Short-Term Borrowings

6 Months Ended

Jun. 30, 2011

Short-Term Borrowings

9.  Short-Term Borrowings

The Company has a $50.0 million unsecured revolving line of credit.  At June 30, 2011, the Company had $25.0 million of non-rated commercial paper outstanding on the facility at an average interest rate of 1.44% plus an issuance fee of 25 basis points and $11.0 million of bank borrowings outstanding at an average interest rate of 1.9%.  The Company’s borrowing facility includes one financial covenant that specifies a minimum level of net worth.  The Company was in compliance with the covenant at June 30, 2011.  The facility expired on April 30, 2011, and was renewed for another term that expires April 30, 2012.  Effective July 22, 2011, the interest rate on bank borrowings was changed to LIBOR plus 75 basis points, which is currently approximately 0.95%.