Equifax 2015 Annual Report Download - page 25

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– 24 –
For additional information about our acquisitions, see Note 4 of the Notes to Consolidated Financial Statements in this
report.
Financing Activities
Twelve Months Ended December 31, Change
Net cash provided by (used in): 2015 2014 2013 2015 vs. 2014 2014 vs. 2013
(Inmillions)
Net short-term borrowings
(repayments) $(331.0)$379.9 $(267.3)$(710.9)$647.2
Payments on long-term debt $—$ (290.0) $ (15.0) $290.0 $ (275.0)
Debt issuance costs $(4.9)$ — $ (0.8) $(4.9)$ 0.8
Credit Facility Availability. Our principal unsecured revolving credit facility with a group of banks, which we refer
to as the Revolver, permits us to borrow up to $900.0 million through November 2020. The Revolver may be used for general
corporate purposes. Availability of the Revolver for borrowings is reduced by the outstanding face amount of any letters of
credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding principal
amount of our commercial paper (CP) notes.
Our $900.0 million CP program has been established to allow for borrowing through the private placement of CP with
maturities ranging from overnight to 397 days. We may use the proceeds of CP for general corporate purposes. The CP program
is supported by our Revolver and, pursuant to our existing Board of Directors authorization, the total amount of CP which may
be issued is reduced by the amount of any outstanding borrowings under our Revolver.
At December 31, 2015, the Company had $47.2 million of CP and $0.5 million of letters of credit outstanding, and
there were no borrowings outstanding under the Revolver. At December 31, 2015, a total of $852.3 million was available under
the Revolver.
At December 31, 2015, approximately 96% of our debt was fixed rate and 4% was effectively variable rate. Our
variable-rate debt consists of our issued commercial paper, which bears short-term interest rates based on the CP market for
investment grade issuers. The interest rates reset periodically, depending on the terms of the respective financing arrangements.
At December 31, 2015, interest rates on our variable-rate debt ranged from 0.65% to 0.75%.
The obligations of the lenders to fund the Term Loan Facility and the 364-Day Revolver are subject to certain
conditions, including the approval by Veda shareholders of the acquisition and the nonoccurence of a material adverse change
related to Veda. Refer to Note 16 for further discussion.
Borrowing and Repayment Activity. Net short-term borrowings (repayments) primarily represent borrowings or
repayments of outstanding amounts under our CP program. We primarily borrow under our CP program, as needed and
availability allows.
The decrease in net short-term (repayments) borrowings primarily relates the net activity of CP notes in 2015, and
reflects the increase in cash flow from operations as well as no material acquisitions entered into during the year. The increase
in net short-term borrowings (repayments) in 2014 primarily reflects the borrowing of CP notes in the first quarter of 2014 to
fund the acquisition of TDX, as well as the 2014 pay-off of our $15.0 million 7.34% Notes and $275.0 million 4.45% Senior
Notes, outstanding at December 31, 2013, with borrowings under our CP program.
The increase in payments on long-term debt in 2014 reflects the pay-off of our $15.0 million 7.34% Notes and $275.0
million 4.45% Senior Notes, outstanding at December 31, 2013, with borrowings under our CP program.
The increase in debt issuance costs in 2015 reflects the debt issuance costs paid in connection with the new Senior
Credit Facilities entered into in November 2015.
Debt Covenants. The outstanding indentures and comparable instruments contain customary covenants including, for
example, limits on secured debt and sale/leaseback transactions. In addition, the Senior Credit Facilities requires us to maintain
a maximum leverage ratio of not more than 3.5 to 1.0, and limits the amount of subsidiary debt. The Company's leverage ratio
was 1.26 at December 31, 2015. None of these covenants are considered restrictive to our operations and, as of December 31,
2015, the Company was in compliance with all of our debt covenants.
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