Quarterly report pursuant to Section 13 or 15(d)

Financing Activities

v3.19.2
Financing Activities
6 Months Ended
Aug. 03, 2019
Debt Disclosure [Abstract]  
Financing Activities Financing Activities
The following table shows the detail of debt repayments:
 
 
26 Weeks Ended
 
August 3, 2019
 
August 4, 2018
 
(millions)
6.9% Senior debentures due 2029
$

 
$
90

4.5% Senior notes due 2034

 
80

6.7% Senior notes due 2028

 
60

6.375% Senior notes due 2037

 
43

6.7% Senior debentures due 2034

 
28

7.0% Senior debentures due 2028

 
27

6.65% Senior debentures due 2024

 
11

6.9% Senior debentures due 2032

 
5

8.5% Senior debentures due 2019
36

 

9.5% Amortizing debentures due 2021
2

 
2

9.75% Amortizing debentures due 2021
1

 
1

 
$
39

 
$
347



During the 26 weeks ended August 4, 2018, the Company repurchased $344 million face value of senior notes and debentures. The debt repurchases were made in the open market for a total cost of $354 million, including expenses related to the transactions. Such repurchases resulted in the recognition of expense of $5 million during the 13 and 26 weeks ended August 4, 2018 presented as losses on early retirement of debt on the Consolidated Statements of Income.

On May 9, 2019, the Company entered into a new credit agreement with certain financial institutions that replaced the previous credit agreement which was set to expire on May 6, 2021. Similar to the previous agreement, the new credit agreement provides for revolving credit borrowings and letters of credit in an aggregate amount not to exceed $1,500 million (which may be increased to $1,750 million at the option of the Company, subject to the willingness of existing or new lenders to provide commitments for such additional financing). The new credit agreement is scheduled to expire on May 9, 2024, subject to up to two one-year extensions that may be requested by the Company and agreed to by the lenders.