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72
CVS Caremark
Notes to Consolidated Financial Statements
6 Borrowing and Credit Agreements
The following table is a summary of the Company’s borrowings as of December 31:
In millions
2013 2012
Commercial paper
$ —
$ 690
4.875% senior notes due 2014
550
550
3.25% senior notes due 2015
550
550
1.2% senior notes due 2016
750
—
6.125% senior notes due 2016
421
421
5.75% senior notes due 2017
1,310
1,310
2.25% senior notes due 2018
1,250
—
6.6% senior notes due 2019
394
394
4.75% senior notes due 2020
450
450
4.125% senior notes due 2021
550
550
2.75% senior notes due 2022
1,250
1,250
4.0% senior notes due 2023
1,250
—
6.25% senior notes due 2027
1,000
1,000
6.125% senior notes due 2039
1,500
1,500
5.75% senior notes due 2041
950
950
5.3% senior notes due 2043
750
—
Enhanced Capital Advantage Preferred Securities due 2062 (1)
41
41
Deferred acquisition payables due 2015-2017 (2)
42
—
Mortgage notes payable
4
1
Capital lease obligations
390
171
13,402
9,828
Less:
Short-term debt (commercial paper)
—
(690)
Current portion of long-term debt
(561)
(5)
$ 12,841
$ 9,133
(1) The Enhanced Capital Advantage Preferred Securities (“ECAPS”) had a stated rate of interest of 6.302% through June 1, 2012, at which time the
rate converted to a variable rate which was 2.3% and 2.6% at December 31, 2013 and 2012.
(2) Deferred acquisition payables are denominated in Brazilian real and bear interest at the Brazilian interbank deposit certificate rate which was 9.77%
at December 31, 2013.
The Company had no commercial paper outstanding as of December 31, 2013. In connection with its commercial
paper program, the Company maintains a $1.25 billion, four-year unsecured back-up credit facility, which expires on
May 23, 2016, a $1.25 billion, five-year unsecured back-up credit facility, which expires on February 17, 2017, and a
$1.0 billion, five-year unsecured back-up credit facility, which expires on May 23, 2018. The credit facilities allow for
borrowings at various rates that are dependent, in part, on the Company’s public debt ratings and require the Company
to pay a weighted average quarterly facility fee of approximately 0.03%, regardless of usage. As of December 31,
2013, there were no borrowings outstanding under the back-up credit facilities. The weighted average interest rate
for short-term debt was 0.27% as of December 31, 2013 and 0.35% as of December 31, 2012.