Quarterly report pursuant to Section 13 or 15(d)

Long-Term Debt

v3.10.0.1
Long-Term Debt
9 Months Ended
Nov. 03, 2018
Debt Disclosure [Abstract]  
Long-Term Debt
Long-Term Debt
($ in millions)
 
November 3, 2018
 
October 28, 2017
 
February 3, 2018
Issue:
 
 
 
 
 
 
5.75% Senior Notes Due 2018 (1)
 
$

 
$
190

 
$
190

8.125% Senior Notes Due 2019 (1)
 
50

 
175

 
175

5.65% Senior Notes Due 2020 (1)
 
110

 
400

 
360

2017 Credit Facility (Matures in 2022)
 
437

 
211

 

2016 Term Loan Facility (Matures in 2023)
 
1,593

 
1,635

 
1,625

5.875% Senior Secured Notes Due 2023 (1)
 
500

 
500

 
500

7.125% Debentures Due 2023
 
10

 
10

 
10

8.625% Senior Secured Second Priority Notes Due 2025 (1)
 
400

 

 

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
 
4,303

 
4,324

 
4,063

Unamortized debt issuance costs
 
(50
)
 
(53
)
 
(51
)
Less: current maturities
 
(92
)
 
(232
)
 
(232
)
Total long-term debt
 
$
4,161

 
$
4,039

 
$
3,780


(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 March 12, 2018, JCP issued $400 million aggregate principal amount of senior secured second priority notes with a 8.625% interest rate (the "Notes"). The Notes are due in 2025 and are guaranteed, jointly and severally, by the Company and certain domestic subsidiaries of JCP that guarantee the Company's senior secured term loan facility and existing senior secured notes. The net proceeds from the Notes were used for the tender consideration for JCP's contemporaneous cash tender offers for $125 million aggregate principal amount of its 8.125% Senior Notes Due 2019 and $250 million aggregate principal amount of its 5.65% Senior Notes Due 2020 (collectively, the Securities). In doing so, we recognized a loss on extinguishment of debt of $23 million which includes the premium paid over the face value of the accepted Securities of $20 million, reacquisition costs of $1 million and the write off of unamortized debt issuance costs of $2 million.
As of November 3, 2018, outstanding borrowings under our $2.35 billion senior secured asset-based revolving credit facility (2017 Credit Facility) were $437 million. 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.