v2.4.0.6
Debt (Tables)
 6 Months Ended
Jun. 30, 2012
Borrowings

The Company’s borrowings consisted of the following at June 30, 2012 and December 31, 2011:

 

(Amounts in Thousands)   2012     2011  
Revolving credit facility   $ —     $ —  
Subordinated debentures     123,714       123,714  
Convertible senior notes     159,797       138,506  
Secured loan agreements     9,536       10,018  
Promissory notes     5,000       7,362  
    $ 298,047     $ 279,600  
Aggregate Scheduled Maturities of Borrowings

Aggregate scheduled maturities of the Company’s borrowings at June 30, 2012 are:

 

(Amounts in Thousands)      
2012   $ 5,494  
2013     1,021  
2014     1,068  
2015     1,116  
2016     1,167  
Thereafter     288,181 (1)

 

  (1) Amount reflected in balance sheet for convertible senior notes is net of unamortized original issue discount of $40,203.
Trust Preferred Securities

The table below summarizes the Company’s trust preferred securities as of June 30, 2012:

 

    Aggregate                          
    Liquidation     Aggregate                 Per  
    Amount of     Liquidation     Aggregate           Annum  
(Amounts in Thousands)   Trust     Amount of     Principal     Stated     Interest  
    Preferred     Common     Amount     Maturity     Rate of  
Name of Trust   Securities     Securities     of Notes     of Notes     Notes  
AmTrust Capital Financing Trust I   $ 25,000     $ 774     $ 25,774       3/17/2035       8.275 (1)%
AmTrust Capital Financing Trust II     25,000       774       25,774       6/15/2035       7.710 (1)
AmTrust Capital Financing Trust III     30,000       928       30,928       9/15/2036       3.768 (2)
AmTrust Capital Financing Trust IV     40,000       1,238       41,238       3/15/2037       3.468 (3)
Total trust preferred securities   $ 120,000     $ 3,714     $ 123,714                  

 

  (1) The interest rate will change to three-month LIBOR plus 3.40% after the tenth anniversary in 2015.
  (2) The interest rate is LIBOR plus 3.30%.
  (3) The interest rate is LIBOR plus 3.00%.
Amounts Recorded for Notes

The following table shows the amounts recorded for the Notes as of June 30, 2012 and December 31, 2011:

  

(Amounts in Thousands)   June 30,
2012		     December 31,
2011		  
Liability component                
Outstanding principal   $ 200,000     $ 175,000  
Unamortized OID     (40,203 )     (36,494 )
Liability component     159,797       138,506  
Equity component, net of tax     27,092       23,785