Equifax 2009 Annual Report Download - page 56

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS continued
Senior Credit Facility. We are party to an $850.0 million senior
4. DEBT unsecured revolving credit facility, which we refer to as the Senior
Debt outstanding at December 31, 2009 and 2008 was as follows: Credit Facility, with a group of financial institutions. Borrowings may
be used for general corporate purposes, including working capital,
December 31, capital expenditures, acquisitions and share repurchase programs.
The Senior Credit Facility is scheduled to expire in July 2011. Availa-
(In millions) 2009 2008 bility of the Senior Credit Facility for borrowings is reduced by the
Commercial paper $135.0 $ 3.0 outstanding face amount of any letters of credit issued under the
Borrowings under Canadian short-term facility and, pursuant to our existing Board of Directors authoriza-
revolving credit facility, weighted- tion, by the outstanding principal amount of our commercial paper,
average rate of 3.5% in 2008 —25.8 or CP, notes.
Notes, 4.25%, due in installments through
May 2012 7.6 10.1 Under our Amended Credit Agreement, we must comply with various
financial and non-financial covenants. The financial covenants require
Notes, 7.34%, due in installments through
us to maintain a maximum leverage ratio, defined as consolidated
May 2014 75.0 75.0
funded debt divided by consolidated EBITDA (as set forth in the
Notes, 4.45%, due December 2014 275.0 —Amended Credit Agreement) for the preceding four quarters, of not
Notes, 6.30%, due July 2017 272.5 280.0 more than 3.5 to 1.0. Compliance with this financial covenant is
Debentures, 6.90%, due July 2028 125.0 150.0 tested quarterly. The non-financial covenants include limitations on
Notes, 7.00%, due July 2037 250.0 250.0 liens, cross defaults, subsidiary debt, mergers, liquidations, asset dis-
Borrowings under long-term revolving positions and acquisitions. As of December 31, 2009, we were in
credit facilities, weighted-average rate compliance with our covenants under the Amended Credit Agree-
of 0.9% and 2.8% in 2009 and 2008, ment. Our borrowings under this facility, which have not been guaran-
respectively 4.8 420.0 teed by any of our subsidiaries, are unsecured and will rank on parity
in right of payment with all of our other unsecured and
Capitalized lease obligation 29.0 —
unsubordinated indebtedness from time to time outstanding.
Other 3.1 3.4
Total debt 1,177.0 1,217.3 At December 31, 2009, interest was payable on borrowings under
Less short-term debt and current the existing credit facility at the base rate or London Interbank
maturities (154.2) (31.9) Offered Rate, or LIBOR, plus a specified margin. The annual facility
fee, which we pay regardless of borrowings, and interest rate are
Less capitalized lease obligation (29.0) —
subject to adjustment based on our debt ratings. As of Decem-
Less unamortized discounts (2.4) (2.1) ber 31, 2009, $707.5 million was available for borrowings and there
Plus fair value adjustments (0.5) 4.1 were outstanding borrowings of $4.8 million under the Senior Credit
Facility, which is included in long-term debt on our Consolidated
Total long-term debt, net of discount $ 990.9 $ 1,187.4
Balance Sheet.
Scheduled future maturities of debt at December 31, 2009, are as While the underlying final maturity date of this facility is July 2011, it
follows: is structured to provide borrowings under short-term loans. Since
these borrowings primarily have a maturity of thirty days, the bor-
Years ending December 31,
rowings and repayments are presented on a net basis within the
(In millions) Amount financing activities portion of our Consolidated Statements of Cash
2010 $ 182.5 Flows as net (repayments) borrowings under long-term revolving
credit facilities.
2011 25.4
2012 16.6
2013 15.0
2014 290.0
Thereafter 647.5
Total debt $ 1,177.0
54 EQUIFAX 2009 ANNUAL REPORT
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