Medtronic 2015 Annual Report Download - page 108

Medtronic plc
Notes to Consolidated Financial Statements (Continued)
Inc., Medtronic Luxco, the lenders from time to time party thereto and Bank of America, N.A., as administrative agent and issuing
bank. The Amended and Restated Revolving Credit Agreement provides for a $3.500 billion Five Year Revolving Credit Facility
($3.500 billion Five Year Revolving Credit Facility) and provides the Company with the ability to increase its borrowing capacity by
an additional $500 million at any time during the term of the agreement. At each anniversary date of the $3.500 billion Five Year
Revolving Credit Facility, but not more than twice prior to the maturity date, the Company could also request a one-year extension
of the maturity date. The Company, Medtronic Luxco, and Medtronic, Inc. guarantee the obligations under the Amended and
Restated Revolving Credit Agreement. As of April 24, 2015, no amounts were outstanding on the committed line of credit.
Interest rates are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard &
Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in
the same manner as the interest rates. The agreement also contains customary covenants, all of which the Company remains in
compliance with as of April 24, 2015.
The Company had a $2.250 billion syndicated credit facility which was scheduled to expire on December 17, 2017 (Credit
Facility). The Credit Facility provided backup funding for the commercial paper program. As of April 25, 2014, no amounts
were outstanding on the committed line of credit.
Long-term debt consisted of the following:
April 24, 2015 April 25, 2014
(in millions, except interest rates)
Maturity by
Fiscal Year Payable
Effective
Interest
Rate Payable
Effective
Interest
Rate
4.750 percent ten-year 2005 senior notes 2016 $ — — $ 600 4.76%
2.625 percent five-year 2011 senior notes 2016 — — 500 2.72%
Floating rate three-year 2014 senior notes 2017 250 0.32% 250 0.32%
0.875 percent three-year 2014 senior notes 2017 250 0.91% 250 0.91%
6.000 percent ten-year 2008 CIFSA senior notes 2018 1,150 1.41% — —
1.375 percent five-year 2013 senior notes 2018 1,000 1.41% 1,000 1.41%
1.500 percent three-year 2015 senior notes 2018 1,000 1.59% — —
5.600 percent ten-year 2009 senior notes 2019 400 5.61% 400 5.61%
4.450 percent ten-year 2010 senior notes 2020 1,250 4.47% 1,250 4.47%
4.200 percent ten-year 2010 CIFSA senior notes 2020 600 2.22% — —
2.500 percent five-year 2015 senior notes 2020 2,500 2.52% — —
Floating rate five-year 2015 senior notes 2020 500 1.04% — —
4.125 percent ten-year 2011 senior notes 2021 500 4.19% 500 4.19%
3.125 percent ten-year 2012 senior notes 2022 675 3.16% 675 3.16%
3.200 percent ten-year 2012 CIFSA senior notes 2022 650 2.66% — —
3.150 percent seven-year 2015 senior notes 2022 2,500 3.18% — —
2.750 percent ten-year 2013 senior notes 2023 1,250 2.78% 1,250 2.78%
2.950 percent ten-year 2013 CIFSA senior notes 2023 750 2.67% — —
3.625 percent ten-year 2014 senior notes 2024 850 3.65% 850 3.65%
3.500 percent ten-year 2015 senior notes 2025 4,000 3.61% — —
4.375 percent twenty-year 2015 senior notes 2035 2,500 4.44% — —
6.550 percent thirty-year 2007 CIFSA senior notes 2037 850 3.75% — —
6.500 percent thirty-year 2009 senior notes 2039 300 6.52% 300 6.52%
5.550 percent thirty-year 2010 senior notes 2040 500 5.56% 500 5.56%
4.500 percent thirty-year 2012 senior notes 2042 400 4.51% 400 4.51%
4.000 percent thirty-year 2013 senior notes 2043 750 4.12% 750 4.12%
4.625 percent thirty-year 2014 senior notes 2044 650 4.67% 650 4.67%
4.625 percent thirty-year 2015 senior notes 2045 4,000 4.64% — —
Three-year term loan 2018 3,000 1.12% — —
Interest rate swaps 2016-2022 79 — 56 —
Deferred gains from interest rate swap terminations, net — 3 — 20 —
Capital lease obligations 2016-2025 129 3.52% 139 3.62%
Bank borrowings 2021 17———
Debt premium (discount) 2017-2045 499 — (25) —
Total Long-Term Debt $ 33,752 $ 10,315
98