Voya 2013 Annual Report Download - page 169

The following table summarizes our credit facilities, their dates of expiration, capacity and utilization as of
December 31, 2013:
($ in millions)
Obligor /
Applicant Liability Supported
Secured/
Unsecured
Committed/
Uncommitted Expiration Capacity Utilization
Unused
Commitment
ING U.S., Inc.(1)(2) ...... Unsecured Committed 4/20/2015 $3,500.0 $2,103.9 $1,396.1
Individual Life 685.0
CBVA 1,200.0
Retirement Solutions 145.0
Other 73.9
ING U.S., Inc. / SLDI,
Roaring River
LLC(1)(3) ............ Individual Life Unsecured Uncommitted 2/28/2013 15.0 15.0 —
ING U.S., Inc. / SLDI . . . Hannover Re block Unsecured Committed 11/9/2021 750.0 750.0 —
SLDI(1) .............. Hannover Re block Unsecured Committed 10/29/2020 1,125.0 569.6 555.4
ING U.S., Inc. / SLDI . . . Hannover Re block Unsecured Committed 12/27/2022 750.0 750.0 —
ING U.S., Inc. / SLDI . . . Hannover Re block Unsecured Committed 12/29/2023 250.0 250.0 —
ReliaStar Life Insurance
Company ...........
Institutional Spread
Products Secured Committed Conditional 265.0 265.0 —
ING U.S., Inc. / SLDI . . . Individual Life Unsecured Committed 12/31/2025 475.0 475.0 —
ING U.S., Inc. ......... Other Unsecured Uncommitted Various
dates
2.0 2.0 —
ING U.S., Inc. ......... Other Secured Uncommitted Various
dates
10.0 4.7 —
ING U.S., Inc. / Roaring
River III LLC ....... Individual Life Unsecured Committed 6/30/2022 1,151.2 581.0 570.2
ING U.S., Inc. / Roaring
River II LLC ........ Individual Life Unsecured Committed 12/31/2021 995.0 573.0 422.0
Total ................ $9,288.2 $6,339.2 $2,943.7
(1) Refer to “Item 8. Note 18. Related Party Transactions” for more information.
(2) On February 14, 2014, the term of the facility was extended to February 14, 2018 and the total amount of
LOCs that may be issued was reduced from $3.5 billion to $3.0 billion.
(3) Facilities matured as of the date stated above. Each LOC issued prior to the facility expiring remains
outstanding until its stated expiry date. On January 14, 2014, the letter of credit was cancelled and the
corresponding guarantee obligation of ING V was extinguished.
Effective October 30, 2013, SLDI completed a $1.125 billion letter of credit facility which replaced the
$825.0 million letter of credit facility maturing December 31, 2013 and the $300.0 million letter of credit facility
which matured June 30, 2013. The new facility provides $1.125 billion of capacity on a committed basis until
October 29, 2020 and supports the Individual Reinsurance business.
Effective December 31, 2013, SLDI and ING U.S., Inc. completed a $250.0 million letter of credit facility
with a third-party bank which matures December 29, 2023 and also supports the Individual Reinsurance business.
Effective January 1, 2014, the reinsurance agreements with Whisperingwind III were novated to Roaring
River IV, LLC (“Roaring River IV”), a wholly owned reinsurance subsidiary of the Company, which completed
a transaction with a third-party bank to provide up to $565.0 million of AG38 reserve financing through a trust
note which matures December 31, 2028. The initial amount of the trust note issued on January 1, 2014 is $297.0
million. The trust note replaces $330.0 million of letters of credit associated with the Whisperingwind III
reinsurance agreements which were cancelled in January 2014.
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