Macy's 2011 Annual Report Download - page 57

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-17
7. Financing
The Company’s debt is as follows:
January 28,
2012 January 29,
2011
(millions)
Short-term debt:
5.35% Senior notes due 2012.................................................................................................................... $ 616 $ —
5.875% Senior notes due 2013.................................................................................................................. 298 —
8.0% Senior debentures due 2012............................................................................................................. 173 —
6.625% Senior notes due 2011.................................................................................................................. — 330
7.45% Senior debentures due 2011........................................................................................................... — 109
Capital lease and current portion of other long-term obligations ............................................................. 16 15
$ 1,103 $ 454
Long-term debt:
5.9% Senior notes due 2016...................................................................................................................... $ 977 $ 977
7.875% Senior notes due 2015 *............................................................................................................... 612 612
3.875% Senior notes due 2022.................................................................................................................. 550 —
6.375% Senior notes due 2037.................................................................................................................. 500 500
5.75% Senior notes due 2014.................................................................................................................... 453 453
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
6.9% Senior debentures due 2032............................................................................................................. 250 250
5.125% Senior debentures due 2042......................................................................................................... 250 —
6.7% Senior debentures due 2028............................................................................................................. 200 200
6.79% Senior debentures due 2027........................................................................................................... 165 165
7.45% Senior debentures due 2016........................................................................................................... 123 123
7.625% Senior debentures due 2013......................................................................................................... 109 109
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
8.5% Senior debentures due 2019............................................................................................................. 36 36
9.5% amortizing debentures due 2021...................................................................................................... 33 37
10.25% Senior debentures due 2021......................................................................................................... 33 33
7.6% Senior debentures due 2025............................................................................................................. 24 24
9.75% amortizing debentures due 2021.................................................................................................... 18 20
7.875% Senior debentures due 2030......................................................................................................... 18 18
5.35% Senior notes due 2012.................................................................................................................... — 616
5.875% Senior notes due 2013.................................................................................................................. — 298
8.0% Senior debentures due 2012............................................................................................................. — 173
Premium on acquired debt, using an effective
interest yield of 5.017% to 6.165%....................................................................................................... 216 239
Capital lease and other long-term obligations .......................................................................................... 43 43
$ 6,655 $ 6,971
________________
* 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, 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, was decreased by 0.25 percent per annum to 8.125% effective in May 2011 as a result of an
upgrade of the notes by specified rating agencies, and was decreased by 0.25 percent per annum to 7.875%, its stated interest rate, effective in
January 2012 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 2.0% per annum from its current level in the event of one or more downgrades of the notes by specified rating agencies.