cap of $(2.7). For the three months ended March 31, 2022, interest expense excludes $0.1 related to the revolving credit loan. (2) For the three months ended March 31, 2021, interest expense includes the amortization of debt issuance costs of $0.3 and the effect of the interest rate swap and interest rate cap of $0.6.

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