NOTE 9 – DEBT

Our debt consists of the following:


		2013		2012
Notes to banks
(weighted average interest rate of 2.03% at October 25, 2013 and 9.52% at October 26, 2012)	$	118,682	$	2,457
Commercial Paper
(0.31% – 0.43% at October 25, 2013 and 0.43% – 0.44% at October 26, 2012)		322,483		91,984
Total Short-term Debt		441,165		94,441
Notes to banks
(4.34% – 5.20% at October 26, 2012)		–		44,090
Total Current Portion of Long-term Debt		–		44,090
Notes to banks
(weighted average interest rate 0.89% at October 25, 2013 and 4.49% at October 26, 2012)		24,890		76
Senior notes (at fixed rates)
Due 2015 at 5.10%		150,000		150,000
Due 2017 at 6.05%		150,000		150,000
Due 2019 at 7.25%		300,000		300,000
Due 2022 at 4.20%		400,000		400,000
Industrial development bonds
(0.25% at October 25, 2013 and 0.36% at October 26, 2012 payable in 2015)		12,502		12,502
Total Long-term Debt		1,037,392		1,012,578
Total Debt	$	1,478,557	$	1,151,109

In the first quarter of 2012, we issued $400,000 of unsecured Senior Notes that mature on January 15, 2022 with a coupon rate of 4.20%. The proceeds, net of issuance costs, were $396,816. The public offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. We used the net proceeds for general corporate purposes, including paying down our commercial paper borrowings and retiring our $200,000 of 5.625% Senior Notes that matured on May 1, 2012.

We maintain an unsecured revolving credit facility with a syndicate of banks. Subsequent to October 25, 2013, we entered into an amended and restated $750,000 credit facility with a syndicate of banks with a maturity date of December 14, 2018 to replace the previous $550,000 credit facility scheduled to expire December 31, 2014. In July 2013, we entered into a U.S. dollar equivalent unsecured committed revolving bilateral credit facility, expiring July 2014, and terminated a prior facility scheduled to expire in September 2013.

We maintain uncommitted bank lines of credit to meet short-term funding needs in certain of our international locations. These arrangements are reviewed periodically for renewal and modification. Borrowings under these debt arrangements had an average annual interest rate of 11.63% in 2013, 9.52% in 2012 and 6.59% in 2011.

As of October 25, 2013 and October 26, 2012, our bank facilities consisted of the following:


	October 25, 2013
		Total		Facility
		Outstanding		Size
December 2018 bank syndicate facility ¹	$	322,483	$	750,000
July 2014 bilateral facility		107,767		107,767
Total unsecured committed revolving credit		430,250		857,767
Uncommitted bank lines of credit		10,915		182,778
Total Bank Credit Facilities	$	441,165	$	1,040,545


	October 26, 2012
		Total		Facility
		Outstanding		Size
December 2014 bank syndicate facility ¹	$	91,984	$	550,000
September 2013 bilateral facility		44,090		93,402
Total unsecured committed revolving credit		136,074		643,402
Uncommitted bank lines of credit		2,533		147,461
Total Bank Credit Facilities	$	138,607	$	790,863

1 Our bank syndicate facility includes $322,483 and $91,984 of commercial paper as of October 25, 2013 and October 26, 2012, respectively. We have a $350,000 commercial paper program backstopped by our $750,000 credit facility, as amended and restated.

Our credit facilities have covenants that require us to maintain certain financial ratios. We were in compliance with these covenants as of October 25, 2013. Our debt covenants do not limit, nor are they reasonably likely to limit, our ability to obtain additional debt or equity financing.

The future maturities of long-term debt are as follows:


		Maturities
2014	$	–
2015		162,524
2016		–
2017		150,000
2018		23,072
Thereafter	$	701,796

Interest paid during 2013, 2012, and 2011 was $66,451, $68,714, and $62,095, respectively.