First Data 2011 Annual Report Download - page 46

As of December 31, 2011, FDC's $2.0 billion senior secured revolving credit facility had commitments from financial
institutions to provide $1,515.3 million of credit after being reduced by the $254.1 million permanent reduction discussed in "Debt
modifications and amendments" above and the $230.6 million terminated commitment discussed below. FDC had no amount
outstanding against this facility as of December 31, 2011 and 2010, other than the letters of credit discussed below. Therefore, as of
December 31, 2011, $1,470.3 million remained available under this facility. Excluding the letters of credit, the maximum amount
outstanding against this facility during 2011 was approximately $130 million while the average amount outstanding during 2011 was
approximately $4 million.
There are multiple institutions that have commitments under this facility with none representing more than approximately 18%
of the remaining capacity. An affiliate of Lehman Brothers Holdings Inc. provided a $230.6 million commitment until it was
terminated in June 2011.
Debt modification and related financing costs.During the year ended December 31, 2011, FDC paid $18.6 million and $21.1
million in fees related to the December 2010 debt exchange and April 2011 debt modification and amendments, respectively.
The issuance of the 8.875% senior secured notes in August 2010 was accounted for as a modification resulting in only the net
effect of the issuance being reflected as a use of cash. The Company paid a net amount of $24.1 million in fees related to the
modification. The Company also paid a net amount of $37.1 million for costs incurred during the fourth quarter of 2010 related to the
debt exchange described above which was accounted for as a modification.
Principal payments on long-term debt. In conjunction with the debt modifications and amendments discussed above, proceeds
from the issuance of new notes were used to prepay portions of the principal balances of FDC's senior secured term loans which
satisfied the future quarterly principal payments until March 2018. Prior to the modifications, during 2010 and 2009, the Company
made principal payments of $96.2 million and $129.0 million related to its senior secured term loan facility, respectively. During
2011, 2010 and 2009, the Company paid notes that came due totaling $32.6 million, $13.1 million and $10.7 million, respectively. In
addition, the Company paid $34.1 million in debt restructuring fees in each of 2010 and 2009.
Payments for capital leases totaled $71.9 million, $76.9 million and $68.2 million for 2011, 2010 and 2009, respectively.
As of March 5, 2012, FDC's long-term corporate family rating from Moody's was B3 (stable). The long-term local issuer credit
rating from Standard and Poor's was B (stable). The long-term issuer default rating from Fitch was B (negative outlook). The
Company's current level of debt may impair its ability to get additional funding beyond its revolving credit facility if needed.
Proceeds from sale-leaseback transactions. The Company may, from time to time, enter into sale-leaseback transactions as a
means of financing previously or recently acquired fixed assets, primarily equipment.
Distributions and dividends paid to noncontrolling interests and redeemable noncontrolling interests.Distributions and
dividends paid to noncontrolling interests and redeemable noncontrolling interests primarily represent distributions of earnings. The
increases in 2011 from 2010 and in 2010 from 2009 were primarily the result of distributions associated with the BAMS alliance
including an incremental distribution in 2011 of approximately $64 million related to both working capital initiatives and an extra
quarterly distribution due to a change in the timing of such distributions.
Contributions from noncontrolling interest.Activity in 2009 represents the cash contributed by a third-party investor in the
BAMS alliance.
Purchase of noncontrolling interest.The use of cash in 2010 relates to the redemption amount paid to the third-party investor to
redeem its interest in the BAMS alliance.
Cash dividends.The Company paid cash dividends to First Data Holdings Inc. in 2011 and 2010.
Letters, lines of credit and other.
Total Available (a) Total Outstanding
As of December 31, As of December 31,
(in millions) 2011 2010 2011 2010
Letters of credit (b) $ 500.0 $ 500.0 $ 45.0 $ 51.9
Lines of credit and other (c) 341.2 428.3 76.4 180.3
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