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This excerpt taken from the ACI 10-K filed Mar 1, 2010. Commercial
Paper
On August 15, 2007, the Company entered into a commercial
paper placement program, as amended, to provide short-term
financing at rates that are generally lower than the rates
available under the revolving credit facility. Under the
commercial paper program, the Company may sell interest-bearing
or discounted short-term unsecured debt obligations with
maturities of no more than 270 days. Market conditions have
impacted the Company’s ability to issue commercial paper.
The Company amended the program on April 11, 2008 to
increase the maximum aggregate principal amount outstanding to
$100.0 million from $75.0 million. The commercial
paper placement program is supported by a revolving credit
facility, which is subject to renewal annually, and expires on
April 30, 2010. As of December 31, 2009, the
weighted-average interest rate of the Company’s outstanding
commercial paper was 1.44% and maturity dates ranged from 4 to
55 days.
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