Equifax Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

DEBT

DEBT

3 Months Ended

Mar. 31, 2014

Debt [Abstract]

DEBT

5. DEBT

Debt outstanding at March 31, 2014 and December 31, 2014 was as follows:

	March 31,		December 31,
	2014		2013
	(In millions)
Commercial paper	$	192.8	$	-
Notes, 7.34%, due in installments through May 2014		15.0		15.0
Notes, 4.45%, due December 2014		275.0		275.0
Notes, 6.30%, due July 2017		272.5		272.5
Notes, 3.30%, due Dec 2022		500.0		500.0
Debentures, 6.90%, due July 2028		125.0		125.0
Notes, 7.00%, due July 2037		250.0		250.0
Other		1.3		0.6
Total debt		1,631.6		1,438.1
Less short-term debt and current maturities		(488.4)		(296.5)
Less unamortized discounts		(2.0)		(2.1)
Plus fair value adjustments		4.4		6.0
Total long-term debt, net	$	1,145.6	$	1,145.5

Senior Credit Facility. We are party to a $750.0 million unsecured revolving credit facility, which we refer to as the Senior Credit Facility, with a group of financial institutions. The Senior Credit Facility also has an accordion feature that allows us to request an increase in the total commitment to $1.0 billion. Borrowings may be used for general corporate purposes, including working capital, capital expenditures, acquisitions and share repurchase programs. The Senior Credit Facility is scheduled to expire in December 2017. Availability of the Senior Credit Facility for borrowings is reduced by the outstanding face amount of any letters of credit issued under the facility and, pursuant to our existing Board of Directors authorization, by the outstanding principal amount of our commercial paper notes. As of March 31, 2014, there were no outstanding borrowings under this facility and $555.8 million was available for borrowing.

Commercial Paper Program. Our $750.0 million commercial paper program has been established through the private placement of commercial paper notes from time-to-time. Maturities of commercial paper can range from overnight to 397 days. The commercial paper program is supported by our Senior Credit Facility and, pursuant to our existing Board of Directors authorization, the total amount of commercial paper which may be issued is reduced by the amount of any outstanding borrowings under our Senior Credit Facility. At March 31, 2014, $192.8 million in commercial paper notes was outstanding, all with maturities of less than 90 days.

For additional information about our debt agreements, see Note 6 of the Notes to Consolidated Financial Statements in our 2013 Form 10-K.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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