Visa 2009 Annual Report Download - page 93
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2009
(in millions, except as noted)
(1) At September 30, 2009, the put option is exercisable at any time at the sole discretion of Visa Europe with payment required 285 days thereafter. As
such, the put option liability is included in accrued liabilities on the consolidated balance sheet at September 30, 2009. As the put option did not become
exercisable until March 2009, it was classified as long-term at September 30, 2008. Classification in current liabilities is not an indication of
management's expectation of exercise and simply reflects the fact that the obligation resulting from the exercise of the instrument could become payable
within 12 months.
Note 10—Debt
The Company had outstanding debt as follows:
September 30,
2009
September 30,
2008
(in millions)
5.60% Senior secured notes—Series B principal and interest payments payable quarterly, due December 2012 $ 22 $ 29
7.53% Medium-term notes—interest payments payable semi-annually, due August 2009 — 40
8.28% Secured notes—Series B, principal and interest payments payable monthly, due September 2014 16 18
7.83% Secured notes—Series B, principal and interest payments payable monthly, due September 2015 19 21
Total principal amount of debt $ 57 $ 108
Unamortized discount, debt issuance costs and other costs (1) (2)
Total debt $ 56 $ 106
Less: current portion of long-term debt (12) (51)
Long-term debt $ 44 $ 55
The estimated fair value of the Company's debt at September 30, 2009 and 2008 is $64 million and $115 million, respectively, based on credit ratings
for similar notes.
5.60% Senior Secured Notes-Series B
In December 2002, Visa U.S.A. issued $68 million in series B senior secured notes with a maturity date of ten years. The note is collateralized by the
Company's Colorado facility, which consists of two data centers and an office building, in addition to processing assets and developed software.
7.53% Medium-Term Notes
Visa International established a medium-term note program in 1992 to offer up to $250 million of unsecured private placement notes. At September 30,
2009, the Company had no outstanding obligations under these notes and terminated this private placement program.
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