Debt

White Mountains’ debt outstanding as of June 30, 2013 and December 31, 2012 consisted of the following:



Millions	June 30, 2013			December 31, 2012
2012 OBH Senior Notes, at face value	$	275.0		$	275.0
Unamortized original issue discount	(.3		)	(.3		)
2012 OBH Senior Notes, carrying value	274.7			274.7
SIG Senior Notes, at face value	400.0			400.0
Unamortized original issue discount	(.5		)	(.6		)
SIG Senior Notes, carrying value	399.5			399.4
WTM Bank Facility	—			75.0
Old Lyme Note	2.1			2.1
Total debt	$	676.3		$	751.2

WTM Bank Facility

White Mountains has a 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. that has a maturity date of August 12, 2015.

In December 2012, White Mountains borrowed $150.0 million under the WTM Bank Facility. White Mountains repaid $75.0 million in December 2012 and the remaining balance of $75.0 million in January 2013. During the six months ended June 30, 2013, White Mountains also borrowed and repaid $130.0 million under the WTM Bank Facility at a blended interest rate of 2.71%. As of June 30, 2013, 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. Failure to meet one or more of these covenants could result in an event of default, which ultimately could eliminate availability under these facilities and result in acceleration of principal repayment on any amounts outstanding.

Debt Covenants

At June 30, 2013, White Mountains was in compliance with all of the covenants under the WTM Bank Facility, the 2012 OBH Senior Notes and the SIG Senior Notes.