Liquidity (cont’d)
Commercial paper debt balance was $85M at year-end 2003, and $83M at month-end Sept-04.
Sold 1.3 million shares of common stock in April-04, with gross proceeds of $40M
Sold $90M of new secured MTNs in 2003, and redeemed $63M of MTNs and Pfd stock
No issues or maturities of LTD in 2004, and only $15M maturing in 2005
$160M of new MTN financing authorized and available under shelf registration