DEBT AND CREDIT FACILITIES

Except as noted below, there have been no material changes to the Company’s debt obligations and credit facilities as described in its Form 10-K for the year ended December 31, 2017.

Debt Obligations

A summary of the Company’s debt obligations on its consolidated balance sheets is set forth below:




	March 31, 2018				December 31, 2017
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.450% Senior Notes due 2027	$	283,281	$	295,425	$	294,654	$	295,303
3.700% Senior Notes due 2025	294,864		297,409		302,781		297,318
5.75% Senior Notes due 2020	262,188		249,353		263,750		249,272
4.750% Senior Notes due 2025 (DaVinciRe) (1)	153,546		147,808		157,050		147,730
	$	993,879	$	989,995	$	1,018,235	$	989,623

(1)

RenaissanceRe owns a noncontrolling economic interest in its joint venture DaVinciRe. Because RenaissanceRe controls a majority of DaVinciRe’s outstanding voting rights, the consolidated financial statements of DaVinciRe are included in the consolidated financial statements of RenaissanceRe. However, RenaissanceRe does not guarantee or provide credit support for DaVinciRe and RenaissanceRe’s financial exposure to DaVinciRe is limited to its investment in DaVinciRe’s shares and counterparty credit risk arising from reinsurance transactions.

Credit Facilities

The outstanding amounts issued or drawn under each of the Company’s significant credit facilities is set forth below:




At March 31, 2018	Issued or Drawn
RenaissanceRe Revolving Credit Facility	$	—
Uncommitted Standby Letter of Credit Facility with Wells Fargo	101,679
Bilateral Letter of Credit Facility with Citibank Europe	186,709
Funds at Lloyd’s Letter of Credit Facilities
Renaissance Reinsurance FAL Facility	180,000
Total credit facilities in U.S. dollars	$	468,388

Funds at Lloyd’s Letter of Credit Facilities
Specialty Risks FAL Facility	£	10,000
Total credit facilities in British Pounds	£	10,000

National Australia Bank Limited Standby Letter of Credit Agreement

Effective as of March 23, 2018, the Company terminated the Standby Letter of Credit Agreement, dated as of May 19, 2015, among National Australia Bank Limited (“NAB”) and Renaissance Reinsurance, RenaissanceRe Specialty Risks Ltd., DaVinci and Platinum Underwriters Bermuda, Ltd. (collectively, the “NAB Facility Applicants”) (the “NAB Standby Letter of Credit Agreement”). The NAB Standby Letter of Credit Agreement provided for a secured, uncommitted facility under which letters of credit were issued from time to time for the respective accounts of the NAB Facility Applicants in multiple currencies. RenaissanceRe unconditionally guaranteed the payment obligations of the NAB Facility Applicants, other than DaVinci.