Debt and Credit Facilities

3 Months Ended

Mar. 31, 2020

DEBT AND CREDIT FACILITIES

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, 2019, except as described below.

Debt Obligations

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




	March 31, 2020				December 31, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value
3.600% Senior Notes due 2029	$	421,260	$	391,703	$	424,920	$	391,475
3.450% Senior Notes due 2027	317,685		296,415		314,070		296,292
3.700% Senior Notes due 2025	316,560		298,150		318,567		298,057
5.750% Senior Notes due 2020	—		—		251,030		249,931
4.750% Senior Notes due 2025 (DaVinciRe) (1)	145,842		148,427		160,031		148,350
Total debt	$	1,201,347	$	1,134,695	$	1,468,618	$	1,384,105

(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.

5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance

On March 15, 2020, the Company repaid in full at maturity the aggregate principal amount of $250.0 million, plus applicable accrued interest, of the 5.75% Senior Notes due 2020 of RenRe North America Holdings Inc. and RenaissanceRe Finance.

Credit Facilities

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




At March 31, 2020	Issued or Drawn
Revolving Credit Facility (1)	$	—
Bilateral Letter of Credit Facilities
Secured	324,147
Unsecured	373,951
Funds at Lloyd’s Letter of Credit Facility	290,000
TMR Letters of Credit (2)	75
	$	988,173


(1)	At March 31, 2020, no amounts were issued or drawn under this facility.

(2)

These letters of credit were transferred to the Company in connection with the acquisition of TMR and were terminated during the quarter ended March 31, 2020, except for certain immaterial amounts. Refer to “Note 3. Acquisition of Tokio Millennium Re” in the Company’s “Notes to the Consolidated Financial Statements” included in the Company’s Form 10-K for the year ended December 31, 2019 for additional information related to the acquisition of TMR.

TMR Letters of Credit

During the quarter ended March 31, 2020, the following letters of credit and facilities that were transferred to the Company in connection with the acquisition of TMR were terminated: (a) certain letters of credit for the account of RenaissanceRe Europe issued by Mizuho Bank, Ltd. pursuant to a Letter of Credit and Reimbursement Agreement, dated as of May 14, 2012, as amended, (b) certain letters of credit for the account of RenaissanceRe Europe issued by The Bank of Tokyo-Mitsubishi UFJ Ltd., Düsseldorf Branch

pursuant to a Committed Revolving Standby Letter of Credit Agreement, dated as of September 29, 2017, and (c) certain letters of credit for the account of RenaissanceRe UK issued by The Bank of Tokyo-Mitsubishi UFJ, Ltd. pursuant to a Facility Letter, dated as of December 21, 2006. The parties had previously agreed that no new letters of credit would be issued under these facilities.