Equifax 2004 Annual Report Download - page 77

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N O T E S T O C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S
Bank of America, N.A. (“B of A”), through its various
subsidiaries, provides Equifax and our subsidiaries cash
management, foreign exchange, lending and debt under-
writing services. We consider B of A a related party because
Jacquelyn M. Ward, a member of our Board of Directors,
is also a director of B of A. We paid B of A $0.8 million,
$0.8 million and $2.0 million, respectively during the years
2004, 2003 and 2002 for these services. We also provide
credit management services to B of A, as a customer, from
whom we received $18.3 million, $15.3 million and $11.2
million, respectively during the years 2004, 2003 and 2002,
and had $2.0 million and $1.7 million of corresponding
outstanding receivables with, as of December 31, 2004
and 2003, respectively. Our relationships with B of A are
described more fully below:
• As of December 31, 2003, and through the facility’s
termination on August 20, 2004, B of A served as the
Administrative Agent on Equifax Inc.’s $465.0 million
revolving credit agreement and provided a $100.0 com-
mitted portion of that facility. B of A’s total commitment
of $100.0 million at December 31, 2003 was allocated
65.6% ($65.6 million) to the multi-year portion and
34.4% ($34.4 million) to the 364-day portion. Total
borrowings outstanding under B of A’s 364-day and
multi-year portions of this facility were $29.5 million
at December 31, 2003.
• B of A was the Syndication Agent for the new $500.0 mil-
lion revolving credit agreement referenced above under
SunTrust and executed in August 2004 and also provides
a $92.5 million committed portion of that facility. Banc
of America Securities LLC, a subsidiary of Bank of
America Corporation, served as a Joint Lead Arranger
of the new facility.
• B of A extends an uncommitted $25.0 million work-
ing capital line of credit to Equifax Inc. The facility is
cancelable at the discretion of either party. The uncom-
mitted working capital line, at December 31, 2004 and
December 31, 2003, had outstanding balances of $0.0
million and $5.4 million, respectively.
• Bank of America Corporation provides investment
management services for the USRIP through its sub-
sidiary, Bank of America Capital Advisors, LLC. As of
December 31, 2004, a total of $5.2 million of USRIP
assets was managed by this subsidiary.
• At December 31, 2004 and December 31, 2003, B of A
was the counterparty on $124.0 million, notional value,
of interest rate swaps with Equifax.
We sell telecommunication credit information reports and
customer portfolio reviews to Certegy Inc. (“Certegy”). In
addition Certegy provides customer invoice and disclosure
notifi cation printing/mailing services to us. We consider
Certegy a related party because Lee A. Kennedy, a mem-
ber of our board of directors, is also Chairman and Chief
Executive Offi cer of Certegy. Amounts paid to Certegy
for fulfi llment services were $9.2 million, $3.7 million
and $0.1 million, respectively for the years 2004, 2003
and 2002. Fees received from Certegy, as a customer, for
credit disclosure reports and portfolio reviews were $1.0
million, $0.6 million and $0.3 million, respectively during
the years 2004, 2003 and 2002. The corresponding out-
standing accounts receivable balances due from Certegy at
December 31, 2004 and 2003, respectively, were $0.1 mil-
lion and $0.2 million.