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Debt & Non-recourse Debt

6 Months Ended

Jun. 30, 2019

Note 11: Debt & Non-recourse Debt

Debt

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

	June 30,			December 31,
($ in millions)	2019			2018
Debt⁽¹⁾
Senior secured credit facilities:
Term loan with an average rate of 3.898%, due 2023	$	192		$	197
Revolver with an average rate of 3.898%, due 2023		425			115
Senior notes with a rate of 6.125%, due 2024		300			300
Other debt		27			—
		944			612
Less: unamortized deferred financing costs and discount⁽²⁾⁽³⁾		(7	)		(8	)
	$	937		$	604

⁽¹⁾	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 4.699 percent and 5.170 percent, respectively.

⁽²⁾	Amount includes deferred financing costs related to our term loan and senior notes of $2 million and $5 million both as of June 30, 2019 and $2 million and $6 million as of December 31, 2018.

⁽³⁾	Amount does not include deferred financing costs of $6 million as of June 30, 2019 and December 31, 2018, relating to our revolving facility included in Other Assets in our condensed consolidated balance sheets.

During the six months ended June 30, 2019, we borrowed $410 million and repaid $105 million (including recurring payments) under the senior secured credit facilities with an interest rate based on one month LIBOR plus 1.5 percent.

As of June 30, 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 June 30, 2019.

Non-recourse Debt

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

	June 30,			December 31,
($ in millions)	2019			2018
Non-recourse debt⁽¹⁾
Timeshare Facility with an average rate of 3.337%, due 2021	$	135		$	120
Securitized Debt with a rate of 2.280%, due 2026		25			33
Securitized Debt with an average rate of 1.810%, due 2026		59			74
Securitized Debt with an average rate of 2.711%, due 2028		176			206
Securitized Debt with an average rate of 3.602%, due 2032		307			333
		702			766
Less: unamortized deferred financing costs⁽²⁾		(6	)		(7	)
	$	696		$	759

⁽¹⁾	For the six months ended June 30, 2019 and year ended December 31, 2018, weighted-average interest rates were 3.130 percent and 3.126 percent, respectively.

⁽²⁾	Amount relates to securitized debt only and does not include deferred financing costs of $4 million and $3 million as of June 30, 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. In April 2019, we amended the Timeshare Facility, excluding the end of the commitment period, from March 2020 to April 2021. All other terms and borrowing capacity remained the same.

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 June 30, 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 June 30, 2019 were as follows:

($ in millions)	Debt		Non-recourse Debt		Total
Year
2019 (remaining)	$	6	$	110	$	116
2020		12		167		179
2021		11		88		99
2022		10		200		210
2023		582		76		658
Thereafter		323		61		384
	$	944	$	702	$	1,646