Debt & Non-recourse debt (Tables)

3 Months Ended

Mar. 31, 2017

Debt Disclosure [Abstract]

Schedule of outstanding borrowings

The following table details our outstanding debt balance and its associated interest rates:

	March 31,			December 31,
($ in millions)	2017			2016
Debt (1)
Senior secured credit facilities:
Term loan with an average rate of 3.23%, due 2021	$	198		$	200
Senior notes with a rate of 6.125%, due 2024	300			300
	498			500
Less: unamortized deferred financing costs and discount(2)(3)	(10		)	(10		)
	$	488		$	490

____________

⁽¹⁾  For the three months ended March 31, 2017 and year ended December 31, 2016, weighted average interest rates were 4.977 percent and 4.851 percent, respectively.

⁽²⁾  Amount includes deferred financing costs of $2 million and $8 million as of March 31, 2017 and December 31, 2016, relating to our term loan and senior notes, respectively.

⁽³⁾  Amount does not include deferred financing costs of $2 million as of March 31, 2017 and December 31, 2016, relating to our revolving facility included in Other Assets in our condensed consolidated balance sheets.

The following table details our outstanding non-recourse debt balance and its associated interest rates:

	March 31,			December 31,
($ in millions)	2017			2016
Non-recourse debt (1)
Timeshare Facility with an average rate of 2.12%, due 2019	$	128		$	450
Securitized Debt with an average rate of 2.42%, due 2028	574			246
	702			696
Less: unamortized deferred financing costs(2)(3)	(7		)	(2		)
	$	695		$	694

__________

⁽¹⁾  For the three months ended March 31, 2017 and year ended December 31, 2016, weighted average interest rates were 2.366 percent and 1.946 percent,respectively.

⁽²⁾  Amount includes deferred financing costs of $7 million as of March 31, 2017 and $2 million as of December 31, 2016, relating to our Securitized Debt.

⁽³⁾  Amount does not include deferred financing costs of $3 million as of March 31, 2017 and December 31, 2016, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.

Schedule of contractual maturities of debt

The contractual maturities of our debt and non-recourse debt as of March 31, 2017 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2017 (remaining)	$	8	$	119	$	127
2018	10		132		142
2019	10		227		237
2020	10		88		98
2021	160		66		226
Thereafter	300		70		370
	$	498	$	702	$	1,200