Debt

The Company repaid in full the $500 million, 7.75% notes (the "April 2011 Notes") on the maturity date, April 1, 2011. The Company originally entered into the April 2011 Notes on March 27, 2009.

The Company has a commercial paper program ("Commercial Paper Program") that allows the Company to issue up to $1.0 billion of unsecured commercial paper notes ("Notes") from time to time. The Company's credit agreement (the "November 2014 Revolving Credit Facility") with Bank of America, N.A. and other lenders provides for a maximum borrowing of $1.0 billion and serves as a backstop to the Commercial Paper Program. Under the Commercial Paper Program, the Company uses the proceeds from the Notes for general purposes, including working capital, capital expenditures, acquisitions and share repurchases. Maturities of the Notes vary but may not exceed 397 days from the date of issue. The Notes bear such interest rates, if interest bearing, or will be sold at such discount from their face amounts, as agreed upon from time to time by the dealers under the Commercial Paper Program and the Company. The payments under the Commercial Paper Program are unconditionally guaranteed on an unsecured, unsubordinated basis by the Guarantor Subsidiaries, as defined in Note L. The Commercial Paper Program contains customary events of default with corresponding grace periods. On June 2, 2011, the Company resumed the issuance of Notes under the Commercial Paper Program. During the third quarter of 2011, the Company borrowed under its Commercial Paper Program to support its seasonal cash requirements and stock buyback programs. From June 2, 2011 through the end of the third quarter of 2011, the weighted average amount outstanding under the Commercial Paper Program was $85.0 million, with a weighted average interest rate of 0.4%. At the end of the third quarter of 2011, there were no outstanding borrowings under the Commercial Paper Program. The maximum amount outstanding under the Commercial Paper Program during the third quarter of 2011 was $255.0 million.

The major components of the Company’s outstanding debt as of October 29, 2011 and January 29, 2011 are as follows (in thousands):



	October 29, 2011			January 29, 2011
April 2011 Notes	$	—		$	500,000
October 2012 Notes	335,474			325,000
January 2014 Notes	1,528,196			1,500,000
Lines of credit	108,865			218,689
Capital lease obligations and other notes payable	14,712			13,701
	1,987,247			2,557,390
Fair value adjustments on hedged debt	—			44,373
Less: Current portion	(430,184		)	(587,356		)
Net long-term debt	$	1,557,063		$	2,014,407