Tyson Foods 2014 Annual Report Download - page 66

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NOTE 7: DEBT
The following table reflects major components of debt as of September 27, 2014 , and September 28, 2013 :
Annual maturities of debt for the five fiscal years subsequent to September 27, 2014 , are: 2015 - $644 million ; 2016 - $885 million ; 2017 -
$1,059 million ; 2018 - $176 million ; 2019 - $1,688 million .
Revolving Credit Facility
In September 2014, we amended our existing credit facility which, among other things, increased our line of credit from $1.0 billion to $1.25
billion . The facility supports short-term funding needs and letters of credit and will mature with the commitments thereunder terminating in
September 2019 . After reducing the amount available by outstanding letters of credit issued under this facility, the amount available for
borrowing at September 27, 2014 , was $1,209 million . At September 27, 2014 , we had outstanding letters of credit issued under this facility
totaling $41 million , none of which were drawn upon. We had an additional $105 million of bilateral letters of credit issued separately from
the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of workers’ compensation
insurance programs and derivative activities.
The revolving credit facility is unsecured and is fully guaranteed by Tyson Fresh Meats, Inc. (TFM Parent), our wholly owned subsidiary, until
such date TFM Parent is released from all of its guarantees of other material indebtedness. If in the future any of our other subsidiaries shall
guarantee any of our material indebtedness, such subsidiary shall also be required to guarantee the indebtedness, obligations and liabilities
under this facility.
58
in millions
2014
2013
Revolving credit facility
$
—
$
—
Senior notes:
3.25% Convertible senior notes due October 2013 (2013 Notes)
—
458
2.75% Senior notes due September 2015 (2015 Notes)
407
—
6.60% Senior notes due April 2016 (2016 Notes)
638
638
7.00% Notes due May 2018
120
120
2.65% Notes due August 2019 (2019 Notes)
1,000
—
4.10% Notes due September 2020 (2020 Notes)
287
—
4.50% Senior notes due June 2022 (2022 Notes)
1,000
1,000
3.95% Notes due August 2024 (2024 Notes)
1,250
—
7.00% Notes due January 2028
18
18
6.13% Notes due November 2032 (2032 Notes)
164
—
4.88% Notes due August 2034 (2034 Notes)
500
—
5.15% Notes due August 2044 (2044 Notes)
500
—
Discount on senior notes
(12
)
(6
)
Term loan facility:
3-year tranche
1,172
—
5-year tranche A
353
—
5-year tranche B
552
—
Amortizing Notes - Tangible Equity Units (see Note 8: Equity)
205
—
GO Zone tax-exempt bonds
—
100
Other
24
80
Total debt
8,178
2,408
Less current debt
643
513
Total long-term debt
$
7,535
$
1,895