Capital One 2001 Annual Report Download - page 53

$1,827,974 and $2,501,761, respectively, outstanding under the
Domestic Bank Note Program, with no subordinated bank notes
issued or outstanding.
The Corporation has three shelf registration statements under which
the Corporation from time to time may offer and sell (i) senior or
subordinated debt securities, consisting of debentures, notes and/or
other unsecured evidences, (ii) preferred stock, which may be issued in
the form of depository shares evidenced by depository receipts and
(iii) common stock. The amount of securities registered is limited to a
$1,550,000 aggregate public offering price or its equivalent (based on
the applicable exchange rate at the time of sale) in one or more foreign
currencies, currency units or composite currencies as shall be
designated by the Corporation. At December 31, 2001, the
Corporation had existing unsecured senior debt outstanding under the
shelf registrations of $550,000, including $125,000 maturing in 2003,
$225,000 maturing in 2006, and $200,000 maturing in 2008. During
2001, the Corporation issued 6,750,390 shares of common stock in a
public offering under the shelf registration statement that resulted in
proceeds of $412,800. At December 31, 2001, remaining availability
under the shelf registration statements was $587,200. On January 30,
2002, the Company issued $300,000 aggregate principal amount of
senior notes due 2007, which reduced the availability under the shelf
registration statements to $287,200. The Company has also filed a new
shelf registration statement that will enable the Company to sell senior
or subordinated debt securities, preferred stock, common stock,
common equity units, stock purchase contracts and, through one or
more subsidiary trusts, other preferred securities, in an aggregate
amount not to exceed $1,500,000.
Secured Borrowings
Capital One Auto Finance, Inc., a subsidiary of the Company, currently
maintains five agreements to transfer pools of consumer loans
accounted for as secured borrowings. The agreements were entered
into in December 2001, July 2001, December 2000, May 2000 and May
1999, relating to the transfer of pools of consumer loans totaling
$1,300,000, $910,000, $425,000, $325,000 and $350,000, respectively.
Principal payments on the borrowings are based on principal
collections, net of losses, on the transferred consumer loans. The
secured borrowings accrue interest predominantly at fixed rates and
mature between June 2006 and September 2008, or earlier depending
upon the repayment of the underlying consumer loans. At December
31, 2001 and 2000, $2,536,168 and $870,185, respectively, of the
secured borrowings were outstanding.
PeopleFirst Inc. (“PeopleFirst”), a subsidiary of Capital One Auto
Finance, Inc., currently maintains four agreements to transfer pools of
consumer loans accounted for as secured borrowings. The agreements
were entered into between 1998 and 2000 relating to the transfer of
pools of consumer loans totaling approximately $910,000. Principal
payments on the borrowings are based on principal collections, net of
losses, on the transferred consumer loans. The secured borrowings
accrue interest at fixed rates and mature between September 2003 and
September 2007, or earlier depending upon the repayment of the
underlying consumer loans. At December 31, 2001, $477,250 of the
secured borrowings was outstanding.
In 1999, the Bank entered into a £750,000 revolving credit facility
collateralized by a security interest in certain consumer loan assets of
the Company. Interest on the facility is based on commercial paper rates
or LIBOR. The facility matured in August 2001. At December 31, 2000,
£600,000 ($895,800 equivalent) was outstanding under the facility.
Junior Subordinated Capital Income Securities
In January 1997, Capital One Capital I, a subsidiary of the Bank
created as a Delaware statutory business trust, issued $100,000
aggregate amount of Floating Rate Junior Subordinated Capital
Income Securities that mature on February 1, 2027. The securities
represent a preferred beneficial interest in the assets of the trust.
Other Short-Term Borrowings
In October 2001, PeopleFirst entered into a $500,000 revolving credit
facility collateralized by a security interest in certain consumer loan
assets. Interest on the facility is based on LIBOR. The facility matures
in March 2002. At December 31, 2001, $443,110 was outstanding
under the facility.
During 2000, the Bank entered into a multicurrency revolving credit
facility (the “Multicurrency Facility”). The Multicurrency Facility is
intended to finance the Company’s business in the United Kingdom
and was initially comprised of two Tranches, each in the amount of
Euro 300,000 ($270,800 equivalent based on the exchange rate at
closing). The Tranche A facility was intended for general corporate
purposes and terminated on August 9, 2001. The Tranche B facility is
intended to replace and extend the Corporation’s prior credit facility
for U.K. pounds sterling and Canadian dollars, which matured on
August 29, 2000. The Tranche B facility terminates August 9, 2004. The
Corporation serves as guarantor of all borrowings under the
Multicurrency Facility. In October 2000, the Bank’s subsidiary, Capital
One Bank Europe plc, replaced the Bank as a borrower under the
Bank’s guarantee. As of December 31, 2001 and 2000, the Company
had no outstandings under the Multicurrency Facility.
During 2000, the Company entered into four bilateral revolving credit
facilities with different lenders (the “Bilateral Facilities”). The Bilateral
Facilities were used to finance the Company's business in Canada and
for general corporate purposes. Two of the Bilateral Facilities each for
Capital One Inc., guaranteed by the Corporation, in the amount of
C$100,000 ($67,400 equivalent based on exchange rate at closing),
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