Debt

White Mountains’s debt outstanding as of June 30, 2017 and December 31, 2016 consisted of the following:



Millions	June 30, 2017		Effective Rate ⁽¹⁾	December 31, 2016			Effective Rate ⁽¹⁾
WTM Bank Facility	$	—	N/A	$	—		N/A
Unamortized issue costs	—			—
WTM Bank Facility, carrying value	—			—
MediaAlpha Bank Facility	10.6		5.4%	—			N/A
Unamortized issuance cost	—			—
MediaAlpha Bank Facility, carrying value	10.6			—
Previous MediaAlpha Bank Facility	—		N/A	12.9			5.7%
Unamortized issuance cost	—			(.2		)
Previous MediaAlpha Bank Facility, carrying value	—			12.7
Total debt	$	10.6		$	12.7

⁽¹⁾Effective rate considers the effect of the debt issuance costs.

WTM Bank Facility

On August 14, 2013, White Mountains entered into a revolving credit facility with a syndicate of lenders administered by Wells Fargo Bank, N.A., which has a total commitment of $425.0 million and has a maturity date of August 14, 2018 (the “WTM Bank Facility”). As of June 30, 2017, the WTM Bank Facility was undrawn.

The WTM Bank Facility contains various affirmative, negative and financial covenants which White Mountains considers to be customary for such borrowings, including certain minimum net worth and maximum debt to capitalization standards.

MediaAlpha Bank Facility

On May 12, 2017, MediaAlpha entered into a secured credit facility (the “MediaAlpha Bank Facility”) with Western Alliance Bank, which has a total commitment of $20.0 million and has a maturity date of May 12, 2020. The MediaAlpha Bank Facility replaced MediaAlpha’s previous credit facility (the “Previous MediaAlpha Bank Facility”), which had a total commitment of $20.0 million. The MediaAlpha Bank Facility consists of a $5.0 million term loan facility, which has an outstanding balance of $4.6 million as of June 30, 2017, and a revolving loan facility for $15.0 million, which has an outstanding balance of $6.0 million as of June 30, 2017.

During both the three and six months ended June 30, 2017, MediaAlpha borrowed $11.0 million, $5.0 million on the term loan and $6.0 million on the revolving loan, under the MediaAlpha Bank Facility. During both the three and six months ended June 30, 2017, MediaAlpha repaid $0.4 million on the term loan under the MediaAlpha Bank Facility.

During the three and six months ended June 30, 2017, MediaAlpha repaid $11.7 million and $12.9 million under the Previous MediaAlpha Bank Facility.

The MediaAlpha Bank Facility carries a variable interest rate that is based on the Prime Rate, as published by the Wall Street Journal, plus a spread of 1.5% on the term loan facility and 0.25% on the revolving credit facility as of June 30, 2017.

The MediaAlpha Bank Facility is secured by intellectual property and the common stock of MediaAlpha’s subsidiaries, and contains various affirmative, negative and financial covenants that White Mountains considers to be customary for such borrowings, including a fixed charge coverage ratio and an asset coverage ratio.

Compliance

At June 30, 2017, White Mountains was in compliance with the covenants under all of its debt instruments.