Debt & Non-recourse Debt

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Debt & Non-recourse Debt

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)	2019			2018
Debt(1)
Senior secured credit facilities:
Term loan with an average rate of 3.995%, due 2023	$	195		$	197
Revolver with an average rate of 3.995%, due 2023		290			115
Senior notes with a rate of 6.125%, due 2024		300			300
Other debt		23			—
		808			612
Less: unamortized deferred financing costs and discount(2)(3)		(8	)		(8	)
	$	800		$	604

⁽¹⁾ For the three months ended March 31, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.891 percent and 5.170 percent, respectively.

⁽²⁾ Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $6 million, respectively, as of March 31, 2019 and as of December 31, 2018

⁽³⁾ Amount does not include deferred financing costs of $6 million as of March 31, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets in our condensed consolidated balance sheets.

During the three months ended March 31, 2019, we borrowed $195 million and repaid $20 million under the revolving credit facility (“Revolver”) with an interest rate based on one month LIBOR plus 1.50 percent.  

As of March 31, 2019 and December 31, 2018, 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, 2019.

Non-recourse Debt

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

	March 31,			December 31,
($ in millions)	2019			2018
Non-recourse debt(1)
Timeshare Facility with an average rate of 3.688%, due 2021	$	120		$	120
Securitized Debt with a rate of 2.280%, due 2026		29			33
Securitized Debt with an average rate of 1.810%, due 2026		66			74
Securitized Debt with an average rate of 2.711%, due 2028		191			206
Securitized Debt with an average rate of 3.602%, due 2032		320			333
		726			766
Less: unamortized deferred financing costs(2)		(6	)		(7	)
	$	720		$	759

⁽¹⁾ For the three months ended March 31, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.166 percent and 3.126 percent, respectively.

⁽²⁾ Amount relates to Securitized Debt only and does not include deferred financing costs of $2 million and $3 million as of March 31, 2019 and December 31, 2018, respectively, relating to our Timeshare Facility which are included in Other Assets in our condensed consolidated balance sheets.

The Timeshare Facility is a non-recourse obligation with a borrowing capacity of $450 million and is payable solely from the pool of timeshare financing receivables pledged as collateral and related assets. The commitment on the Timeshare Facility terminates on March 2020.

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 $26 million and $27 million as of March 31, 2019 and December 31, 2018, 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, 2019 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2019 (remaining)	$	8	$	150	$	158
2020		10		166		176
2021		10		207		217
2022		10		64		74
2023		447		77		524
Thereafter		323		62		385
	$	808	$	726	$	1,534