Sallie Mae 2007 Annual Report Download - page 161

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7. Short-Term Borrowings (Continued)
determined by the amount of the facility utilized and the Company’s credit rating. In addition to other general
operating covenants contained in the facilities, certain financial covenants must be maintained related to
tangible net worth, interest coverage and net revenue. Failure to maintain these thresholds could result in the
facilities being withdrawn.
8. Long-Term Borrowings
The following tables summarize outstanding long-term borrowings at December 31, 2007 and 2006, the
weighted average interest rates at the end of the periods, and the related average balances during the periods.
Ending
Balance
Weighted
Average
Interest
Rate
Average
Balance
December 31, 2007 Year Ended
December 31,
2007
Floating rate notes:
U.S. dollar denominated:
Interest bearing, due 2009-2047 ............... $ 71,650,528 5.25% $ 73,683,228
Non U.S. dollar denominated:
Australian dollar-denominated, due 2009-2011 .... 626,030 7.23 625,870
Euro-denominated, due 2009-2041 ............. 9,073,835 3.72 8,900,473
Singapore dollar-denominated, due 2009 ......... 30,000 2.69 30,000
Sterling-denominated, due 2009-2039 ........... 975,746 5.73 975,618
Japanese yen-denominated, due 2009 ........... 42,391 0.19 42,391
Hong Kong dollar-denominated, due 2011 ....... 113,641 4.38 113,616
Swedish krona-denominated, due 2009-2011 ...... 293,459 3.49 293,450
Canadian dollar-denominated, due 2011 ......... 229,885 5.32 229,885
Total floating rate notes . . ....................... 83,035,515 5.09 84,894,531
Fixed rate notes:
U.S. dollar denominated:
Interest bearing, due 2009-2043 ............... 12,683,074 4.89 12,999,204
Non U.S. dollar denominated:
Australian dollar-denominated, due 2009-2012 .... 749,514 4.80 577,015
Canadian dollar-denominated, due 2009-2011 ..... 1,179,132 3.66 987,145
Euro-denominated, due 2009-2039 ............. 7,313,381 2.70 5,132,707
Hong Kong dollar-denominated, due 2010-2016 . . . 171,689 4.57 167,519
Japanese yen-denominated, due 2009-2035 ....... 1,036,625 1.63 1,052,326
Singapore dollar-denominated, due 2014 ......... 76,631 3.10 58,863
Sterling-denominated, due 2009-2039 ........... 4,084,309 4.42 3,439,887
Swiss franc-denominated, due 2009-2011 ........ 349,326 2.48 302,704
New Zealand dollar-denominated, due 2010 ...... 219,282 6.32 213,017
Mexican peso-denominated, due 2016........... 90,057 8.92 91,504
Swedish krona-denominated, due 2011 .......... 109,609 2.48 68,050
Total fixed rate notes ........................... 28,062,629 4.05 25,089,941
Total long-term borrowings ...................... $111,098,144 4.83% $109,984,472
F-40
SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except per share amounts, unless otherwise stated)