proceeds from the sale of equity securities .from time to time , we raise funds through public offerings of our equity securities .in addition , we receive proceeds from sales of our equity securities pursuant to our stock option and stock purchase plans .for the year ended december 31 , 2004 , we received approximately $ 40.6 million in proceeds from sales of shares of our class a common stock and the common stock of atc mexico pursuant to our stock option and stock purchase plans .financing activities during the year ended december 31 , 2004 , we took several actions to increase our financial flexibility and reduce our interest costs .new credit facility .in may 2004 , we refinanced our previous credit facility with a new $ 1.1 billion senior secured credit facility .at closing , we received $ 685.5 million of net proceeds from the borrowings under the new facility , after deducting related expenses and fees , approximately $ 670.0 million of which we used to repay principal and interest under the previous credit facility .we used the remaining net proceeds of $ 15.5 million for general corporate purposes , including the repurchase of other outstanding debt securities .the new credit facility consists of the following : 2022 $ 400.0 million in undrawn revolving loan commitments , against which approximately $ 19.3 million of undrawn letters of credit were outstanding at december 31 , 2004 , maturing on february 28 , 2011 ; 2022 a $ 300.0 million term loan a , which is fully drawn , maturing on february 28 , 2011 ; and 2022 a $ 398.0 million term loan b , which is fully drawn , maturing on august 31 , 2011 .the new credit facility extends the previous credit facility maturity dates from 2007 to 2011 for a majority of the borrowings outstanding , subject to earlier maturity upon the occurrence of certain events described below , and allows us to use credit facility borrowings and internally generated funds to repurchase other indebtedness without additional lender approval .the new credit facility is guaranteed by us and is secured by a pledge of substantially all of our assets .the maturity date for term loan a and any outstanding revolving loans will be accelerated to august 15 , 2008 , and the maturity date for term loan b will be accelerated to october 31 , 2008 , if ( 1 ) on or prior to august 1 , 2008 , our 93 20448% ( 20448 % ) senior notes have not been ( a ) refinanced with parent company indebtedness having a maturity date of february 28 , 2012 or later or with loans under the new credit facility , or ( b ) repaid , prepaid , redeemed , repurchased or otherwise retired , and ( 2 ) our consolidated leverage ratio ( total parent company debt to annualized operating cash flow ) at june 30 , 2008 is greater than 4.50 to 1.00 .if this were to occur , the payments due in 2008 for term loan a and term loan b would be $ 225.0 million and $ 386.0 million , respectively .note offerings .during 2004 , we raised approximately $ 1.1 billion in net proceeds from the sale of debt securities through institutional private placements as follows ( in millions ) : debt security date of offering principal amount approximate net proceeds .
[['debt security', 'date of offering', 'principal amount', 'approximate net proceeds'], ['7.50% ( 7.50 % ) senior notes due 2012', 'february 2004', '$ 225.0', '$ 221.7'], ['3.00% ( 3.00 % ) convertible notes due august 15 2012', 'august 2004', '345.0', '335.9'], ['7.125% ( 7.125 % ) senior notes due 2012', 'october 2004', '300.0', '292.8'], ['7.125% ( 7.125 % ) senior notes due 2012', 'december 2004', '200.0', '199.8'], ['total', '', '$ 1070.0', '$ 1050.2']]
2022 7.50% ( 7.50 % ) senior notes offering .in february 2004 , we sold $ 225.0 million principal amount of our 7.50% ( 7.50 % ) senior notes due 2012 through an institutional private placement .the 7.50% ( 7.50 % ) senior notes mature on may 1 , 2012 , and interest is payable semiannually in arrears on may 1 and november 1 of each year. .

Question: what was the percent of the processing fees and expenses associated with the loan facility pen in may 2004
Answer: 2.3%