Sallie Mae 2007 Annual Report Download - page 162

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8. Long-Term Borrowings (Continued)
Ending
Balance
Weighted
Average
Interest
Rate
Average
Balance
Year Ended
December 31,
2006
December 31, 2006
Floating rate notes:
U.S. dollar denominated:
Interest bearing, due 2008-2047 ................ $ 66,762,440 5.37% $57,790,533
Non U.S. dollar denominated:
Australian dollar-denominated, due 2009-2011 ..... 625,708 6.73 400,155
Euro-denominated, due 2008-2041 .............. 8,402,868 3.76 6,842,358
Singapore dollar-denominated, due 2009.......... 30,000 3.76 30,000
Sterling-denominated, due 2008-2039 ............ 975,191 5.36 887,042
Japanese yen-denominated, due 2009 ............ 42,391 .55 35,423
Hong Kong dollar-denominated, due 2011 ........ 113,592 4.38 51,967
Swedish krona-denominated, due 2009-2011 ....... 293,441 3.22 82,371
Canadian dollar-denominated, due 2011 .......... 229,885 4.57 38,419
Total floating rate notes.......................... 77,475,516 5.19 66,158,268
Fixed rate notes:
U.S. dollar denominated:
Interest bearing, due 2008-2043 ................ 13,418,722 4.96 13,612,920
Non U.S. dollar denominated:
Australian dollar-denominated, due 2009-2012 ..... 624,790 5.76 576,201
Canadian dollar-denominated, due 2009-2011 ...... 977,318 4.41 869,329
Euro-denominated, due 2008-2039 .............. 6,425,413 3.36 5,383,844
Hong Kong dollar-denominated, due 2010-2016 .... 170,110 4.62 150,946
Japanese yen-denominated, due 2009-2035 ........ 962,307 1.75 871,446
Singapore dollar-denominated, due 2014.......... 68,944 3.44 58,843
Sterling-denominated, due 2008-2039 ............ 3,883,777 4.64 3,355,913
Swiss franc-denominated, due 2009 ............. 162,872 2.61 161,568
New Zealand dollar-denominated, due 2010 ....... 204,886 6.75 212,718
Mexican peso-denominated, due 2016 ........... 95,619 8.40 34,585
Swedish krona-denominated, due 2011 ........... 88,257 3.08 14,162
Total fixed rate notes............................ 27,083,015 4.42 25,302,475
Total long-term borrowings ....................... $104,558,531 4.99% $91,460,743
At December 31, 2007 and 2006, the Company had $68.1 billion and $55.1 billion, respectively, of long-
term debt outstanding (cost basis), which is on-balance sheet secured securitization trust debt (including asset-
backed commercial paper). The Company also had $2.5 billion and $2.9 billion of long-term debt outstanding
as of December 31, 2007 and 2006, 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 was $68.1 billion and $55.9 billion as of December 31, 2007 and 2006, respectively.
F-41
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)