v2.4.0.6
Debt (Tables)
 9 Months Ended
Sep. 30, 2012
Debt Disclosure [Abstract]  
Borrowings
The Company’s borrowings consisted of the following at September 30, 2012 and December 31, 2011:
 
(Amounts in Thousands)
2012
 
2011
Subordinated debentures
123,714

 
123,714

Convertible senior notes
160,507

 
138,506

Secured loan agreements
9,289

 
10,018

Promissory notes
8,000

 
7,362

 
$
301,510

 
$
279,600
Aggregate Scheduled Maturities of Borrowings
Aggregate scheduled maturities of the Company’s borrowings at September 30, 2012 are:
 
(Amounts in Thousands)
 
 
2012
$248
 
2013
1,021

 
2014
1,068

 
2015
1,116

 
2016
1,167

 
Thereafter
296,890
(1)
 
(1)
Amount reflected in balance sheet for convertible senior notes is net of unamortized original issue discount of $39,493.
Trust Preferred Securities
The table below summarizes the Company’s trust preferred securities as of September 30, 2012:
 
(Amounts in Thousands)

Name of Trust
 
Aggregate Liquidation Amount of Trust Preferred Securities
 
Aggregate Liquidation Amount of Common Securities
 
Aggregate Principal Amount of Notes
 
Stated Maturity of Notes
 
Per Annum Interest Rate % of 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
 
3.689
 (2)
AmTrust Capital Financing Trust IV
 
40,000

 
1,238

 
41,238

 
3/15/2037
 
3.389
 (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 September 30, 2012 and December 31, 2011:
  
(Amounts in Thousands)
September 30,
2012
 
December 31,
2011
Liability component
 

 
 

Outstanding principal
$
200,000

 
$
175,000

Unamortized OID
(39,493
)
 
(36,494
)
Liability component
160,507

 
138,506

Equity component, net of tax
27,092

 
23,785