Oracle 2009 Annual Report Download - page 203
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Revolving Credit Agreements
On March 16, 2010, our $2.0 billion, 364-Day Revolving Credit Agreement dated March 17, 2009, among
Oracle; the lenders named therein; Wachovia Bank, National Association, as administrative agent; BNP
Paribas as syndication agent; the documentation agents named therein; and Wachovia Capital Markets,
LLC, and BNP Paribas Securities Corp., as joint lead arrangers and joint bookrunners (the 2009 Credit
Agreement), terminated pursuant to its terms. No debt was outstanding pursuant to the 2009 Credit
Agreement as of its date of termination.
As of May 31, 2010, we had a $3.0 billion, five-year Revolving Credit Agreement with certain lenders
that we entered into in March 2006 (the 2006 Credit Agreement). The 2006 Credit Agreement provides for
unsecured revolving credit facilities, which can also be used to back-stop any Commercial Paper Notes
(defined above) that we may issue and for working capital and other general corporate purposes. Subject
to certain conditions stated in the 2006 Credit Agreement, we may borrow, prepay and re-borrow amounts
under the facilities at any time during the term of the 2006 Credit Agreement. Interest for the 2006 Credit
Agreement is based on either (a) a LIBOR-based formula or (b) a formula based on Wells Fargo's prime
rate or on the federal funds effective rate. Any amounts drawn pursuant to the 2006 Credit Agreement are
due on March 14, 2011. No amounts were outstanding pursuant to the 2006 Credit Agreement as of May
31, 2010 and 2009 and a total of $3.0 billion remained available.
The 2006 Credit Agreement contains certain customary representations and warranties, covenants and
events of default, including the requirement that our total net debt to total capitalization ratio not exceed
45%. If any of the events of default occur and are not cured within applicable grace periods or waived, any
unpaid amounts under the 2006 Credit Agreement may be declared immediately due and payable and the
2006 Credit Agreement may be terminated. We were in compliance with the Credit Agreements'
covenants as of May 31, 2010.
Source: ORACLE CORP, 10-K, July 01, 2010 Powered by Morningstar® Document Research℠