97% of its carrying value.
The Columbia Fund is being liquidated with distributions to us occurring and expected to be fully liquidated during calendar 2008.
Since December 2007, we have received disbursements of approximately $20.7 million from the Columbia Fund.
Our operating activities during the year ended March 31, 2008 used cash of $28.9 million as compared to $19.8 million during the same period in the prior year.
Our fiscal 2008 net loss of $40.9 million was the primary cause of our cash use from operations, attributed to increased investments in our global distribution as we continue to drive initiatives to increase recovery awareness as well as our investments in research and development to broaden our circulatory care product portfolio.
In addition, our inventories used cash of $11.1 million during fiscal 2008, reflecting our inventory build-up to support anticipated increases in global demand for our products and our accounts receivable also increased as a result of higher sales volume resulting in a use of cash of $2.8 million in fiscal 2008.
These decreases in cash were partially offset by an increase in accounts payable and accrued expenses of $5.6 million, non-cash adjustments of $5.4 million related to stock-based compensation expense, $6.1 million of depreciation and amortization and $5.0 million for the change in fair value of WorldHeart note receivable and warrant.
Our investing activities during the year ended March 31, 2008 used cash of $40.9 million as compared to cash provided by investing activities of $15.1 million during the year ended March 31, 2007.
Cash used by investment activities for fiscal 2008 consisted primarily of $49.3 million for the recharacterization of the Columbia Fund to short-term marketable securities, $17.1 million for the purchase of short-term marketable securities, $3.8 million related to expenditures for property and equipment and $5.0 million for note receivable advanced to WorldHeart.
These amounts were offset by $34.5 million of proceeds from short-term marketable securities.
In June 2008, we received 510(k) clearance of our Impella 2.5, triggering an obligation to pay $5.6 million of contingent payments in accordance with the May 2005 acquisition of Impella.
These contingent payments may be made, at our option, with cash, or stock or by a combination of cash or stock under circumstances described in the purchase agreement.
It is our intent to satisfy this contingent payment through the issuance of shares of our common stock.
Our financing activities during the year ended March 31, 2008 provided cash of $2.1 million as compared to cash provided by financing activities of $66.6 million during the same period in the prior year.
Cash provided by financing activities for fiscal 2008 is comprised primarily of $2.8 million attributable to the exercise of stock options, $0.9 million related to the proceeds from the issuance of common stock, $0.3 million related to proceeds from the employee stock purchase plan, partially offset by $1.9 million related to the repurchase of warrants.
The $64.5 million decrease compared to the prior year is primarily due to $63.6 million raised from the public offering in fiscal 2007.
We disbursed approximately $2.2 million of cash for the warrant repurchase and settlement of certain litigation.
Capital expenditures for fiscal 2009 are estimated to be approximately $3.0 to $6.0 million.
Contractual Obligations and Commercial Commitments The following table summarizes our contractual obligations at March 31, 2008 and the effects such obligations are expected to have on our liquidity and cash flows in future periods.
## Table 0 ##
We have no long-term debt, capital leases or other material commitments, for open purchase orders and clinical trial agreements at March 31, 2008 other than those shown in the table above.
In May 2005, we acquired all the shares of outstanding capital stock of Impella CardioSystems AG, a company headquartered in Aachen, Germany.
The aggregate purchase price excluding a contingent payment in the amount of $5.6 million made on January 30, 2007 in the form of common stock, was approximately $45.1 million, which consisted of $42.2 million of our common stock, $1.6 million of cash paid to certain former shareholders of Impella and $1.3 million of transaction costs, consisting primarily of fees paid for financial advisory and legal services.
We may make additional contingent payments to Impella’s former shareholders based on additional milestone payments related to FDA approvals in the amount of up to $11.2 million.
In June 2008 we received 510(k) clearance of our Impella 2.5, triggering an obligation to pay $5.6 million of contingent payments.
These contingent payments may be made, at our option, with cash, or stock or by a combination of cash or stock under circumstances described in the purchase agreement, except that approximately $1.8 million of these contingent payments must be made in cash.
The payment of any contingent payments will result in an increase to the carrying value of goodwill.
We apply the disclosure provisions of FIN No.45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Guarantees of Indebtedness of Others, and Interpretation of FASB Statements No.5, 57 and 107 and Rescission of FASB Interpretation
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources – Boardwalk Pipeline – (Continued) In 2008, Boardwalk Pipeline received net cash proceeds of approximately $1.7 billion from the following debt and equity issuances which proceeds were used to fund a portion of the costs of its ongoing expansion projects and to repay amounts borrowed under its revolving credit facility:
## Table 1 ##
(a) Includes a $10 contribution received from Boardwalk Pipeline’s general partner to maintain its 2% general partner interest.
(b) Includes a $14 contribution received from Boardwalk Pipeline’s general partner to maintain its 2% general partner interest.
