Huntington National Bank 2006 Annual Report Download - page 108

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS HUNTINGTON BANCSHARES INCORPORATED
15. OTHER LONG-TERM DEBT
At December 31, Huntington’s other long-term debt consisted of the following:
At December 31,
(in thousands of dollars) 2006 2005
The Huntington National Bank $ 808,112 $1,576,033
5.68% Securitization trust note payable due 2012(1) 408,745 792,386
6.02% Securitization trust note payable due 2018(2) 962,283 —
7.88% Class C preferred securities of REIT subsidiary, no maturity 50,000 50,000
Total other long-term debt $ 2,229,140 $2,418,419
(1) Variable effective rate at December 31, 2006, based on one month LIBOR +0.33.
(2) Variable effective rate at December 31, 2006, based on one month LIBOR +0.67.
Amounts above include values related to hedging with derivative financial instruments. The derivative instruments, principally
interest rate swaps, are used to match the funding rates on certain assets by hedging the cash flow variability associated with
certain variable-rate debt by converting the debt to fixed-rate and hedging the fair values of certain fixed-rate debt by converting
the debt to a variable rate. See Note 23 for more information regarding such financial instruments.
The weighted-average interest rate for other long-term debt was 5.48% and 4.34% at December 31, 2006 and 2005, respectively.
The securitization trust notes payable are collaterized by $1.7 billion in automobile loans held in the automobile trusts. The terms
of the other long-term debt obligations contain various restrictive covenants including limitations on the acquisition of additional
debt in excess of specified levels, dividend payments, and the disposition of subsidiaries. As of December 31, 2006, Huntington
was in compliance with all such covenants.
Other long-term debt maturities for the next five years are as follows: $0.1 billion in 2007; $0.2 billion in 2008; $0.2 billion in
2009; $0.3 billion in 2010; none in 2011 and $1.4 billion thereafter. These maturities are based upon the par values of long-term
debt.
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