Sunoco 2008 Annual Report Download - page 89
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In August 2008, a wholly owned subsidiary of the Company, Sunoco Receivables Corporation, Inc.
(“SRC”), entered into a 364-day accounts receivable securitization facility, which permits borrowings and
supports the issuance of letters of credit by SRC up to a total of $200 million. Under the receivables facility,
certain subsidiaries of the Company will sell their accounts receivable from time to time to SRC. In turn, SRC
may sell undivided ownership interests in such receivables to commercial paper conduits in exchange for cash or
letters of credit. The Company has agreed to continue servicing the receivables for SRC. Upon the sale of the
interests in the accounts receivable by SRC, the conduits have a first priority perfected security interest in such
receivables and, as a result, the receivables will not be available to the creditors of the Company or its other
subsidiaries. At December 31, 2008, there were no borrowings under the receivables facility.
12. Long-Term Debt
Long-term debt consists of the following (in millions of dollars):
December 31
2008 2007
9% debentures due 2024 ........................................ $ 65 $ 65
7
3
⁄
4
% notes due 2009 .......................................... 146 146
7
1
⁄
4
% notes due 2012 .......................................... 250 250
6
3
⁄
4
% notes due 2011 .......................................... 177 177
6
3
⁄
4
% convertible subordinated debentures due 2012 (Note 16) ........ 7 7
6
1
⁄
8
% notes due 2016 .......................................... 175 175
5
3
⁄
4
% notes due 2017 .......................................... 400 400
4
7
⁄
8
% notes due 2014 .......................................... 250 250
Floating-rate notes due 2034 (Note 11) ............................ — 103
Revolving credit loan, floating interest rate (1.62% at December 31,
2008) due 2012 (Note 11) ..................................... 323 91
Other ........................................................ 62 67
1,855 1,731
Less: unamortized discount ...................................... 2 3
current portion ............................................ 148 4
$1,705 $1,724
The aggregate amount of long-term debt maturing and sinking fund requirements in the years 2009 through
2013 is as follows (in millions of dollars):
2009 ............................ $148 2012 ...................... $610
2010 ............................ $7 2013 ...................... $1
2011 ............................ $179
Cash payments for interest related to short-term borrowings and long-term debt (net of amounts capitalized)
were $69, $86 and $84 million in 2008, 2007 and 2006, respectively.
The following table summarizes Sunoco’s long-term debt (including current portion) by issuer (in millions
of dollars):
December 31
2008 2007
Sunoco, Inc. .................................................. $1,043 $1,043
Sunoco Logistics Partners L.P. ................................... 748 515
Other ........................................................ 62 170
$1,853 $1,728
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