(c) Includes a $5 contribution received from Boardwalk Pipeline’s general partner to maintain its 2% general partner interest.
The class B units noted above share in quarterly distributions of available cash from operating surplus on a pari passu basis with Boardwalk Pipeline’s common units, until each common unit and class B unit has received a quarterly distribution of $0.30.
The class B units do not participate in quarterly distributions above $0.30 per unit.
The class B units began sharing in income allocations and distributions with respect to the third quarter of 2008.
The class B units have the same voting rights as if they were outstanding common units and are entitled to vote as a separate class on any matters that materially adversely affect the rights or preferences of the class B units in relation to other classes of partnership interests or as required by law.
The class B units will be convertible into common units of Boardwalk Pipeline on a one-for-one basis at any time after June 30, 2013.
Boardwalk Pipeline maintains a revolving credit facility, which has aggregate lending commitments of $1.0 billion.
Boardwalk Pipeline has utilized its revolving credit facility, to the extent necessary, to finance its expansion projects.
A financial institution which has a $50 million commitment under the revolving credit facility filed for bankruptcy protection in the third quarter of 2008 and has not funded its portion of Boardwalk Pipeline’s borrowing requests since that time.
As of December 31, 2008, Boardwalk Pipeline had $792 million of loans outstanding under the revolving credit facility of which the weighted-average interest rate on the borrowings was 3.4% and had no letters of credit issued.
As of December 31, 2008, Boardwalk Pipeline was in compliance with all covenant requirements under its credit facility.
Subsequent to December 31, 2008, Boardwalk Pipeline borrowed all of the remaining unfunded commitments under the credit facility (excluding the unfunded commitment of the bankrupt lender noted above), which increased borrowings to $954 million.
Maintenance capital expenditures were $51 million in 2008.
Boardwalk Pipeline expects to fund its 2009 maintenance capital expenditures of approximately $68 million from operating cash flows.
Boardwalk Pipeline does not have an immediate need to refinance any of its long term debt, including borrowings under its revolving credit facility, as the earliest maturity date of such indebtedness is in 2012.
Boardwalk Pipeline believes that its cash flow from operations will be sufficient to support its ongoing operations and maintenance capital requirements.
Current economic conditions have made it difficult for companies to obtain funding in either the debt or equity markets.
The current constraints in the capital markets may affect Boardwalk Pipeline’s ability to obtain funding through new borrowings or the issuance of equity in the public markets.
In addition, Boardwalk Pipeline expects that, to the extent Boardwalk Pipeline is successful in arranging new debt financing, it will incur increased costs associated with these debt financings.
As of December 31, 2008, in addition to $315 million of cash on hand and short term investments, Boardwalk Pipeline had available capacity under its credit facility of $162 million which Boardwalk Pipeline subsequently fully borrowed against.
Boardwalk Pipeline expects to utilize these resources, along with cash from operations, to fund a significant portion of its growth capital expenditures and working capital needs during 2009.
Boardwalk Pipeline’s ability to continue to access capital markets for debt and equity financing under reasonable terms depends on Boardwalk Pipeline’s financial condition, credit ratings and market conditions.
Boardwalk Pipeline
Notes to Consolidated Financial Statements Note 12.
Debt – (Continued) (b) The debentures are convertible into Diamond Offshore’s common stock at the rate of 8.6075 shares per one thousand dollars principal amount, subject to adjustment.
Each debenture will be purchased by Diamond Offshore at the option of the holder on the tenth and fifteenth anniversaries of issuance at the accreted value through the date of repurchase.
The debentures were issued on June 6, 2000.
Diamond Offshore, at its option, may elect to pay the purchase price in cash or shares of common stock, or in certain combinations thereof.
The debentures are redeemable at the option of Diamond Offshore at any time at prices which reflect a yield of 3.5% to the holder.
(c) The debentures were converted into Diamond Offshore’s common stock at the rate of 20.3978 shares per one thousand dollars principal amount, subject to adjustment in certain circumstances.
During the period from January 1, 2008 to April 14, 2008, the holders of $4 million in aggregate principal amount of Diamond Offshore’s 1.5% Debentures elected to convert their outstanding debentures into shares of Diamond Offshore’s common stock.
Diamond Offshore issued 71,144 shares of its common stock pursuant to these conversions.
On April 15, 2008, Diamond Offshore completed the redemption of all of their outstanding 1.5% Debentures, and, as a result, redeemed for cash the remaining aggregate principal amount of Diamond Offshore’s 1.5% Debentures.
## Table 2 ##
On August 1, 2007, CNA entered into a credit agreement with a syndicate of banks and other lenders.
The credit agreement established a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes.
Borrowings under the revolving credit facility bear interest at the London Interbank Offered Rate (“LIBOR”) plus CNA’s credit risk spread of 0.54% which was equal to 2.74%, at December 31, 2008.
CNA used $200 million of the proceeds to retire its 6.60% Senior Notes due December 15, 2008.
