Sallie Mae 2009 Annual Report Download - page 173

7. Borrowings (Continued)
The following table summarizes activity related to the senior unsecured debt repurchases for the years
ended December 31, 2009 and 2008. The Company began actively repurchasing its outstanding debt in the
second quarter of 2008. “Gains on debt repurchases” is shown net of hedging-related gains and losses.
2009 2008
Years Ended December 31,
Unsecured debt principal repurchased........................... $3,447,245 $1,910,326
Cash outlay for principal repurchases ........................... 3,129,415 1,866,269
Gains on debt repurchases ................................... 536,190 64,477
In January 2010, the Company repurchased $812 million of unsecured debt through a tender offer for a
gain of $45 million.
The following table summarizes the Company’s borrowings as of December 31, 2009 and 2008.
Short
Term
Long
Term Total
Short
Term
Long
Term Total
December 31, 2009 December 31, 2008
(Dollars in millions)
Unsecured borrowings . ........ $ 5,185 $ 22,797 $ 27,982 $ 6,794 $ 31,182 $ 37,976
Unsecured term bank deposits . . . 842 4,795 5,637 1,148 1,108 2,256
ED Participation Program
facility .................. 9,006 — 9,006 7,365 — 7,365
ED Conduit Program facility .... 14,314 — 14,314 — — —
2008 Asset-Backed Financing
Facilities
(1)
............... — 8,801 8,801 24,768 — 24,768
On-balance sheet securitizations. . — 89,200 89,200 — 80,601 80,601
Indentured trusts ............. 64 1,533 1,597 31 1,972 2,003
Other ..................... 1,472 — 1,472 1,827 — 1,827
Total before fair value
adjustments ............... 30,883 127,126 158,009 41,933 114,863 156,796
ASC 815 fair value adjustments . . 14 3,420 3,434 — 3,362 3,362
Total ...................... $30,897 $130,546 $161,443 $41,933 $118,225 $160,158
(1)
On December 31, 2009, ABCP borrowings were reclassified to long-term as the facility was renegotiated on January 15, 2010
resulting in the maturity date being greater than one year from December 31, 2009.
Short-term Borrowings
Short-term borrowings have a remaining term to maturity of one year or less. The following tables
summarize outstanding short-term borrowings (secured and unsecured) at December 31, 2009 and 2008, the
F-46
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)