Debt

The following table presents White Mountains’s debt outstanding as of December 31, 2017 and 2016:



	December 31,			Effective	December 31,			Effective
Millions	2017			Rate ⁽¹⁾	2016			Rate ⁽¹⁾
WTM Bank Facility	$	—		N/A	$	—		N/A
Unamortized issue costs	—				—
WTM Bank Facility, carrying value	—				—
MediaAlpha Bank Facility	23.9			5.6%	—			N/A
Unamortized issuance cost	(.1		)		—
MediaAlpha Bank Facility, carrying value	23.8				—
Previous MediaAlpha Bank Facility	—			N/A	12.9			5.7%
Unamortized issuance cost	—				(.2		)
Previous MediaAlpha Bank Facility, carrying value	—				12.7
Total debt	$	23.8			$	12.7

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

The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2017:



Millions	December 31, 2017
Due in one year or less	$	3.1
Due in two to three years	12.1
Due in four to five years	8.7
Due after five years	—
Total	$	23.9

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”). On September 15, 2017, White Mountains borrowed a total of $350.0 million under the WTM Bank Facility, at a blended interest rate of 4.45%, to partially fund a self-tender offer and subsequently repaid the $350.0 million, after receiving the proceeds from the OneBeacon Transaction on September 28, 2017. During 2016, White Mountains borrowed a total of $350.0 million and repaid a total of $400.0 million under the WTM Bank Facility at a blended interest rate of 3.85%. As of December 31, 2017, the WTM Bank Facility was undrawn.

White Mountains recorded $0.6 million, $1.2 million, $0.1 million of interest expense on the WTM Bank Facility for the years ended December 31, 2017, 2016 and 2015.

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 had a total commitment of $20.0 million and had a maturity date of May 12, 2020. On October 5, 2017, MediaAlpha refinanced the MediaAlpha Bank Facility in order to fund the acquisition of certain assets associated with the Health, Life and Medicare insurance business of Healthplans.com. The total commitment of the MediaAlpha Bank Facility was increased to $28.4 million and has a maturity date of October 6, 2020. The MediaAlpha Bank Facility consists of a $18.4 million term loan facility, which has an outstanding balance of $17.9 million as of December 31, 2017, and a revolving loan facility for $10.0 million, which has an outstanding balance of $6.0 million as of December 31, 2017.

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 December 31, 2017.

The MediaAlpha Bank Facility replaced MediaAlpha’s previous credit facility (the “Previous MediaAlpha Bank Facility”) with Opus Bank, which had a total commitment of $20.0 million.

In 2017, under the MediaAlpha Bank Facility, MediaAlpha borrowed $20.0 million and repaid $2.1 million on the term loan and borrowed $6.0 million on the revolving loan. In 2017, under the Previous MediaAlpha Bank Facility, MediaAlpha repaid $12.9 million.

White Mountains recorded $1.0 million, $0.9 million, $0.4 million of interest expense on the MediaAlpha Bank Facility and the Previous MediaAlpha Bank Facility for the years ended December 31, 2017, 2016 and 2015.

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.

Debt Covenants

As of December 31, 2017, White Mountains was in compliance with all of the covenants under all of its debt facilities.

Interest

Total interest expense incurred by White Mountains for its indebtedness was $2.3 million, $3.0 million and $1.6 million in 2017, 2016 and 2015. Total interest paid by White Mountains for its indebtedness was $1.4 million, $2.1 million, and $0.1 million in 2017, 2016 and 2015.