BEC » Topics » Securitization

This excerpt taken from the BEC 10-K filed Feb 23, 2009.

Securitization

In October 2007, our wholly owned subsidiary, Beckman Coulter Finance Company, LLC (“BCFC”), a Delaware limited liability company, entered into an accounts receivable securitization program with several financial institutions. The securitization facility is on a 364-day revolving basis. As part of the securitization program, we transferred our interest in a defined pool of accounts receivable to BCFC. In turn, BCFC sold ownership interest in the underlying receivables to multi-seller conduits administered by a third-party bank. A sale of receivables under the program is accounted for as a secured borrowing. The cost of funds under this

 

 

62   BEC 2008 FORM 10-K


Table of Contents

Notes to Consolidated Financial Statements (Continued)

(tabular dollar amounts in millions, except amounts per share)

 

program varies based on changes in interest rates. We did not have an outstanding balance on the facility as of December 31, 2008 and 2007. On October 29, 2008, we amended the accounts receivable securitization program to extend the term of the agreement from October 29, 2008 to October 28, 2009 as well as reduce the maximum borrowing amount from $175.0 million to $125.0 million.

These excerpts taken from the BEC 10-K filed Feb 29, 2008.

Securitization

In October 2007, our wholly owned subsidiary, Beckman Coulter Finance Company, LLC (“BCFC”), a Delaware limited liability company, entered into an accounts receivable securitization program with several financial institutions. The securitization facility will be on a 364-day revolving basis. As part of the securitization program, we transferred our interest in a defined pool of accounts receivable to BCFC. In turn, BCFC will sell ownership interest in the underlying receivables to the multi-seller conduits administered by a third party bank. Sale of receivables under the program is accounted for as a secured borrowing. The cost of funds under this program varies based on changes in interest rates. We did not have any amounts drawn on the facility as of December 31, 2007. Under the accounts receivable securitization program, the maximum borrowing amount can not exceed $175.0 million.

 

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Table of Contents

Notes to Consolidated Financial Statements (Continued)

(tabular dollar amounts in millions, except amounts per share)

 

Securitization

SIZE="2">In October 2007, our wholly owned subsidiary, Beckman Coulter Finance Company, LLC (“BCFC”), a Delaware limited liability company, entered into an accounts receivable securitization program with several financial institutions. The
securitization facility will be on a 364-day revolving basis. As part of the securitization program, we transferred our interest in a defined pool of accounts receivable to BCFC. In turn, BCFC will sell ownership interest in the underlying
receivables to the multi-seller conduits administered by a third party bank. Sale of receivables under the program is accounted for as a secured borrowing. The cost of funds under this program varies based on changes in interest rates. We did not
have any amounts drawn on the facility as of December 31, 2007. Under the accounts receivable securitization program, the maximum borrowing amount can not exceed $175.0 million.

SIZE="1"> 


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Table of Contents



Notes to Consolidated Financial Statements (Continued)

STYLE="margin-top:6px;margin-bottom:0px" ALIGN="center">(tabular dollar amounts in millions, except amounts per share)

SIZE="1"> 


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