First Data 2007 Annual Report Download - page 120

FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 10: Borrowings
Borrowings consisted of the following at December 31, 2007 and December 31, 2006:
Successor Predecessor
(in millions) December 31, 2007 December 31, 2006
Short-Term Borrowings:
Capital lease obligations $ 49.6 $ 46.6
Other short-term debt 304.1 89.9
Senior secured revolving credit facility 60.0 —
Senior secured term loan facility due 2014 127.7 —
3.375% Notes due 2008 65.8 —
Medium-term notes 13.1 85.4
Long-Term Borrowings:
Medium-term note — 40.4
3.375% Notes due 2008 — 499.5
3.90% Notes due 2009 13.8 102.7
4.50% Notes due 2010 18.5 158.7
5.625% Notes due 2011 34.9 156.6
4.70% Notes due 2013 14.2 478.8
4.85% Notes due 2014 4.7 375.1
4.95% Notes due 2015 7.5 399.7
Senior secured term loan facility due 2014 12,675.6 —
Senior unsecured cash-pay term loan facility due 2015 1,550.0 —
Senior unsecured PIK term loan facility due 2015(a) 2,817.5 —
9.875% Senior unsecured notes due 2015 2,200.0 —
Senior subordinated unsecured term loan facility due 2016 2,500.0 —
Capital lease obligations 114.5 128.4
Other long-term borrowings 2.3 6.3
Adjustments to carrying value for mark-to-market of interest rate swaps — (51.9)
$ 22,573.8 $ 2,516.2
(a) Payment In-Kind ("PIK")
The Company had a $1.5 billion commercial paper program in the predecessor period that was supported by a $1.5 billion revolving credit facility, both
of which were terminated in conjunction with the merger.
The Company has lines of credit associated with First Data Deutschland which totaled approximately 160 million euro, or approximately $232 million,
as of December 31, 2007. The Company had the full amount outstanding against these lines of credit as of December 31, 2007 and $89.6 million outstanding
as of December 31, 2006.
The Company also has lines of credit associated with Cashcard Australia, Ltd. ("Cashcard") which are periodically used to fund ATM settlement
activity. As of December 31, 2007, the lines of credit totaled approximately 162 million Australian dollars, or approximately $142 million. The Company had
$54.6 million outstanding against these lines of credit as of December 31, 2007. There were no amounts outstanding against these lines of credit as of
December 31, 2006.
The Company has two credit facilities associated with First Data Polska (formerly POLCARD) which are periodically used to fund settlement activity.
As of December 31, 2007, the facilities totaled approximately 210 million Polish zloty, or approximately $84 million. The Company had an immaterial
amount outstanding against these lines of credit as of December, 31 2007.
Debt Repurchases and repayments
In January 2007, the Company repurchased $32.4 million of its 4.7% senior notes due August 1, 2013, $30.2 million of its 4.85% senior notes due
October 1, 2014, and $28.0 million of its 4.95% senior notes due June 15, 2015. In conjunction with the debt repurchases, the Company de-designated as a
hedge a portion of the associated interest rate swaps so that the portion of the swaps remaining designated as fair value hedges corresponded to the remaining
principal amount of the corresponding debt instruments. The Company recognized a $1.4 million pretax gain upon the debt repurchase.
118