Sallie Mae 2009 Annual Report Download - page 174

7. Borrowings (Continued)
weighted average interest rates at the end of each period, and the related average balances and weighted
average interest rates during the periods.
Ending Balance
Weighted Average
Interest Rate Average Balance
Weighted Average
Interest Rate
December 31, 2009 Year Ended December 31, 2009
Unsecured term bank
deposits .............. $ 842,636 3.33% $ 929,442 3.23%
ABCP borrowings ......... — — 16,238,782 1.64
ED Participation Program
Facility ............... 9,006,053 .79 14,174,433 1.42
ED Conduit Program
facility ............... 14,313,837 .59 7,339,592 .72
Short-term portion of long-
term borrowings ........ 5,259,278 2.58 4,408,990 2.05
Other interest bearing
liabilities .............. 1,475,007 .12 1,393,280 .31
Total short-term borrowings. . $30,896,811 1.04% $44,484,519 1.45%
Maximum outstanding at any
month end............. $53,406,554
Ending Balance
Weighted Average
Interest Rate Average Balance
Weighted Average
Interest Rate
December 31, 2008 Year Ended December 31, 2008
Unsecured term bank
deposits .............. $ 1,147,825 3.34% $ 696,442 3.67%
ABCP borrowings ......... 24,767,825 2.74 24,692,143 3.82
ED Participation Program
Facility ............... 7,364,969 3.37 1,726,751 3.41
Short-term portion of long-
term borrowings ........ 6,821,846 3.60 6,879,459 3.69
Other interest bearing
liabilities .............. 1,830,578 0.55 2,064,547 2.35
Total short-term borrowings. . $41,933,043 2.91% $36,059,342 3.69%
Maximum outstanding at any
month end............. $41,933,043
As of December 31, 2009, the Company had $3.5 billion in unsecured revolving credit facilities which
provide liquidity support for general corporate purposes. The Company has never drawn on these facilities.
These facilities include a $1.9 billion revolving credit facility maturing in October 2010 and a $1.6 billion
revolving credit facility maturing in October 2011. These figures reflect the amended size of the facilities as a
$215 million commitment from Aurora Bank, FSB, formerly known as Lehman Brothers Bank, FSB, a
subsidiary of Lehman Brothers Holdings Inc. was removed in the fourth quarter of 2009.
On April 24, 2009, in conjunction with the extension of the 2008 ABCP Facilities (see “Asset-Backed
Financing Facilities” below), a $1.4 billion revolving credit facility maturing in October 2009 was retired and
the $1.9 billion revolving credit facility maturing in October 2011 was reduced to $1.6 billion. The principal
financial covenants in the unsecured revolving credit facilities require the Company to maintain consolidated
tangible net worth of at least $1.38 billion at all times. Consolidated tangible net worth as calculated for
F-47
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, except per share amounts, unless otherwise stated)