LONG-TERM DEBT AND REVOLVING CREDIT FACILITY

As of November 27, 2016, we were in compliance with all financial covenants with our revolving credit facility.

In connection with the Spinoff (see Note 3), Lamb Weston issued to us $1.54 billion aggregate principal amount of senior notes (the “Lamb Weston notes”). On November 9, 2016, we exchanged the Lamb Weston notes for $250.2 million aggregate principal amount of our 5.819% senior notes due 2017, $880.4 million aggregate principal amount of our 1.9% senior notes due 2018, $154.9 million aggregate principal amount of our 2.1% senior notes due 2018, $86.9 million aggregate principal amount of our 7.0% senior notes due 2019, and $71.1 million aggregate principal amount of our 4.95% senior notes due 2020 (the “Conagra notes”), which had been purchased in the open market by certain investment banks prior to the Spinoff. Following the exchange, we cancelled the Conagra notes. These actions resulted in a net loss of $60.6 million as a cost of early retirement of debt.

During the first quarter of fiscal 2017, we repaid the entire principal balance of $550.0 million of our floating rate notes on the maturity date of July 21, 2016.

During the second quarter of fiscal 2016, we repaid the entire principal balance of $250.0 million of our 1.35% senior notes on the maturity date of September 10, 2015.

Net interest expense from continuing operations consists of:



	Thirteen weeks ended						Twenty-six weeks ended
	November 27, 2016			November 29, 2015			November 27, 2016			November 29, 2015
Long-term debt	$	56.6		$	80.2		$	117.5		$	162.2
Short-term debt	0.2			0.6			0.4			0.8
Interest income	(0.8		)	—			(1.5		)	(0.1		)
Interest capitalized	(1.9		)	(1.6		)	(4.1		)	(3.6		)
	$	54.1		$	79.2		$	112.3		$	159.3