Debt

6 Months Ended

Jun. 30, 2011

Debt

Debt

Note 6.  Debt

White Mountains’ debt outstanding as of June 30, 2011 and December 31, 2010 consisted of the following:

Millions	June 30, 2011			December 31, 2010
OBH Senior Notes, at face value	$	269.9		$	419.9
Unamortized original issue discount	(.2		)	(.3		)
OBH Senior Notes, carrying value	269.7			419.6
WMRe Senior Notes, at face value	400.0			400.0
Unamortized original issue discount	(.7		)	(.8		)
WMRe Senior Notes, carrying value	399.3			399.2
WTM Bank Facility	—			—
Total debt	$	669.0		$	818.8

OBH Senior Notes

In April 2011, OneBeacon U.S. Holdings, Inc. (“OBH”) completed a cash tender offer for $150.0 million in aggregate principal amount of OBH Senior Notes for $161.6 million, which resulted in a $12.0 million loss, including transaction fees.

On June 1, 2010, through a cash tender offer, OBH purchased and retired $156.4 million aggregate principal amount of the OBH Senior Notes for an aggregate purchase price of $165.4 million, which resulted in a $9.6 million loss.

During 2010, in addition to the cash tender offer, OBH repurchased and retired $29.7 million of outstanding OBH Senior Notes for $30.8 million, which resulted in a $1.2 million loss and OBIC purchased $1.1 million of outstanding OBH Senior Notes for $1.1 million.

At June 30, 2011, White Mountains and OneBeacon were in compliance with all of the covenants under the OBH Senior Notes.

Bank Facility

White Mountains has a revolving credit facility with a syndicate of lenders administered by Bank of America, N.A. with a total commitment of $475.0 million (the “WTM Bank Facility”). As of June 30, 2011, the WTM Bank Facility was undrawn.

At June 30, 2011, White Mountains was in compliance with all of the covenants under the WTM Bank Facility.