H&R Block's Block Financial Unit Switches Short-Term Cap Source

http://www.marketwatch.com/news/story/hr-blocks-block-financial-unit/story.aspx?guid=%7BEEAE4661%2D0 ^ | 8-22-07

[Hydroshock]

H&R Block Inc.'s (HRB:H&R Block, Inc News, chart, profile, more Last: 19.79+0.59+3.07%

9:15am 08/22/2007

Delayed quote dataAdd to portfolio Analyst Create alertInsider Discuss Financials Sponsored by: HRB19.79, +0.59, +3.1%) Block Financial Corp. unit withdrew a net of $650 million from its working capital lines of credit to cover capital needs during the credit crunch. The Kansas City, Mo., company said it withdrew $200 million on Aug. 16 and an added $850 million on Aug. 20, using the money to pay off the previous loan. The company said in recent weeks "the credit market has become increasingly constrained and unstable," cutting into the availability and terms of commercial paper, a source of short-term funds for companies. The company said it plans to keep using the working capital lines until commercial paper stability and market pricing returns to "normal levels." H&R Block has $2 billion available in working capital facilities that mature in 2010

[BlabItGrabIt]

The company said it plans to keep using the working capital lines until commercial paper stability and market pricing returns to "normal levels."

IOW, Chairman, CUT THOSE RATES 100 BASIS-POINTS YESTERDAY!

Do it Yesterday! :-)

[Hydroshock]

No, we need to let this sort out. No banker bailouts.