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Debt
9 Months Ended
Sep. 30, 2011
Debt [Abstract] 
Debt
(9) Debt

On October 5, 2011, we entered into a new $800.0 Five-Year Credit Agreement (the “New Agreement”) with a syndicate of commercial banks. This New Agreement replaces our previous $400.0 revolving credit facility. The New Agreement allows for borrowing in various currencies and up to $150.0 may be used for the issuance of stand-by letters of credit. The New Agreement terminates in October 2016.

Under the New Agreement, a debt ratings-based pricing grid determines the facility fee and the credit spread that we add to the applicable interbank borrowing rate on all borrowings. At our current credit rating, the annual facility fee is 22.5 bps paid on the entire $800.0 revolving credit facility and the credit spread is 127.5 bps on any borrowings.

The New Agreement contains customary restrictive covenants pertaining to our management and operations, including limitations on the amount of subsidiary debt that we may incur and limitations on our ability to pledge assets, as well as financial covenants, including covenants requiring, among other things, that we comply with a leverage ratio (Debt-to-EBITDA) of not greater than 3.5 to 1 and a fixed charge coverage ratio of not less than 1.5 to 1. The material terms and conditions of the New Agreements are substantially similar to the material terms and conditions of the prior credit facility.