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To: James Calladine who wrote (10677)	6/17/2002 10:14:10 PM
From: Oeconomicus	Read Replies (2) \| Respond to of 11568

Well, you two may be confused, but I doubt anyone on the Street is. Read note 4 to the financials in the 10-k. The $5B facility replaces two existing facilities. One is a $3.75 billion revolver that expires the end of this month and the other is a $2.65B revolver-to-term facility that was drawn down recently as we all heard. Nothing is drawn on the $3.75B line and with the $11.9B in long-term notes they issued last year, they had no immediate need to draw either facility (they're sitting on the proceeds of the $2.65B until closing of the new facility) and no need to replace the full $6.4B. As for the comment about the agents' commitments in the new facility, I take it to mean simply that the agents had committed $450M more than their commitments in the other facilities. The note about the $300M remaining to be committed is the only part that seemed unclear, but it looks like between the agents and the other banks they announced a week or two ago, they only need $300M more before they hit $5B and are ready to close. Hope that helps.