Debt (Tables)

12 Months Ended

Dec. 31, 2021

The following table presents White Mountains’s debt outstanding as of December 31, 2021 and 2020:


	December 31,		Effective	(1)	December 31,		Effective	(1)
$ in Millions	2021		Rate		2020		Rate (1)



Ark 2007 Notes Tranche 1	$	30.0			$	—
Ark 2007 Notes Tranche 2	—				—
Ark 2007 Subordinated Notes, carrying value	30.0				—
Ark 2021 Notes Tranche 1	44.2				—
Ark 2021 Notes Tranche 2	47.0				—
Ark 2021 Notes Tranche 3	70.0				—
Unamortized issuance cost	(5.3)				—
Ark 2021 Subordinated Notes, carrying value	155.9				—
Total Ark Subordinated Notes, carrying value	185.9		6.9%		—
NSM Bank Facility	277.6		7.3%	(2)	277.4		7.5%	(2)
Unamortized issuance cost	(6.4)				(6.1)
NSM Bank Facility, carrying value	271.2				271.3
Other NSM debt	.9		2.9%		1.3		2.5%
Kudu Credit Facility	225.4		4.3%		—
Unamortized issuance cost	(7.2)				—
Kudu Credit Facility, carrying value	218.2				—
Kudu Bank Facility	—				89.2		8.3%
Unamortized issuance cost	—				(2.9)
Kudu Bank Facility, carrying value	—				86.3



Other Operations debt	17.1		7.5%		18.0		7.4%
Unamortized issuance cost	(.3)				(.5)
Other Operations debt, carrying value	16.8				17.5
Total debt	$	693.0			$	376.4

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

(2) NSM’s effective rate excludes the effect of the interest rate swap on the hedged portion of the debt. The weighted average interest rate for the years ended December 31, 2021 and 2020, excluding the effect of the amortization of debt issuance costs, was 6.5% and 7.0%. The weighted average interest rate for the years ended December 31, 2021 and 2020 on the total NSM Bank Facility including both the effect of the amortization of debt issuance costs and the effect of the interest rate swap and interest rate cap was 8.2% and 8.4%.

The following table presents the change in debt under the NSM Bank Facility for the years ended December 31, 2021, 2020 and 2019:


Millions	Year Ended December 31,
NSM Bank Facility	2021		2020		2019
Beginning balance	$	277.4	$	221.3	$	180.4
Term loans
Borrowings (1)	—		52.4		42.9
Repayments	(2.8)		(2.0)		(2.0)
Foreign currency translation	(.5)		5.7		—
Revolving credit loan
Borrowings (2)	35.0		—		6.5
Repayments	(31.5)		—		(6.5)
Ending balance	$	277.6	$	277.4	$	221.3

(1) Borrowings for the year ended December 31, 2020 included $52.4 for the funding of the acquisition of Kingsbridge. Borrowings for the year ended December 31, 2019 included $20.4 and $22.5 for the funding of the acquisitions of Embrace and the Renewal Rights.

(2) Borrowings for the year ended December 31, 2021 included $35.0 for the funding of the acquisition of J.C. Taylor.

The following table presents the change in debt under the Kudu Bank Facility and Kudu Credit Facility for the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
Millions	2021		2020		2019
Kudu Bank Facility
Beginning balance	$	89.2	$	57.0	$	—
Term loans
Borrowings	3.0		32.2		57.0
Repayments	(92.2)		—		—
Ending balance	$	—	$	89.2	$	57.0

Kudu Credit Facility
Beginning balance	$	—	$	—	$	—
Term loans
Borrowings	232.0		—		—
Repayments	(6.6)		—		—
Ending balance	$	225.4	$	—	$	—

Schedule of contractual repayments of debt

The following table presents a schedule of contractual repayments of White Mountains’s debt as of December 31, 2021:


Millions	December 31, 2021
Due in one year or less	$	5.7
Due in two to three years	14.5
Due in four to five years	221.6
Due after five years	470.4
Total	$	712.2

Schedule of debt

The following table presents the NSM weighted average interest rate for the year ended December 31, 2021 and 2020:


NSM Weighted Average Interest Rate	Year Ended December 31,
	2021						2020
Millions	Weighted Average		Interest Expense (1)		Weighted Average Interest rate		Weighted Average		Interest Expense (1)		Weighted Average Interest rate
Term loan - hedged	$	146.9	$	13.2	9.0	%	$	148.4	$	13.4	9.0	%
Term loan - unhedged	129.1		9.4		7.3	%	125.8		8.6		6.8	%
Total NSM Facility	$	276.0	$	22.6	8.2	%	$	274.2	$	22.0	8.0	%

(1) Interest expense includes the amortization of debt issuance costs and the effect of the interest rate swap and interest rate cap and excludes $0.7 and $0.1, for the year ended December 31, 2021 and 2020, of interest expense related to the revolving credit loan and Other NSM Debt.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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