Equifax 2000 Annual Report Download - page 34

in Canada that was a small component of the
CIS group acquired earlier in the year from
R.L. Polk & Co. Proceeds from these sales
included cash of $156,001,000 (net of cash
sold) and a $41 million note receivable from
one of the buyers, and resulted in a pretax
loss of $2,044,000 recorded in other income.
Approximately $25.5 million of the proceeds
received in the U.S. and Canadian risk man-
agement sales related to exclusive contracts
to provide the buyers with credit information
products and services over several years, and
was recorded in current and long-term
deferred revenue. In conjunction with the U.S.
risk management sale, the Company guaran-
teed approximately $60 million of the buyer’s
third-party acquisition financing which related
to a portfolio of purchased paper. Since this
purchased paper financing was entirely guaran-
teed by the Company, the amount guaranteed
(approximately $59.1 million at December 31,
2000) has been recorded in other assets and
other long-term liabilities in the accompanying
consolidated balance sheets. These correspon-
ding asset and liability balances will be reduced
as the buyer makes principal payments on their
loan and the Company’s guarantee is reduced.
At December 31, 1999, the U.S. risk manage-
ment business had approximately $51.5 million
in purchased paper, with $21.9 million included
in other current assets and $29.6 million
included in other assets in the accompanying
consolidated balance sheets.
In April 1999, the Company sold its 34% equity
interest in Proceda S.A. in Brazil, and in June
1999 also sold three risk management offices
located in the U.S. Proceeds from these sales
totaled $25,957,000 and resulted in a gain of
$7,095,000 recorded in other income ($2,888,000
after tax, or $.02 per share).
In October 1998, the Company sold the collec-
tion businesses it had purchased from CSC
earlier in the year (Note 8).
"4.LONG-TERM DEBT AND SHORT-TERM
BORROWINGS
Long-term debt at December 31, 2000 and 1999
was as follows:
(In thousands) 2000 1999
Senior Notes, 6.5%, due 2003,
net of unamortized discount of
$255 in 2000 and $357 in 1999 $199,745 $199,643
Senior Notes, 6.3%, due 2005,
net of unamortized discount of
$754 in 2000 and $921 in 1999 249,246 249,079
Senior Debentures, 6.9%, due 2028,
net of unamortized discount of
$1,375 in 2000 and $1,425 in 1999 148,625 148,575
Borrowings under $750 million
revolving credit facility, weighted
average rate of 6.8% at
December 31, 2000 390,533 318,000
Other 8,513 22,581
996,662 937,878
Less current maturities 3,093 4,170
$993,569 $933,708
In June 1998, the Company issued new 6.3%
seven-year notes with a face value of $250,000,000
in a public offering. The notes were sold at a dis-
count of $1,172,500. In July 1998, the Company
issued new 6.9% 30-year debentures with a face
value of $150,000,000 in a public offering. The
debentures were sold at a discount of $1,500,000.
The discounts and related issuance costs are
being amortized on a straight-line basis over the
respective term of the notes and debentures.
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