|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the NDAQ 10-Q filed May 8, 2009. Interest Rate Swaps Under the provisions of our Credit Facilities, we are required to maintain approximately 30% of our debt structure on a fixed rate basis for two years from the date of the credit agreement. As such, in August 2008, we entered into interest rate swap agreements that effectively converted $200 million of funds borrowed under our Credit Facilities, which is floating rate debt, to a fixed rate basis through August 2011. The interest rate swaps were fixed to a LIBOR base rate of 3.73% plus the current credit spread of 200 basis points as of March 31, 2009. The credit spread (not to exceed 200 basis points) is subject to change based upon the leverage ratio in accordance with the Credit Facilities. See “Cash Flow Hedges,” of Note 14, “Derivative Financial Instruments and Hedging Activities,” for further discussion. |
| |||||||
