Macy's 2012 Annual Report Download - page 65

Download and view the complete annual report

Please find page 65 of the 2012 Macy's annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 104

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
F-18
6. Financing
The Company’s debt is as follows:
February 2,
2013 January 28,
2012
(millions)
Short-term debt:
7.625% Senior debentures due 2013......................................................................................................... $ 109 $ —
5.35% Senior notes due 2012.................................................................................................................... — 616
5.875% Senior notes due 2013.................................................................................................................. — 298
8.0% Senior debentures due 2012............................................................................................................. — 173
Capital lease and current portion of other long-term obligations ............................................................. 15 16
$ 124 $ 1,103
Long-term debt:
2.875% Senior notes due 2023.................................................................................................................. $ 750 $ —
5.9% Senior notes due 2016...................................................................................................................... 577 977
3.875% Senior notes due 2022.................................................................................................................. 550 550
6.375% Senior notes due 2037.................................................................................................................. 500 500
5.75% Senior notes due 2014.................................................................................................................... 453 453
7.875% Senior notes due 2015 *............................................................................................................... 407 612
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......................................................................................................... 250 250
4.3% Senior notes due 2043...................................................................................................................... 250 —
6.7% Senior debentures due 2028............................................................................................................. 200 200
6.79% Senior debentures due 2027........................................................................................................... 165 165
7.875% Senior debentures due 2036......................................................................................................... 108 108
8.125% Senior debentures due 2035......................................................................................................... 76 76
7.5% Senior debentures due 2015............................................................................................................. 69 100
8.75% Senior debentures due 2029........................................................................................................... 61 61
7.45% Senior debentures due 2016........................................................................................................... 59 123
8.5% Senior debentures due 2019............................................................................................................. 36 36
10.25% Senior debentures due 2021......................................................................................................... 33 33
9.5% amortizing debentures due 2021...................................................................................................... 29 33
7.6% Senior debentures due 2025............................................................................................................. 24 24
9.75% amortizing debentures due 2021.................................................................................................... 16 18
7.875% Senior debentures due 2030......................................................................................................... 18 18
7.625% Senior debentures due 2013......................................................................................................... — 109
Premium on acquired debt, using an effective
interest yield of 5.115% to 6.165%....................................................................................................... 191 216
Capital lease and other long-term obligations .......................................................................................... 34 43
$ 6,806 $ 6,655
________________
* 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.