Financing Activities

9 Months Ended

Nov. 02, 2019

The following table shows the detail of debt repayments:



	39 Weeks Ended
	November 2, 2019		November 3, 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	4		4
9.75% Amortizing debentures due 2021	2		2
Capital leases and other obligations	—		1
	$	42	$	351

During the 39 weeks ended November 3, 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 39 weeks ended November 3, 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.

On December 3, 2019, the Company commenced a cash tender offer (the "tender offer") to purchase up to $450 million in aggregate principal amount of certain unsecured notes and debentures, with stated interest rates from 2.875% to 7.00% and maturities ranging from fiscal years 2021 to 2043. The tender offer expires on December 31, 2019, with an early tender date on December 16, 2019.