Debt

White Mountains’ debt outstanding as of June 30, 2012 and December 31, 2011 consisted of the following:



Millions	June 30, 2012			December 31, 2011
OBH Senior Notes, at face value	$	269.9		$	269.9
Unamortized original issue discount	(.1		)	(.1		)
OBH Senior Notes, carrying value	269.8			269.8
SIG Senior Notes, at face value	400.0			400.0
Unamortized original issue discount	(.6		)	(.7		)
SIG Senior Notes, carrying value	399.4			399.3
WTM Bank Facility	—			—
Old Lyme	2.1			2.1
Other debt ⁽¹⁾	6.3			6.3
Total debt	$	677.6		$	677.5

⁽¹⁾Other debt relates to White Mountains’ consolidation of Hamer and Bri-Mar.

Bank Facility

On August 12, 2011, White Mountains entered into a new revolving credit facility with a total commitment of $375.0 million (the “WTM Bank Facility”) with a syndicate of lenders administered by Bank of America, N.A. As of June 30, 2012, the WTM Bank Facility was undrawn.

Debt Covenants

At June 30, 2012, White Mountains was in compliance with all of the covenants under the WTM Bank Facility, the OneBeacon U.S. Holdings, Inc. (“OBH”) Senior Notes and the SIG Senior Notes.

Old Lyme

On December 31, 2011, Sirius Group acquired the run-off loss reserve portfolio of Old Lyme (see Note 2). As part of the acquisition, Sirius Group entered into a five year $2.1 million purchase note. The principal amount of the purchase note is subject to upward adjustments for favorable loss reserve development (up to 50% of $6.0 million) and downward adjustments for any adverse loss reserve development.