Costco 1999 Annual Report Download - page 29

COSTCO WHOLESALE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share data)
27
Note 2—Debt (Continued)
Short-Term Borrowings
The weighted average borrowings, highest borrowings and interest rate under all short-term borrow-
ing arrangements were as follows for fiscal 1999 and 1998:
Average Amount Weighted Average
Maximum Amount Outstanding Interest Rate
Category of Aggregate Outstanding During the During the
Short-Term Borrowings During the Period Period Period
Period ended August 29, 1999
Bank borrowings:
U.S. ..................... $ — $ — — %
Canadian ................. 5,753 87 6.50
Commercial Paper:
U.S. ..................... — — —
Canadian ................. 13,380 682 4.84
Period ended August 30, 1998
Bank borrowings:
U.S. ..................... $ — $ — — %
Canadian ................. 5,399 215 6.85
Commercial Paper:
U.S. ..................... — — —
Canadian ................. 34,390 5,841 3.61
Long-term Debt
Long-term debt at August 29, 1999 and August 30, 1998:
1999 1998
71⁄8% Senior Notes due June 2005 ..................... $300,000 $300,000
31⁄2% Zero Coupon convertible subordinated notes due
August 2017 ................................... 456,783 466,082
Unsecured note payable to banks due April 2001 .......... 140,000 140,000
Notes payable secured by trust deeds on real estate ........ 12,723 13,667
Capital lease obligations and other ..................... 21,213 21,030
930,719 940,779
Less current portion (included in other current liabilities) .... 11,831 10,744
Total long-term debt ............................... $918,888 $930,035
The Company issued $300,000 of 71⁄8% Senior Notes in fiscal 1995. Interest on the notes is payable
semiannually on June 15 and December 15. The indentures contain certain limitations on the Company’s
and certain subsidiaries’ ability to create liens securing indebtedness and to enter into certain sale
leaseback transactions.