Note 8. Short And Long-Term Debt Short and Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2015

Total indebtedness is as follows:



	December 31,
	2015		2014
Senior Secured Credit Facility:
Revolving Credit Facility	$	200	$	—
Term Loan B Facility	1,839		1,853
Term Loan A Facility	433		—
7.625% First Lien Notes	—		586
9.00% First and a Half Lien Notes	—		194
3.375% Senior Notes	499		497
4.50% Senior Notes	434		429
5.25% Senior Notes	297		296
Total Short-Term & Long-Term Debt	$	3,702	$	3,855
Securitization Obligations:
Apple Ridge Funding LLC	$	238	$	255
Cartus Financing Limited	9		14
Total Securitization Obligations	$	247	$	269

Schedule of Debt

As of December 31, 2015, the Company’s borrowing arrangements were as follows:



	Interest Rate	Expiration Date	Principal		Unamortized Discount and Debt Issuance Costs		Net
Senior Secured Credit Facility:
Revolving Credit Facility(1)	(2)	October 2020	$	200	*		$	200
Term Loan B Facility	(3)	March 2020	1,867		28		1,839
Term Loan A Facility	(4)	October 2020	435		2		433
Senior Notes	3.375%	May 2016	500		1		499
Senior Notes	4.50%	April 2019	450		16		434
Senior Notes	5.25%	December 2021	300		3		297
Securitization obligations:(5)
Apple Ridge Funding LLC (6)		June 2016	238		*		238
Cartus Financing Limited (7)		August 2016	9		*		9
Total (8)			$	3,999	$	50	$	3,949

_______________


*	The debt issuance costs related to our Revolving Credit Facility and Securitization Obligations remain classified as a deferred asset within other assets.


(1)	As of December 31, 2015, the Company had $815 million of borrowing capacity under its Revolving Credit Facility leaving $615 million of available capacity. On February 19, 2016, the Company had $200 million outstanding borrowings on the Revolving Credit Facility and no outstanding letters of credit on such facility, leaving $615 million of available capacity.

(2)

Interest rates with respect to revolving loans under the Term Loan A Facility at December 31, 2015 were based on, at the Company’s option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the September 30, 2015 senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00%.


(3)	The Term Loan B Facility provides for quarterly amortization payments totaling 1% per annum of the original principal amount. The interest rate with respect to the Term Loan B Facility is based on, at the Company’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

(4)

The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, (a) adjusted LIBOR plus an additional margin or (b) ABR plus an additional margin, in each case subject to adjustment based on the then current senior secured leverage ratio. Based on the September 30, 2015 senior secured leverage ratio, the LIBOR margin was 2.00% and the ABR margin was 1.00%.


(5)	Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.


(6)	As of December 31, 2015, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $87 million of available capacity.


(7)	Consists of a £20 million revolving loan facility and a £5 million working capital facility. As of December 31, 2015, the Company had $38 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $29 million of available capacity.


(8)	Not included in this table, the Company had $134 million of outstanding letters of credit at December 31, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $81 million was under the unsecured letter of credit facility with a rate of 2.98%.

Schedule of Maturities of Long-term Debt

As of December 31, 2015, the combined aggregate amount of maturities for long-term borrowings, excluding revolver borrowings and securitization obligations, for each of the next five years is as follows:



Year	Amount
2016	$	541
2017	41
2018	52
2019	513
2020	2,105

Interest Rate Table for Revolving Credit Facility



Senior Secured Leverage Ratio	Applicable LIBOR Margin	Applicable ABR Margin
Greater than 3.50 to 1.00	2.50%	1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00	2.25%	1.25%
Less than 2.50 to 1.00	2.00%	1.00%

Interest Rate Table for Term Loan A Facility



Senior Secured Leverage Ratio	Applicable LIBOR Margin	Applicable ABR Margin
Greater than 3.50 to 1.00	2.50%	1.50%
Less than or equal to 3.50 to 1.00 but greater than or equal to 2.50 to 1.00	2.25%	1.25%
Less than 2.50 to 1.00	2.00%	1.00%