Short And Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2016

Total indebtedness is as follows:



	March 31, 2016		December 31, 2015
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	200
Term Loan B Facility	1,837		1,839
Term Loan A Facility	428		433
3.375% Senior Notes	500		499
4.50% Senior Notes	435		434
5.25% Senior Notes	544		297
Total Short-Term & Long-Term Debt	$	3,744	$	3,702
Securitization Obligations:
Apple Ridge Funding LLC	$	209	$	238
Cartus Financing Limited	11		9
Total Securitization Obligations	$	220	$	247

Schedule of Debt

As of March 31, 2016, the Company’s borrowing arrangements were as follows:



	Interest Rate	Expiration Date	Principal Amount		Unamortized Discount and Debt Issuance Costs		Net Amount
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	October 2020	$	—	$ *		$	—
Term Loan B Facility	(3)	March 2020	1,863		26		1,837
Term Loan A Facility	(4)	October 2020	430		2		428
Senior Notes	3.375%	May 2016	500		—		500
Senior Notes	4.50%	April 2019	450		15		435
Senior Notes	5.25%	December 2021	550		6		544
Securitization obligations: (5)
Apple Ridge Funding LLC (6)		June 2016	209		*		209
Cartus Financing Limited (7)		August 2016	11		*		11
Total (8)			$	4,013	$	49	$	3,964

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

(1)

As of March 31, 2016, the Company had $815 million of borrowing capacity under its Revolving Credit Facility leaving $815 million of available capacity. On May 3, 2016, the Company had $400 million outstanding borrowings on the Revolving Credit Facility and no outstanding letters of credit on such facility, leaving $415 million of available capacity. The increase in outstanding borrowings compared to March 31, 2016 was a result of the repayment of the 3.375% Senior Notes at maturity on May 2, 2016.

(2)

Interest rates with respect to revolving loans under the Term Loan A Facility at March 31, 2016 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 December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.


(3)	The Term Loan B 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, which commenced 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 December 31, 2015 senior secured leverage ratio, the LIBOR margin was 2.25% and the ABR margin was 1.25%.


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


(6)	As of March 31, 2016, the Company had $325 million of borrowing capacity under the Apple Ridge Funding LLC securitization program leaving $116 million of available capacity.


(7)	Consists of a £20 million revolving loan facility and a £5 million working capital facility. As of March 31, 2016, the Company had $36 million of borrowing capacity under the Cartus Financing Limited securitization program leaving $25 million of available capacity.


(8)	Not included in this table, the Company had $133 million of outstanding letters of credit at March 31, 2016, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $80 million was under the unsecured letter of credit facility with a rate of 2.98%.

Schedule of Maturities of Long-term Debt



Year	Amount
Remaining 2016	$	531
2017	41
2018	52
2019	513
2020	2,106

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%