4.	Financing

During the 13 weeks ended April 30, 2011, the Company repaid $330 million of indebtedness at maturity.

The rate of interest payable in respect of $612 million in aggregate principal amount of the Company's senior notes outstanding at April 30, 2011 decreased by .25 percent per annum to 8.125% effective in May 2011 as a result of an upgrade of the notes by specified rating agencies. The rate of interest payable in respect of these senior notes outstanding could subsequently increase by up to 1.75 percent per annum or decrease by .25 percent per annum from its current level in the event of one or more downgrades or upgrades of the notes by specified rating agencies.

During the 13 weeks ended May 1, 2010, consistent with its strategy to reduce indebtedness, the Company used approximately $526 million of cash to repurchase approximately $500 million of indebtedness prior to maturity. In connection with these repurchases, the Company recognized additional interest expense of approximately $27 million due to the expenses associated with the early retirement of this debt.

The following table shows the detail of debt repayments:


	13 Weeks Ended
	April 30, 2011		May 1, 2010
	(millions)
6.625% Senior notes due 2011	$	330	$	57
7.45% Senior debentures due 2011		0		9
5.35% Senior notes due 2012		0		425
8.0% Senior debentures due 2012		0		9
9.5% amortizing debentures due 2021		2		2
9.75% amortizing debentures due 2021		1		1
Capital leases and other obligations		2		2

	$	335	$	505