First Data 2008 Annual Report Download - page 153

FIRST DATA CORPORATION
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Note 10: Borrowings
Borrowings consisted of the following at December 31, 2008 and December 31, 2007:
(in millions) December 31, 2008 December 31, 2007
Short-term borrowings:
Senior secured revolving credit facility $ 18.0 $ 60.0
Other short-term borrowings 295.0 304.1
Total short-term borrowings 313.0 364.1
Current portion of long-term borrowings:
Medium-term notes due 2008 — 13.1
3.375% Notes due 2008 — 65.8
3.90% Notes due 2009 10.3 —
Senior secured term loan facility due 2014 128.9 127.7
Capital lease obligations 45.1 49.6
Total current portion of long-term borrowings 184.3 256.2
Long-term borrowings:
3.90% Notes due 2009 — 13.8
4.50% Notes due 2010 12.1 18.5
5.625% Notes due 2011 28.6 34.9
4.70% Notes due 2013 12.0 14.2
4.85% Notes due 2014 2.8 4.7
4.95% Notes due 2015 7.1 7.5
9.875% Senior notes due 2015 2,200.0 2,200.0
9.875% Senior unsecured cash-pay notes due 2015 1,550.0 1,550.0
10.55% Senior unsecured PIK notes due 2015 (a) 3,014.9 2,817.5
11.25% Senior subordinated unsecured notes due 2016 2,500.0 2,500.0
Senior secured term loan facility due 2014 12,603.4 12,675.6
Capital lease obligations 144.3 114.5
Other long-term borrowings — 2.3
Total long-term borrowings 22,075.2 21,953.5
Total borrowings $ 22,572.5 $ 22,573.8
(a) Payment In-Kind ("PIK")
Senior secured revolving credit facility
In conjunction with the merger in 2007, the Company entered into a $2.0 billion senior secured revolving credit facility with a term of six years. Up to
$500 million of the Company's $2.0 billion senior secured revolving credit facility is available for letters of credit (of which $39.7 million of letters of credit
were issued under the facility as of December 31, 2008).
Interest is payable at a rate equal to, at the Company's option, either (a) LIBOR for deposits in the applicable currency plus an applicable margin or
(b) the higher of (1) the prime rate of Credit Suisse and (2) the federal funds effective rate plus 0.50%, plus an applicable margin. The weighted-average
interest rates were 6.2% and 8.2% as of December 31, 2008 and 2007, respectively. The commitment fee rate for this facility is 0.50% per year.
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