Macy's 2010 Annual Report Download - page 71

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
The following table shows the detail of debt repayments:
2010 2009 2008
(millions)
10.625% Senior debentures due 2010 ......................................... $ 150$–$–
8.5% Senior notes due 2010 ................................................. 76 – –
6.625% Senior notes due 2011 ............................................... 170 – –
7.45% Senior debentures due 2011 ........................................... 41 – –
5.35% Senior notes due 2012 ................................................ 484 – –
8.0% Senior debentures due 2012 ............................................ 27 – –
5.875% Senior notes due 2013 ............................................... 52 – –
7.625% Senior debentures due 2013 .......................................... 16 – –
5.75% Senior notes due 2014 ................................................ 47 – –
7.875% Senior notes due 2015 ............................................... 38 – –
5.90% Senior notes due 2016 ................................................ 123 – –
7.45% Senior debentures due 2016 ........................................... 2 – –
4.8% Senior notes due 2009 ................................................. – 600 –
6.3% Senior notes due 2009 ................................................. – 350 –
6.625% Senior notes due 2008 ............................................... – – 500
5.95% Senior notes due 2008 ................................................ – – 150
9.5% amortizing debentures due 2021 ......................................... 4 4 4
9.75% amortizing debentures due 2021 ........................................ 2 2 2
Capital leases and other obligations ........................................... 13 10 10
$1,245 $966 $666
The following summarizes certain components of the Company’s debt:
Bank Credit Agreement
The Company is a party to a credit agreement with certain financial institutions providing for revolving
credit borrowings and letters of credit in an aggregate amount not to exceed $2,000 million (which amount may
be increased to $2,500 million at the option of the Company, subject to the willingness of existing or new lenders
to provide commitments for such additional financing) outstanding at any particular time. This credit agreement
is set to expire August 30, 2012.
As of January 29, 2011, and January 30, 2010, there were no revolving credit loans outstanding under the
credit agreement. However, there were less than $1 million and approximately $52 million, respectively, of
standby letters of credit outstanding at January 29, 2011 and January 30, 2010. There were no borrowings under
this agreement throughout all of 2010 and 2009. Revolving loans under the credit agreement bear interest based
on various published rates.
This agreement, which is an obligation of a wholly-owned subsidiary of Macy’s, Inc. (“Parent”), is not
secured. However, Parent and each direct and indirect subsidiary of such wholly owned subsidiary of Macy’s,
Inc. have fully and unconditionally guaranteed this obligation, subject to specified limitations.
The Company’s interest coverage ratio for 2010 was 5.64 and its leverage ratio at January 29, 2011 was
2.34, in each case as calculated in accordance with the credit agreement. The credit agreement requires the
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