Long-term Debt

3 Months Ended

Mar. 31, 2024


6. Long-term Debt

Principal maturities of long-term debt by type of debt at March 31, 2024 were as follows:


	Senior Debt
(dollars in millions)	Securitizations		Private Secured Term Funding		Revolving Conduit Facilities			Unsecured Notes (a)		Junior Subordinated Debt (a)			Total

Interest rates (b)	0.87%-7.52%		6.35%		6.81		%	3.50%-9.00%		7.33		%

Remainder of 2024	$	—	$	—	$	—		$	—	$	—		$	—
2025	—		—		—			1,110		—			1,110
2026	—		—		—			1,600		—			1,600
2027	—		—		—			750		—			750
2028	—		—		—			1,350		—			1,350
2029-2067	—		—		—			3,182		350			3,532
Secured (c)	11,112		350		1			—		—			11,463


Total principal maturities	$	11,112	$	350	$	1		$	7,992	$	350		$	19,805

Total carrying amount	$	11,069	$	350	$	1		$	7,928	$	172		$	19,520
Debt issuance costs (d)	(39)		—		—			(60)		—			(99)

(a) Pursuant to the Base Indenture, the Supplemental Indentures, and the Guaranty Agreements, OMH agreed to fully and unconditionally guarantee, on a senior unsecured basis, payments of principal, premium and interest on the Unsecured Notes and Junior Subordinated Debenture. The OMH guarantees of OMFC’s long-term debt are subject to customary release provisions.

(b) The interest rates shown are the range of contractual rates in effect at March 31, 2024.

(c) Securitizations, private secured term funding, and borrowings under the revolving conduit facilities are not included in the above maturities by period due to their variable monthly repayments, which may result in pay-off prior to the stated maturity date. See Note 7 for further information on our long-term debt associated with securitizations, private secured term funding, and revolving conduit facilities.

(d) Debt issuance costs are reported as a direct deduction from long-term debt, with the exception of debt issuance costs associated with our revolving conduit facilities, credit card revolving variable funding note (“VFN”) facilities, and unsecured corporate revolver, which totaled $38 million at March 31, 2024 and are reported in Other assets in our condensed consolidated balance sheets.

UNSECURED CORPORATE REVOLVER

At March 31, 2024, the total maximum borrowing capacity of our unsecured corporate revolver was $1.3 billion. The corporate revolver has a five-year term beginning October 25, 2021, during which draws and repayments may occur. Any outstanding principal balance is due and payable on October 25, 2026. At March 31, 2024, no amounts were drawn under this facility.