ATLANTA, GA – Equifax Inc. (NYSE: EFX) today announced the closing on Sept. 7, 2004 of a trade receivables-backed revolving credit facility. Under the terms of the transaction, a wholly-owned subsidiary of Equifax may borrow up to $125 million, subject to borrowing base availability and other terms and conditions. Equifax will use the net proceeds received from the sale of its trade receivables to the subsidiary for general corporate purposes. As of Sept. 8, 2004, there were no outstanding borrowings under the credit facility.
The credit facility will be funded on a non-committed basis by Blue Ridge Funding Corp., a commercial paper conduit, and on a back-up basis by Wachovia Bank, N.A. and certain other liquidity lenders from time to time. Wachovia Bank is the agent for Blue Ridge and the liquidity lenders. The credit facility has an expiration date of Sept. 6, 2005, but may be extended for an additional period of up to three years if specified conditions are satisfied. Loans will bear interest based on prevailing commercial paper rates, LIBOR or base rates plus a specified margin or costs. Outstanding debt under the credit facility will be consolidated on Equifax’s balance sheet for financial reporting purposes.
“Our trade receivables pool makes this credit facility a very efficient funding mechanism,” said Donald T. Heroman, chief financial officer. “This is an important part of our plan to diversify our sources of credit and obtain the lowest possible borrowing cost.”
About Equifax
Equifax Inc. is a global leader in turning information into intelligence. For businesses, Equifax provides faster and easier ways to find, approve and market to the appropriate customers. For consumers, Equifax offers easier, instantaneous ways to buy products or services and better insight into and management of their personal credit. Equifax. Information that Empowers.
