• Filing Date: 2018-05-10
  • Form Type: 10-Q
  • Description: Quarterly report
v3.8.0.1
White Eagle Revolving Credit Facility - Narrative (Details)
3 Months Ended
Apr. 01, 2018
USD ($)
Dec. 29, 2017
Jan. 31, 2017
USD ($)
contract
Nov. 09, 2015
USD ($)
Apr. 29, 2013
USD ($)
Mar. 31, 2018
USD ($)
contract
Mar. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
contract
Oct. 04, 2017
Aug. 14, 2017
USD ($)
Jul. 28, 2017
USD ($)
Jul. 26, 2017
USD ($)
Feb. 28, 2014
USD ($)
Debt Instrument [Line Items]                          
Number of policies owned (contracts) | contract           603   608          
Life insurance policies with aggregate death benefit           $ 2,852,803,000   $ 2,880,487,000          
Life insurance estimated fair value           567,628,000   567,492,000          
Restricted cash and cash equivalents (VIE)           1,012,000   $ 1,010,000 [1]          
8.5% Senior Secured Notes Due 2021                          
Debt Instrument [Line Items]                          
Debt instrument issued                   $ 35,000,000 $ 30,000,000    
Senior Secured Notes | 8.5% Senior Secured Notes Due 2021                          
Debt Instrument [Line Items]                          
Debt instrument issued           35,000,000              
Senior Secured Notes | 5.0% Senior Unsecured Convertible Notes Due 2023 | Maximum                          
Debt Instrument [Line Items]                          
Debt instrument issued           75,800,000              
Convertible Notes | 8.50% Senior Unsecured Convertible Notes Due 2019                          
Debt Instrument [Line Items]                          
Debt instrument issued           1,200,000         $ 73,000,000 $ 74,200,000 $ 70,700,000
Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Fair value of outstanding debt           $ 347,860,000              
Revolving Credit Facility | White Eagle Asset Portfolio, LLC                          
Debt Instrument [Line Items]                          
Percent of face amount pledged as collateral (as percent)           50.00%              
Cash interest coverage ratio required, minimum           2.0     2.0        
Revolving Credit Facility | White Eagle Asset Portfolio, LLC | After June 30, 2019                          
Debt Instrument [Line Items]                          
Cash interest coverage ratio required, minimum           1.75              
Cash interest coverage ratio required number of consecutive days           60 days              
White Eagle | Revolving Credit Facility                          
Debt Instrument [Line Items]                          
Revolving credit facility effective date         Apr. 29, 2013                
Revolving credit facility period         15 years                
Revolving credit facility, current borrowing capacity       $ 250,000,000.0 $ 300,000,000.0 $ 355,700,000              
Interest rate increase (as percent)       0.50%                  
Total amount drawn           22,772,000 $ 21,284,000            
Line of credit facility, maximum borrowing capacity           19,900,000              
Line of credit facility, remaining borrowing capacity           $ 5,600,000              
Cash interest coverage ratio required, minimum                 2.0        
Cash sweep percentage required (as percent)           100.00%              
Cash interest coverage ratio, actual (as percent)           6.06              
Cash sweep percentage, actual (as percent)           66.00%              
Collateral pledge percentage for distributions to be altered (as percent)           25.00%              
Distribution of proceeds           $ 7,799,000 $ 2,481,000            
Face value of amount distributed           $ 7,759,000              
Base rate (as percent)           0.50%              
Debt instrument effective rate (as percent)           6.61% 6.19%            
Credit agreement expiration date           Dec. 31, 2031              
Fair value of outstanding debt           $ 347,900,000              
Revolving credit facility debt, outstanding           350,100,000              
Restricted cash and cash equivalents (VIE)           $ 23,500,000              
White Eagle | Revolving Credit Facility | Subsequent Event                          
Debt Instrument [Line Items]                          
Repayments of line of credit $ 17,780,000                        
White Eagle | Revolving Credit Facility | Applicable Margin                          
Debt Instrument [Line Items]                          
Basis spread on variable rate (as percent)       1.50%   4.50%              
Interest rate floor (as percent)       4.00%                  
White Eagle | Revolving Credit Facility | Federal Funds Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate (as percent)           0.75%              
White Eagle | Revolving Credit Facility | Floor Rate                          
Debt Instrument [Line Items]                          
Basis spread on variable rate (as percent)   2.11%   1.69%   1.50%              
White Eagle | Revolving Credit Facility | Maintenance costs                          
Debt Instrument [Line Items]                          
Line of credit borrowing base percentage           100.00%              
White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest                          
Debt Instrument [Line Items]                          
Line of credit borrowing base percentage           100.00%              
White Eagle | Revolving Credit Facility | Policies pledged as collateral as determined by the lenders                          
Debt Instrument [Line Items]                          
Line of credit borrowing base percentage           75.00%              
White Eagle | Revolving Credit Facility | Minimum                          
Debt Instrument [Line Items]                          
Line of credit, loan to value ratio (as percent)           45.00%              
White Eagle | Revolving Credit Facility | Securities Pledged as Collateral                          
Debt Instrument [Line Items]                          
Revolving credit facility, current borrowing capacity     $ 370,000,000.0     $ 370,000,000              
Number of policies owned (contracts) | contract     190     601              
Total amount drawn     $ 71,100,000                    
Life insurance policies with aggregate death benefit           $ 2,800,000,000              
Life insurance estimated fair value           $ 566,800,000              
[1] Derived from audited consolidated financial statements.