Sallie Mae 2008 Annual Report Download - page 165

7. Borrowings (Continued)
Ending
Balance
(1)
Weighted
Average
Interest
Rate
(2)
Year Ended
December 31,
2007
Average
Balance
December 31, 2007
Floating rate notes:
U.S. dollar-denominated:
Interest bearing, due 2009-2047 ............... $ 71,650,528 5.25% $ 73,683,228
Non-U.S. dollar-denominated:
Australian dollar-denominated, due 2009-2011 .... 626,030 7.23 625,870
Euro-denominated, due 2009-2041 ............. 9,073,835 3.72 8,900,473
Singapore dollar-denominated, due 2009 ........ 30,000 2.69 30,000
Sterling-denominated, due 2009-2039 ........... 975,746 5.73 975,618
Japanese yen-denominated, due 2009 ........... 42,391 0.19 42,391
Hong Kong dollar-denominated, due 2011 ....... 113,641 4.38 113,616
Swedish krona-denominated, due 2009-2011...... 293,459 3.49 293,450
Canadian dollar-denominated, due 2011 ......... 229,885 5.32 229,885
Total floating rate notes ........................ 83,035,515 5.09 84,894,531
Fixed rate notes:
U.S. dollar-denominated:
Interest bearing, due 2009-2043 ............... 12,683,074 4.89 12,999,204
Non-U.S. dollar-denominated:
Australian dollar-denominated, due 2009-2012 .... 749,514 4.80 577,015
Canadian dollar-denominated, due 2009-2011 ..... 1,179,132 3.66 987,145
Euro-denominated, due 2009-2039 ............. 7,313,381 2.70 5,132,707
Hong Kong dollar-denominated, due 2010-2016 . . . 171,689 4.57 167,519
Japanese yen-denominated, due 2009-2035 ....... 1,036,625 1.63 1,052,326
Singapore dollar-denominated, due 2014 ........ 76,631 3.10 58,863
Sterling-denominated, due 2009-2039 ........... 4,084,309 4.42 3,439,887
Swiss franc-denominated, due 2009-2011 ........ 349,326 2.48 302,704
New Zealand dollar-denominated, due 2010 ...... 219,282 6.32 213,017
Mexican peso-denominated, due 2016 .......... 90,057 8.92 91,504
Swedish krona-denominated, due 2011 .......... 109,609 2.48 68,050
Total fixed rate notes .......................... 28,062,629 4.05 25,089,941
Total long-term borrowings . . .................... $111,098,144 4.83% $109,984,472
(1)
Ending balance expressed in U.S. dollars at December 31, 2007 spot currency exchange rate.
(2)
Weighted average interest rate is stated rate relative to currency denomination of note.
At December 31, 2008, the Company had outstanding long-term borrowings with call features totaling
$1.9 billion and $100 million of outstanding long-term borrowings that are putable by the investor to the
Company prior to the stated maturity date. Generally, these instruments are callable and putable at the par
F-45
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)