Starwood 2011 Annual Report Download - page 108

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Cash Used for Financing Activities
The following is a summary of our debt portfolio (including capital leases) as of December 31, 2011:
Amount
Outstanding at
December 31,
2011 (a)
Weighted
Average
Interest Rate at
December 31,
2011
Weighted
Average
Maturity
(Dollars in millions) (In years)
Floating Rate Debt
Revolving Credit Facility ......................... $ — — 1.9
Mortgages and Other ............................ 40 5.02% 5.0
Interest Rate Swaps .............................. 400 4.69%
Total/Average .................................. $ 440 4.72% 5.0
Fixed Rate Debt
Senior Notes ................................... $2,093 7.08% 3.9
Mortgages and Other ............................ 64 7.46% 11.5
Interest Rate Swaps .............................. (400) 6.86%
Total/Average .................................. $1,757 7.14% 4.1
Total Debt
Total Debt and Average Terms ..................... $2,197 6.66% 4.2
(a) Excludes approximately $432 million of our share of unconsolidated joint venture debt and securitized
vacation ownership debt of $532 million, all of which is non-recourse.
For specifics related to our financing transactions, issuances, and terms entered into for the years ended
December 31, 2011 and 2010, see Note 15 of the consolidated financial statements. We have evaluated the
commitments of each of the lenders in our Revolving Credit Facility (the “Facility”) which matures on
November 15, 2013. In addition, we have reviewed our debt covenants and do not anticipate any issues regarding
the availability of funds under the Facility.
On December 15, 2011, we redeemed all $605 million of our 7.875% Senior Notes, which would have
matured in May 2012. We paid $628 million in connection with this early redemption, including $16 million for
the call premium and other associated costs (see Note 15).
Due to the adoption of ASU Nos. 2009-16 and 2009-17, as discussed in Notes 2, 9, and 10, our 2011 cash
flows from financing activities include the borrowings and repayments of securitized vacation ownership debt.
December 31,
2011
December 31,
2010
(in millions)
Gross Unsecuritized Debt ...................................... $2,197 $2,857
less: cash (including restricted cash of $212 million in 2011 and $44
million in 2010) ........................................... (666) (797)
Net Unsecuritized Debt ........................................ $1,531 $2,060
Gross Securitized Debt (non-recourse) ........................... $ 532 $ 494
less: cash restricted for securitized debt repayments (not included
above) .................................................. (22) (19)
Net Securitized Debt .......................................... $ 510 $ 475
Total Net Debt ............................................... $2,041 $2,535
40