Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.7.0.1
Long-Term Debt
6 Months Ended
Jul. 29, 2017
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
($ in millions)
 
July 29, 2017
 
July 30, 2016
 
January 28, 2017
Issue:
 
 
 
 
 
 
7.65% Debentures Due 2016
 
$

 
$
78

 
$

7.95% Debentures Due 2017
 

 
220

 
220

5.75% Senior Notes Due 2018 (1)
 
190

 
265

 
265

8.125% Senior Notes Due 2019 (1)
 
175

 
400

 
400

5.65% Senior Notes Due 2020 (1)
 
400

 
400

 
400

2016 Term Loan Facility (Matures in 2023)
 
1,646

 
1,688

 
1,667

5.875% Senior Secured Notes Due 2023 (1)
 
500

 
500

 
500

7.125% Debentures Due 2023
 
10

 
10

 
10

6.9% Notes Due 2026
 
2

 
2

 
2

6.375% Senior Notes Due 2036 (1)
 
388

 
388

 
388

7.4% Debentures Due 2037
 
313

 
313

 
313

7.625% Notes Due 2097
 
500

 
500

 
500

Total debt, excluding unamortized debt issuance costs, capital leases, financing obligation and note payable
 
4,124

 
4,764

 
4,665

Unamortized debt issuance costs
 
(56
)
 
(67
)
 
(63
)
Total debt, excluding capital leases, financing obligation and note payable
 
4,068

 
4,697

 
4,602

Less: current maturities
 
232

 
341

 
263

Total long-term debt, excluding capital leases, financing obligation and note payable
 
$
3,836

 
$
4,356

 
$
4,339


(1)
These debt issuances contain a change of control provision that would obligate us, at the holders’ option, to repurchase the debt at a price of 101%.
On May 22, 2017, we paid approximately $334 million aggregate consideration to settle cash tender offers with respect to portions of our outstanding 5.75% Senior Notes due 2018 and 8.125% Senior Notes due 2019 (collectively, the Securities). In doing so, we recognized a loss on extinguishment of debt of $34 million which includes the premium paid over the face value of the accepted Securities of $30 million, reacquisition costs of $1 million and the write off of unamortized debt issuance costs of $3 million.
During the second quarter of 2017, we amended our $2.35 billion senior secured asset-based revolving credit facility (2017 Credit Facility) to, among other things, extend the maturity date to June 20, 2022 and to lower the interest rate spread by 75 basis points. All borrowings under the 2017 Credit Facility accrue interest at a rate equal to, at the Company’s option, a base rate or an adjusted LIBOR rate plus a spread. As of July 29, 2017, there were no outstanding borrowings under the 2017 Credit Facility.