Capital One 2007 Annual Report Download - page 106

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84
$100.0 million of 8.0% junior subordinated debentures due December 15, 2027 and $45.0 million of 8.17% junior subordinated
debentures due May 1, 2028. These junior subordinated debentures remain outstanding at December 31, 2007.
In August 2006, the Company issued $650.0 million aggregate principal amount of 7.686% junior subordinated debentures that are
scheduled to mature on August 15, 2036.
In June 2006, the Company issued $345.0 million aggregate principal amount of 7.5% junior subordinated debentures that are
scheduled to mature on June 15, 2066.
FHLB Advances
During 2007, the Company utilized Federal Reserve Home Loan Bank (FHLB) advances of $6.8 billion which are secured by the
Companys investment in FHLB stock and by a blanket floating lien on portions of the Companys residential mortgage loan portfolio.
FHLB stock totaled $424.6 million at December 31, 2007 and is included in Other assets.
Other Short-Term Borrowings
Revolving Credit Facility
In June 2004, the Company terminated its Domestic Revolving and Multicurrency Credit Facilities and replaced them with a new
revolving credit facility (Credit Facility) providing for an aggregate of $750.0 million in unsecured borrowings from various lending
institutions to be used for general corporate purposes. On April 30, 2007 the Credit Facility was terminated.
Collateralized Revolving Credit Facilities
In March 2005, COAF entered into a revolving warehouse credit facility collateralized by a security interest in certain auto loan assets
(the Capital One Auto Loan Facility II). As of December 31, 2007 the Capital One Auto Loan Facility II had the capacity to issue up
to $1.3 billion in secured notes. The Capital One Auto Loan Facility II has multiple participants each with separate renewal dates. The
facility does not have a final maturity date. Instead, the participant may elect to renew the commitment for another set period of time.
Interest on the facility is based on commercial paper rates. At December 31, 2007 and 2006, $127.7 million and $1.2 billion,
respectively, were outstanding under the facility. The Capital One Auto Loan Facility II was paid down in January 2008.
In March 2002, COAF entered into a revolving warehouse credit facility collateralized by a security interest in certain auto loan assets
(the Capital One Auto Facility I). As of December 31, 2007, the Capital One Auto Facility I had the capacity to issue up to $4.1
billion in secured notes. The Capital One Auto Facility I has multiple participants each with separate renewal dates. The facility does
not have a final maturity date. Instead, each participant may elect to renew the commitment for another set period of time. Interest on
the facility is based on commercial paper rates. At December 31, 2007 and 2006, $4.2 billion and $461.0 million, respectively, were
outstanding under the facility. The Capital One Auto Loan Facility I was paid down in January 2008.
Interest-bearing time deposits, Senior and subordinated notes and Other borrowings as of December 31, 2007, mature as follows:
Interest-
Bearing
Time
Deposits(1)
Senior and
Subordinated
Notes
Other
Borrowings Total
2008 $ 18,871,926 $ 1,808,760 $ 15,250,370 $ 35,931,056
2009 6,005,897 1,596,939 7,202,071 14,804,907
2010 1,853,310 764,854 2,343,017 4,961,181
2011 851,403 1,143,725 479,920 2,475,048
2012 859,337 657,701 2,992 1,520,030
Thereafter 662,886 4,740,727 1,305,313 6,708,926
Total $ 29,104,759 $ 10,712,706 $ 26,583,683 $ 66,401,148
(1) Includes only those interest bearing deposits which have a contractual maturity date.
Note 10
Stock Plans
The Company has two active stock-based compensation plans, one employee plan and one non-employee director plan. Under the
plans, the Company reserves common shares for issuance in various forms including incentive stock options, nonstatutory stock
options, stock appreciation rights, restricted stock awards, restricted stock units, and performance share units.