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% Senior Notes due 2012
February 2004
$225.0
$221.7
3.00% Convertible Notes due August 15, 2012
August 2004
345.0
335.9
7.125% Senior Notes due 2012
October 2004
300.0
292.8
7.125% Senior Notes due 2012
December 2004
200.0
199.8
Total
$1,070.0
$1,050.2

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: Analyse this data from a financial earnings document. what was the percent of the processing fees and expenses associated with the loan facility pen in may 2004
Choices:
0.16667
0.00023
0
1
0.02313
Correct choice index: 4