Sallie Mae 2005 Annual Report Download - page 157

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)
F-35
8. Long-Term Borrowings (Continued)
December 31, 2004
Year Ended
December 31,
2004
Ending
Balance
Weighted
Average
Interest
Rate
Average
Balance
Floating rate notes:
U.S. dollar denominated:
Interestbearing,due2006-2047......................... $ 47,792,701 2.48% $ 35,023,181
Non U.S. dollar denominated:
Australian dollar—denominated, due 2009............... 164,003 5.82 102,150
Euro—denominated, due 2006-2040..................... 4,339,287 2.33 2,321,228
Singapore dollar—denominated, due 2009 ............... 30,000 1.58 25,492
Sterling-denominated,due2006-2039.................... 722,571 5.08 570,479
Total floatingrate notes.................................... 53,048,562 2.51 38,042,530
Fixed rate notes:
U.S. dollar denominated:
Interest bearing, due2006-2043......................... 12,614,188 4.67 12,923,633
Zero coupon ......................................... — — 204,890
Non U.S. dollar denominated:
Australian dollar-denominated, due 2009 ................ 310,949 5.70 169,779
Canadian dollar-denominated, due 2009................. 167,262 4.32 11,490
Euro-denominated, due 2006-2039...................... 5,728,710 3.27 4,047,730
HongKong dollar-denominated, due 2014 ............... 26,563 4.70 22,945
Japanese yen-denominated, due 2009-2034 ............... 453,211 1.63 277,526
Singapore dollar-denominated, due 2014................. 66,498 3.56 52,055
Sterling-denominated,due2006-2039.................... 3,319,666 4.51 2,305,444
Swiss franc-denominated, due 2009...................... 178,964 2.37 75,800
Total fixed rate notes ...................................... 22,866,011 4.22 20,091,292
Totallong-termborrowings................................. $ 75,914,573 3.03% $ 58,133,822
The Company had $47.2 billion and $37.1 billion of long-term debt outstanding as of December 31,
2005 and 2004, respectively, which is on-balance sheet secured securitization trust debt (including asset-
backed commercial paper). The Company also had $3.4 billion and $6.9 billion of long-term debt
outstanding as of December 31, 2005 and 2004, respectively, related to additional secured, limited
obligation or non-recourse borrowings related to several indenture trusts. The face value of on-balance
sheet student loans that secured this debt at December 31, 2005 and 2004, was $52 billion and $42 billion,
respectively.
To match the interest rate and currency characteristics of its long-term borrowings with the interest
rate and currency characteristics of its assets, the Company enters into interest rate and foreign currency
swaps with independent parties. Under these agreements, the Company makes periodic payments,
generally indexed to the related asset rates, or rates which are highly correlated to the asset rates, in
exchange for periodic payments which generally match the Company’s interest and foreign currency