Under the credit agreement, CNA is required to pay certain fees, including a facility fee and a utilization fee, both of which would adjust automatically in the event of a change in CNA’s financial ratings.
The credit agreement includes covenants regarding maintenance of a minimum consolidated net worth and a specified ratio of consolidated indebtedness to consolidated total capitalization.
As of December 31, 2008, CNA was in compliance with all covenants.
Diamond Offshore maintains a $285 million syndicated, senior unsecured revolving credit facility, for general corporate purposes, including loans and performance or standby letters of credit which bears interest at a rate per annum equal to, at its election, either (i) the higher of the prime rate or the federal funds rate plus 50 basis points or (ii) the London Interbank Offered Rate, or LIBOR, plus an applicable margin, based on Diamond Offshore’s current credit ratings.
As of December 31, 2008, there were no loans outstanding under the credit facility; however, $58 million in letters of credit were issued which reduced the available capacity under the facility.
As of December 31, 2008, Diamond Offshore was in compliance with all covenants.
HighMount maintains $1.6 billion of variable rate term loans which bear interest at LIBOR plus an applicable margin.
HighMount has entered into interest rate swaps for a notional amount of $1.6 billion to hedge its exposure to fluctuations in LIBOR.
These swaps effectively fix the interest rate at 5.8%.
The loans also provide for a five year, $400 million revolving credit facility.
Borrowings under the credit facility bear interest at LIBOR plus an applicable margin or a base rate defined as the greater of the prime rate or the federal funds rate plus 50 basis points.
Among other customary covenants, HighMount cannot exceed a predetermined total debt to capitalization ratio.
As of December 31, 2008, $115 million was outstanding under the facility.
In addition, $9 million in letters of credit were issued, which reduced the available capacity to $276 million.
A financial institution which has a $30 million funding commitment under the revolving credit facility has not funded its portion of HighMount’s borrowing requests since September of 2008.
All other lenders met their revolving commitments on HighMount’s borrowings.
If the financial institution fails to fund future commitments under the revolving credit facility and is not replaced by another lender, the available capacity under the facility would be reduced to $255 million from $276 million.
At December 31, 2008, HighMount is in compliance with all of its debt covenants under the credit agreement.

<table><tr><td></td><td>Payments Due By Fiscal Year  (in $000’s)</td></tr><tr><td>Contractual Obligations</td><td>Total</td><td>Less than 1 Year</td><td>1-3 Years</td><td>3-5 Years</td><td>More than 5 Years</td></tr><tr><td>Operating Lease Commitments</td><td>$7,754</td><td>$2,544</td><td>$3,507</td><td>$1,703</td><td>$—</td></tr><tr><td>Contractual Obligations</td><td>9,309</td><td>7,473</td><td>1,836</td><td>—</td><td>—</td></tr><tr><td>Total Obligations</td><td>$17,063</td><td>$10,017</td><td>$5,343</td><td>$1,703</td><td>$—</td></tr></table>
<table><tr><td>Month ofIssuance</td><td>Net CashProceedsReceived</td><td>Numberof Units</td><td>IssuePrice</td><td>Type of Issuance</td></tr><tr><td colspan="5">(In millions, except issue price)</td></tr><tr><td>October</td><td>$500(a)</td><td>21.2</td><td>$23.13</td><td>Private placement of common units to Loews</td></tr><tr><td>June</td><td>700(b)</td><td>22.9</td><td>30.00</td><td>Private placement of class B units to Loews</td></tr><tr><td>June</td><td>248(c)</td><td>10.0</td><td>25.30</td><td>Public offering of common units</td></tr><tr><td>March</td><td>247</td><td>N/A</td><td>N/A</td><td>Public offering of debtsecurities</td></tr></table>
<table><tr><td>December 31, 2008</td><td>Principal</td><td>Unamortized Discount</td><td>Net</td><td>Short Term Debt</td><td>Long Term Debt</td></tr><tr><td>(In millions)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loews Corporation</td><td>$875</td><td>$9</td><td>$866</td><td></td><td>$866</td></tr><tr><td>CNA Financial</td><td>2,067</td><td>9</td><td>2,058</td><td></td><td>2,058</td></tr><tr><td>Diamond Offshore</td><td>504</td><td></td><td>504</td><td></td><td>504</td></tr><tr><td>HighMount</td><td>1,715</td><td></td><td>1,715</td><td></td><td>1,715</td></tr><tr><td>Boardwalk Pipeline</td><td>2,902</td><td>13</td><td>2,889</td><td></td><td>2,889</td></tr><tr><td>Loews Hotels</td><td>226</td><td></td><td>226</td><td>$71</td><td>155</td></tr><tr><td>Total</td><td>$8,289</td><td>$31</td><td>$8,258</td><td>$71</td><td>$8,187</td></tr></table>

Question: How many Net exceed the average of Net in 2008?