Note 11: Debt & Non-recourse Debt

Debt

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

	March 31,			December 31,
($ in millions)	2018			2017
Debt⁽¹⁾
Senior secured credit facilities:
Term loan with an average rate of 4.133%, due 2021	$	187		$	190
Senior notes with a rate of 6.125%, due 2024		300			300
		487			490
Less: unamortized deferred financing costs and discount⁽²⁾⁽³⁾		(8	)		(8	)
	$	479		$	482

⁽¹⁾	For the three months ended March 31, 2018 and year ended December 31, 2017, weighted average interest rates were 5.359 percent and 5.229 percent, respectively.

⁽²⁾	Amount includes deferred financing costs of $1 million and $7 million as of March 31, 2018 and December 31, 2017, relating to our term loan and senior notes, respectively.

⁽³⁾	Amount does not include deferred financing costs of $1 million as of March 31, 2018 and $2 million as of December 31, 2017, relating to our revolving facility included in Other Assets in our condensed consolidated balance sheets.

As of March 31, 2018 and December 31, 2017, we had $1 million of outstanding letter of credit under the revolving credit facility. We were in compliance with all applicable financial covenants as of March 31, 2018.

Non-recourse Debt

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

	March 31,			December 31,
($ in millions)	2018			2017
Non-recourse debt⁽¹⁾
Timeshare Facility with an average rate of 2.884%, due 2020	$	129		$	129
Securitized Debt with an average rate of 2.443%, due 2028		420			459
		549			588
Less: unamortized deferred financing costs⁽²⁾		(5	)		(5	)
	$	544		$	583

⁽¹⁾	For the three months ended March 31, 2018 and year ended December 31, 2017, weighted average interest rates were 2.547 percent and 2.492 percent, respectively.

⁽²⁾	Amount relates to Securitized Debt only and does not include deferred financing costs of $4 million and $2 million as of March 31, 2018 and December 31, 2017, respectively, relating to our Timeshare Facility included in Other Assets in our condensed consolidated balance sheets.

The Timeshare Facility is a non-recourse obligation and is payable solely from the pool of timeshare financing receivables pledged as collateral and related assets. In March 2018, we extended the commitment termination date to March 2020. As a result of this extension, we incurred $2 million in debt issuance costs recorded in other assets.

We are required to deposit payments received from customers on the timeshare financing receivables securing the Timeshare Facility and Securitized Debt into depository accounts maintained by third parties. On a monthly basis, the depository accounts are utilized to make required principal, interest and other payments due under the respective loan agreements. The balances in the depository accounts were $25 million and $22 million as of March 31, 2018 and December 31, 2017, respectively, and were included in Restricted cash in our condensed consolidated balance sheets.

Debt Maturities

The contractual maturities of our debt and non-recourse debt as of March 31, 2018 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2018 (remaining)	$	7	$	105	$	112
2019		10		125		135
2020		10		217		227
2021		160		33		193
2022		—		25		25
Thereafter		300		44		344
	$	487	$	549	$	1,036