Siemens 2008 Annual Report Download - page 251

Notes to Consolidated Financial Statements 155
(in millions of €, except where otherwise stated and per share amounts)
23 Debt
As of September 30, 2008, weighted-average interest rates for loans from banks, other nancial indebtedness
and obligations under nance leases were 4.9% (2007: 5.7%), 3.5% (2007: 4.9%) and 5.7% (2007: 5.8%), respec-
tively. In some countries, the Company has pledged securities and executed promissory notes to secure borrow-
ings in conformity with local practice.
Commercial paper
We have a U.S.$ 9.0 billion (approximately €6.3 billion) global multi-currency commercial paper program in
place including U.S.$ extendable notes capabilities. As of September 30, 2008 and 2007, outstanding global
commercial paper totaled €198 and €4,332. Interest rates ranged from 2.10% to 2.25% and from 4.23% to
5.31%, respectively as of September 30, 2008 and 2007 (see also Other nancial indebtedness below). Our issues
of commercial paper have a maturity of typically less than 90 days.
Credit facilities
The credit facilities at September 30, 2008 and 2007 consisted of approximately €6.7 and €6.8 billion, respec-
tively, in committed lines of credit. These include a U.S.$5.0 billion syndicated multi-currency revolving credit
facility expiring March 2012 and a U.S.$4.0 billion syndicated multi-currency revolving credit facility expiring
August 2013. The U.S.$4 billion facility comprises a U.S.$1.0 billion term loan which was drawn in January 2007,
bearing interest of 0.15% above LIBOR (London Interbank Offered Rate) as well as a U.S.$3.0 billion revolving
tranche not yet drawn. It also includes a third revolving credit facility provided by a domestic bank with an
aggregate amount of €450 expiring in September 2012. As of September 30, 2008 and 2007, approximately €6.0
and €6.1 billion, respectively, of these lines of credit remained unused. Commitment fees for the years ended
September 30, 2008 and 2007 totaled approximately €2.8 and €2.7, respectively. The facilities are for general
business purposes.
September 30,
2008 2007
Short-term
Notes and bonds 1,024 693
Loans from banks 479 478
Other nancial indebtedness 265 4,418
Obligations under nance leases 51 48
Short-term debt and current maturities of long-term debt 1,819 5,637
Long-term
Notes and bonds (maturing 2009–2066) 11,942 8,196
Loans from banks (maturing 2009–2016) 1,856 871
Other nancial indebtedness (maturing 2009–2027) 280 555
Obligations under nance leases 182 238
Long-term debt 14,260 9,860
16,079 15,497