Long-Term External Borrowings

9 Months Ended

Jul. 31, 2022

Long-Term External Borrowings

Long-Term External Borrowings

(8)  Long-Term External Borrowings

Long-term external borrowings of the Company at July 31, 2022, October 31, 2021, and August 1, 2021 consisted of the following (in millions of dollars):

	July 31		October 31		August 1
	2022		2021		2021
Senior Debt:
Medium-term notes	$	20,450.3	$	20,649.2	$	20,174.1
Other notes		2.9		15.6		19.8
Total senior debt		20,453.2		20,664.8		20,193.9
Unamortized debt discount and debt issuance costs		(59.6)		(57.5)		(57.2)
Total	$	20,393.6	$	20,607.3	$	20,136.7

Medium-term notes are primarily offered by prospectus and issued at fixed and variable rates. The medium-term notes in the table above include unamortized fair value adjustments related to interest rate swaps. The principal balances of the medium-term notes were $20,796.7 million, $20,378.2 million, and $19,722.5 million at July 31, 2022, October 31, 2021, and August 1, 2021, respectively, and have serial maturity dates from 2023 through 2032. All outstanding medium-term notes and other notes in the table above are senior unsecured borrowings and generally rank equally with each other.

In April 2022, the Company issued $600.0 million of sustainability-linked medium-term notes with an initial interest rate of 3.35 percent, which are due in 2029. This transaction supports John Deere’s commitment to environmental sustainability. Failure to meet the stated sustainability performance target will result in a 25-basis point increase to the interest rate payable on the 2029 notes from and including April 2026.