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Short Term Debt | 9 Months Ended
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Sep. 30, 2013
Notes to Financial Statements |
Short Term Debt | 4. Short-term debt Solitario maintains a secured credit line agreement with UBS Bank, USA (“UBS Bank”). During the three months ended September 30, 2013, Solitario repaid all amounts due on its secured line of credit and at September 30, 2013 Solitario has no balance outstanding on its secured line of credit. The credit line is secured by all of Solitario’s assets held in its UBS brokerage account, consisting primarily of 460,000 Kinross shares. The UBS Bank credit line carries an interest rate which floats, based upon a base rate of 2.25% plus the one-month London Interbank Offered Rate ("LIBOR"), which is 0.18% as of September 30, 2013. The average interest rate was approximately 2.45% for the period of the nine months ended September 30, 2013 that the secured line of credit was outstanding. See a discussion of Solitario’s UBS Bank line of credit under “Short-term debt” in the notes to the financial statements in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. At September 30, 2013, the equity value in Solitario's UBS brokerage account was 100%. Solitario also maintains a short-term margin account with RBC Capital Markets, LLC ("RBC"). See a discussion of Solitario’s RBC margin account under “Short-term debt” in the notes to the financial statements in Solitario’s Annual Report on Form 10-K for the year ended December 31, 2012. There were no balances outstanding at September 30, 2013 or December 31, 2012, or during the nine months ended September 30, 2013 on Solitario’s RBC margin account and the equity balance in Solitario's account at RBC was 100%. The following tables summarize Solitario’s short-term debt:
(in thousands) |
UBS short-term credit line |
Beginning balance December 31, 2012 | $ 1,500
Borrowing | 1,117
Repayments | (2,617)
Ending balance September 30, 2013 | $ -
(in thousands) | Three months ended September 30, | Nine months ended September 30,
| 2013 | 2012 | 2013 | 2012
Interest UBS short-term credit line | $ 3 | $5 | $ 19 | $36
Interest RBC short-term margin loan | - | 7 | - | 21
Total interest, short-term margin loans | $ 3 | $12 | $ 19 | $57
During the three and nine months ended September 30, Solitario capitalized all of its interest to mineral property. See Note 2, “Mineral property,” above.

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