• Filing Date: 2018-08-20
  • Form Type: 10-Q
  • Description: Quarterly report
v3.10.0.1
White Eagle Revolving Credit Facility - Narrative (Details)
2 Months Ended 3 Months Ended 6 Months Ended
Dec. 29, 2017
Dec. 29, 2016
USD ($)
contract
Nov. 09, 2015
USD ($)
Apr. 29, 2013
USD ($)
Aug. 20, 2018
USD ($)
Jun. 30, 2018
USD ($)
contract
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
contract
Jun. 30, 2017
USD ($)
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           596   596   608          
Life insurance estimated fair value           $ 569,373,000   $ 569,373,000   $ 567,492,000          
Life insurance policies with aggregate death benefit           2,826,864,000   2,826,864,000   $ 2,880,487,000          
8.5% Senior Secured Notes                              
Debt Instrument [Line Items]                              
Debt instrument issued                       $ 35,000,000 $ 30,000,000    
Senior Secured Notes | 8.5% Senior Secured Notes                              
Debt Instrument [Line Items]                              
Debt instrument issued           35,000,000   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   75,800,000              
Convertible Notes | 8.50% Senior Unsecured Convertible Notes                              
Debt Instrument [Line Items]                              
Debt instrument issued           1,200,000   1,200,000         $ 73,000,000 $ 74,200,000 $ 70,700,000
Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Fair value of outstanding debt           $ 353,387,000   $ 353,387,000              
Revolving Credit Facility | White Eagle Asset Portfolio, LLC                              
Debt Instrument [Line Items]                              
Cash interest coverage ratio required, minimum           2.0   2.0     2.0        
Percent of face amount pledged as collateral (as percent)               50.00%              
Revolving Credit Facility | White Eagle Asset Portfolio, LLC | After June 30, 2019                              
Debt Instrument [Line Items]                              
Cash interest coverage ratio required, minimum           1.75   1.75              
Cash interest coverage ratio required number of consecutive days               60 days              
White Eagle                              
Debt Instrument [Line Items]                              
Restricted cash and cash equivalents           $ 17,900,000   $ 17,900,000              
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   361,500,000   361,500,000              
Interest rate increase (as percent)     0.50%                        
Total amount drawn           23,295,000 $ 22,116,000 46,067,000 $ 43,399,000            
Cash interest coverage ratio required, minimum                     2.0        
Line of credit facility, maximum borrowing capacity           14,400,000   14,400,000              
Line of credit facility, remaining borrowing capacity           $ 6,000,000   $ 6,000,000              
Cash sweep percentage required (as percent)           100.00%   100.00%              
Cash interest coverage ratio, actual (as percent)           3.93   3.93              
Cash sweep percentage, actual (as percent)           66.00%   66.00%              
Collateral pledge percentage for distributions to be altered (as percent)           25.00%   25.00%              
Distribution of proceeds           $ 23,555,000 $ 10,036,000 $ 31,355,000 12,517,000            
Face value of amount distributed               $ 7,759,000 $ 2,500,000            
Base rate (as percent)           0.50%   0.50%              
Debt instrument effective rate (as percent)           6.61% 6.19% 6.61% 6.19%            
Credit agreement expiration date               Dec. 31, 2031              
Fair value of outstanding debt           $ 353,400,000   $ 353,400,000              
Revolving credit facility debt, outstanding           $ 355,600,000   $ 355,600,000              
Restricted cash and cash equivalents             $ 12,800,000   $ 12,800,000            
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%   100.00%              
White Eagle | Revolving Credit Facility | Accrued and Unpaid Interest                              
Debt Instrument [Line Items]                              
Line of credit borrowing base percentage           100.00%   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%   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 | Collateral pledged                              
Debt Instrument [Line Items]                              
Revolving credit facility, current borrowing capacity   $ 370,000,000.0       $ 370,000,000   $ 370,000,000              
Number of policies owned (contracts) | contract   190       594   594              
Total amount drawn   $ 71,100,000                          
Life insurance estimated fair value           $ 568,400,000   $ 568,400,000              
Life insurance policies with aggregate death benefit           $ 2,800,000,000   $ 2,800,000,000              
Subsequent Event | White Eagle                              
Debt Instrument [Line Items]                              
Restricted cash and cash equivalents         $ 22,100,000                    
Subsequent Event | White Eagle | Revolving Credit Facility                              
Debt Instrument [Line Items]                              
Line of credit facility, maximum borrowing capacity         370,000,000                    
Line of credit facility, remaining borrowing capacity         4,100,000                    
Revolving credit facility debt, outstanding         365,900,000                    
Repayment of line of credit         $ 6,900,000