LONG-TERM DEBT



	May 28, 2017			May 29, 2016
4.65% senior debt due January 2043	$	176.7		$	176.7
6.625% senior debt due August 2039	91.4			91.4
8.25% senior debt due September 2030	300.0			300.0
7.0% senior debt due October 2028	382.2			382.2
6.7% senior debt due August 2027	9.2			9.2
7.125% senior debt due October 2026	262.5			262.5
3.2% senior debt due January 2023	837.0			837.0
3.25% senior debt due September 2022	250.0			250.0
9.75% subordinated debt due March 2021	195.9			195.9
4.95% senior debt due August 2020	126.6			197.7
7.0% senior debt due April 2019	—			335.0
2.1% senior debt due March 2018	70.0			225.0
1.9% senior debt due January 2018	119.6			1,000.0
5.819% senior debt due June 2017	—			475.0
LIBOR plus 0.37% senior notes due July 2016	—			550.0
2.00% to 9.59% lease financing obligations due on various dates through 2033	131.2			140.9
Other indebtedness	0.2			0.3
Total face value of debt	2,952.5			5,428.8
Unamortized fair value adjustment	30.8			39.8
Unamortized discounts	(6.4		)	(19.8		)
Unamortized debt issuance costs	(10.9		)	(14.6		)
Adjustment due to hedging activity	2.2			6.6
Less current installments	(199.0		)	(559.4		)
Total long-term debt	$	2,769.2		$	4,881.4

The aggregate minimum principal maturities of the long-term debt for each of the five fiscal years following May 28, 2017, are as follows:



2018	$	199.2
2019	8.6
2020	8.3
2021	331.1
2022	8.8

During the third quarter of fiscal 2017, we repaid the remaining principal balance of $224.8 million of our 5.819% senior notes due 2017 and $248.2 million principal amount of our 7.0% senior notes due 2019, in each case prior to maturity, resulting in a net loss on early retirement of debt of $32.7 million.

In connection with the Spinoff of Lamb Weston (see Note 6), 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 (collectively, 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 third quarter of fiscal 2016, we repurchased $560.3 million aggregate principal amount of senior notes due 2043, $341.8 million aggregate principal amount of senior notes due 2039, $139.9 million aggregate principal amount of senior notes due 2019, $110.0 million aggregate principal amount of senior notes due 2026, $85.0 million aggregate principal amount of senior notes due 2020, and $163.0 million of aggregate principal amount of senior notes due 2023, in each case prior to maturity in a tender offer, resulting in a net loss of $23.9 million as a cost of early retirement of debt.

During the third quarter of fiscal 2016, we repaid the entire principal balance of $750.0 million of our 1.30% senior notes on the maturity date of January 25, 2016. The repayment was primarily funded through the issuance of term loans totaling $600.0 million, which were repaid in the third quarter of fiscal 2016 with the proceeds from the divestiture of our Private Brands business.

See Note 6 for repayment of senior notes issued by Ralcorp in an aggregate principal amount of $33.9 million in the third quarter of fiscal 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.

During fiscal 2015, we repurchased $225.0 million aggregate principal amount of senior notes due in 2023, $200.0 million aggregate principal amount of senior notes due 2043, $25.0 million aggregate principal amount of senior notes due 2019, $25.0 million aggregate principal amount of senior notes due 2018, and $25.0 million aggregate principal amount of senior notes due 2017, in each case prior to maturity in a tender offer, resulting in a net loss of $16.3 million as a cost of early retirement of debt.

During the first quarter of fiscal 2015, we repaid the remaining borrowings of our unsecured term loan facility (the "Term Loan Facility") of $900.0 million (with interest rate at LIBOR plus 1.75% per annum), prior to maturity, resulting in a loss of $8.3 million as a cost of early retirement of debt. The Term Loan Facility was terminated after repayment.

During fiscal 2015, we issued $550.0 million aggregate principal amount of floating rate notes (LIBOR plus 0.37% per annum) due July 21, 2016. The notes were repaid on maturity.

Net interest expense consists of:



	2017			2016			2015
Long-term debt	$	203.6		$	302.9		$	333.0
Short-term debt	0.6			1.9			2.8
Interest income	(3.7		)	(1.2		)	(1.0		)
Interest capitalized	(5.0		)	(7.8		)	(6.6		)
	$	195.5		$	295.8		$	328.2

Interest paid from continuing operations was $223.7 million, $322.0 million, and $333.5 million in fiscal 2017, 2016, and 2015, respectively.