Macy's 2010 Annual Report Download - page 69

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
8. Financing
The Company’s debt is as follows:
January 29,
2011
January 30,
2010
(millions)
Short-term debt:
6.625% Senior notes due 2011 ............................................... $ 330 $ –
7.45% Senior debentures due 2011 ............................................ 109 –
10.625% Senior debentures due 2010 .......................................... – 150
8.5% Senior notes due 2010 ................................................. – 76
Capital lease and current portion of other long-term obligations ..................... 15 16
$ 454 $ 242
Long-term debt:
5.9% Senior notes due 2016 ................................................. $ 977 $1,100
5.35% Senior notes due 2012 ................................................ 616 1,100
7.875% Senior notes due 2015 * .............................................. 612 650
6.375% Senior notes due 2037 ............................................... 500 500
5.75% Senior notes due 2014 ................................................ 453 500
6.9% Senior debentures due 2029 ............................................. 400 400
6.7% Senior debentures due 2034 ............................................. 400 400
7.45% Senior debentures due 2017 ............................................ 300 300
6.65% Senior debentures due 2024 ............................................ 300 300
7.0% Senior debentures due 2028 ............................................. 300 300
5.875% Senior notes due 2013 ............................................... 298 350
6.9% Senior debentures due 2032 ............................................. 250 250
6.7% Senior debentures due 2028 ............................................. 200 200
8.0% Senior debentures due 2012 ............................................. 173 200
6.79% Senior debentures due 2027 ............................................ 165 165
7.45% Senior debentures due 2016 ............................................ 123 125
7.625% Senior debentures due 2013 ........................................... 109 125
7.875% Senior debentures due 2036 ........................................... 108 108
7.5% Senior debentures due 2015 ............................................. 100 100
8.125% Senior debentures due 2035 ........................................... 76 76
8.75% Senior debentures due 2029 ............................................ 61 61
9.5% amortizing debentures due 2021 ......................................... 37 41
8.5% Senior debentures due 2019 ............................................. 36 36
10.25% Senior debentures due 2021 ........................................... 33 33
7.6% Senior debentures due 2025 ............................................. 24 24
9.75% amortizing debentures due 2021 ........................................ 20 22
7.875% Senior debentures due 2030 ........................................... 18 18
6.625% Senior notes due 2011 ............................................... – 500
7.45% Senior debentures due 2011 ............................................ – 150
Premium on acquired debt, using an effective
interest yield of 4.854% to 6.165% .......................................... 239 275
Capital lease and other long-term obligations .................................... 43 47
$6,971 $8,456
* The rate of interest payable in respect of these senior notes was increased by one percent per annum to 8.875% in April 2009 as a result of a
downgrade of the notes by specified rating agencies and was decreased by 0.50 percent per annum to 8.375% effective in May 2010 as a
result of an upgrade of the notes by specified rating agencies. The rate of interest payable in respect of these senior notes could increase by
up to 1.50 percent per annum or decrease by up to 0.50 percent per annum from its current level in the event of one or more downgrades or
upgrades of the notes by specified rating agencies.
F-21