Oracle 2010 Annual Report Download - page 253

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NOTES PAYABLE AND OTHER BORROWINGS Narrative (Details)
NOTES PAYABLE AND OTHER BORROWINGS Narrative
(Details) (USD $)
12 Months Ended
05/31/2011
Debt-related covenants We were in compliance with all debt-related covenants at May 31, 2011.
Revolving Credit Agreement On May 27, 2011, we entered into two Revolving Credit Agreements with BNP
Paribas, as initial lender and administrative agent; and BNP Paribas Securities
Corp., as sole lead arranger and sole bookrunner (the 2011 Credit Agreements) to
borrow $1.15 billion pursuant these agreements. The 2011 Credit Agreements
provided us with short-term borrowings for working capital and other general
corporate purposes. Interest for the 2011 Credit Agreements is based on either (x) a
“base rate” calculated as the highest of (I) BNP Paribas’s prime rate, (II) the federal
funds effective rate plus 0.50% and (III) the LIBOR for deposits in U.S. dollars
plus 1% or (y) LIBOR for deposits made in U.S. dollars plus 0.25%, depending on
the type of borrowings made by us. Any amounts borrowed pursuant to the 2011
Credit Agreements are due no later than June 30, 2011, the termination date of
these credit agreements.
Source: ORACLE CORP, 10-K, June 28, 2011 Powered by Morningstar® Document Research℠