Home Depot 2013 Annual Report Download - page 46

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3. DEBT
The Company has commercial paper programs that allow for borrowings up to $2.0 billion. In connection with the programs,
the Company has a back-up credit facility with a consortium of banks for borrowings up to $2.0 billion. The credit facility
expires in July 2017 and contains various restrictive covenants. At February 2, 2014, the Company was in compliance with
all of the covenants, and they are not expected to impact the Company’s liquidity or capital resources. There were no
borrowings under the commercial paper programs or the related credit facility in fiscal 2013 and 2012.
The Company’s Long-Term Debt at the end of fiscal 2013 and 2012 consisted of the following (amounts in millions):
February 2,
2014 February 3, 2013
5.25% Senior Notes; due December 16, 2013; interest payable semi-annually on
June 16 and December 16 $ — $ 1,286
5.40% Senior Notes; due March 1, 2016; interest payable semi-annually on
March 1 and September 1 3,042 3,058
2.25% Senior Notes; due September 10, 2018; interest payable semi-annually on
March 10 and September 10 1,148 —
3.95% Senior Notes; due September 15, 2020; interest payable semi-annually on
March 15 and September 15 501 499
4.40% Senior Notes; due April 1, 2021; interest payable semi-annually on
April 1 and October 1 999 998
2.70% Senior Notes; due April 1, 2023; interest payable semi-annually on
April 1 and October 1 998 —
3.75% Senior Notes; due February 15, 2024; interest payable semi-annually on
February 15 and August 15 1,094 —
5.875% Senior Notes; due December 16, 2036; interest payable semi-annually on
June 16 and December 16 2,962 2,962
5.40% Senior Notes; due September 15, 2040; interest payable semi-annually on
March 15 and September 15 499 499
5.95% Senior Notes; due April 1, 2041; interest payable semi-annually on
April 1 and October 1 996 996
4.20% Senior Notes; due April 1, 2043; interest payable semi-annually on
April 1 and October 1 996 —
4.875% Senior Notes; due February 15, 2044; interest payable semi-annually on
February 15 and August 15 985 —
Capital Lease Obligations; payable in varying installments through January 31, 2055 499 492
Other 56
Total debt 14,724 10,796
Less current installments 33 1,321
Long-Term Debt, excluding current installments $ 14,691 $ 9,475
In September 2013, the Company issued $1.15 billion of 2.25% senior notes due September 10, 2018 (the "2018 notes”) at a
discount of $1 million, $1.1 billion of 3.75% senior notes due February 15, 2024 (the "2024 notes”) at a discount of $6
million and $1.0 billion of 4.875% senior notes due February 15, 2044 (the "2044 notes”) at a discount of $15 million
(together, the "September 2013 issuance"). Interest on the 2018 notes is due semi-annually on March 10 and September 10 of
each year, beginning March 10, 2014. Interest on the 2024 notes and the 2044 notes is due semi-annually on February 15 and
August 15 of each year, beginning February 15, 2014. The net proceeds of the September 2013 issuance were used for
general corporate purposes, including repayment of the Company's $1.25 billion 5.25% senior notes that matured
December 16, 2013 and repurchases of shares of the Company's common stock. The $22 million discount associated with the
September 2013 issuance is being amortized over the term of the notes using the effective interest rate method. Issuance costs
associated with the September 2013 issuance were approximately $19 million and are being amortized over the term of the
notes.