eBay 2013 Annual Report Download - page 127
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Credit Agreement
In 2011, we entered into a credit agreement that provides for an unsecured $3 billion five-year revolving credit facility that includes a
$300 million letter of credit sub-facility and a $100 million swingline sub-facility, with available borrowings under the revolving credit facility
reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. We may also, subject to the agreement of
the applicable lenders, increase the commitments under the revolving credit facility by up to $1 billion . Funds borrowed under the credit
agreement may be used for general corporate purposes.
As of December 31, 2013 , no borrowings or letters of credit were outstanding under our $3 billion credit agreement. However, as
described above, we have a $2 billion commercial paper program and maintain $2 billion of available borrowing capacity under our credit
agreement in order to repay commercial paper borrowings in the event we are unable to repay those borrowings from other sources when they
become due. Accordingly, at December 31, 2013 , $1 billion of borrowing capacity was available for other purposes permitted by the credit
agreement.
Loans under the credit agreement bear interest at either (i) the London Interbank Offered Rate (“ LIBOR ”) plus a margin (based on our
public debt credit ratings) ranging from 0.625 percent to 1.125 percent or (ii) a formula based on the agent bank's prime rate, the federal funds
effective rate or LIBOR plus a margin (based on our public debt credit ratings) ranging from zero percent to 0.125 percent. The credit agreement
will terminate and all amounts owing thereunder will be due and payable on November 22, 2016, unless (a) the commitments are terminated
earlier, either at our request or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events of
default), or (b) the maturity date is extended upon our request, subject to the agreement of the lenders. The credit agreement contains customary
representations, warranties, affirmative and negative covenants, including a financial covenant, events of default and indemnification provisions
in favor of the banks. The negative covenants include restrictions regarding the incurrence of liens, subject to certain exceptions. The financial
covenant requires us to meet a quarterly financial test with respect to a minimum consolidated interest coverage ratio.
We were in compliance with all covenants in our outstanding debt instruments for the period ended December 31, 2013 .
Future Maturities
Expected future principal maturities as of December 31, 2013 are as follows (in millions):
F-28
Fiscal Years:
2014
$
7
2015
852
2016
—
2017
1,000
2018
—
Thereafter
2,260
$
4,119