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Subsequent Events
12 Months Ended
Dec. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events
SUBSEQUENT EVENTS

Revolving Credit Facility Amendment

On February 16, 2018, the Revolving Credit Facility was amended. Changes effected include the extension of the final maturity date of the commitments of all but one of the lenders to February 29, 2020 and reduction of the lenders’ total commitments from $750 million to $500 million. The non-extending lender’s commitments of approximately $42 million will terminate on January 25, 2019. The $500 million total commitment amount consisted of an approximately $375 million revolving loan tranche and an approximately $125 million revolving loan tranche that can also be utilized for issuance of letters of credit. As of February 16, 2018, there were no amounts drawn under the Credit Agreement other than approximately $55 million that was utilized for letters of credit.

Amended Capital Plan

On February 1, 2018, the Company received a “non-objection” from the Federal Reserve Bank of New York to an amendment (the “Amended Capital Plan”) to the 2017 Capital Plan dated April 5, 2017 (“Original Plan”) filed by the Company under the 2017 Comprehensive Capital Analysis and Review (“CCAR”). The Amended Capital Plan includes (i) the issuance of up to $400 million in Tier 2 qualifying subordinated debt; and (ii) an increase in common equity distribution of up to $800 million for the remainder of the four-quarter period that began July 1, 2017 and ends on June 30, 2018, provided that if the Company does not issue qualifying subordinated debt, or issues less than $400 million of qualifying subordinated debt, the Company will reduce the total amount of common equity distributions by a commensurate amount. These actions would be in addition to those which received a non-objection from the Federal Reserve on June 28, 2017 for the same period, of which approximately $100 million of repurchases remained at December 31, 2017.

The Company will determine the timing and amount of any share repurchases, special dividends, or combination of the two that may be authorized based on market conditions and other considerations. Any share repurchases may be effected through tender offer, in the open market, through derivative, accelerated repurchase and other negotiated transactions, and through plans designed to comply with Rule 10b5-1(c) under the Securities Exchange Act of 1934.