LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

9 Months Ended

Dec. 04, 2021

Debt Disclosure [Abstract]

LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

LONG-TERM DEBT AND FINANCE LEASE OBLIGATIONS

The Company's long-term debt and finance lease obligations as of December 4, 2021 and February 27, 2021, net of unamortized debt discounts of $42.2 million and $44.8 million, respectively, and deferred financing costs of $60.1 million and $69.8 million, respectively, consisted of the following (in millions):

	December 4, 2021		February 27, 2021
Senior Unsecured Notes due 2023 to 2030, interest rate range of 3.25% to 7.50%	$	6,490.0	$	6,680.5
Safeway Inc. Notes due 2027 to 2031, interest rate range of 7.25% to 7.45%	374.4		504.3
New Albertsons L.P. Notes due 2026 to 2031, interest rate range of 6.52% to 8.70%	471.6		469.1
Other financing obligations	29.2		29.4
Mortgage notes payable, secured	17.4		17.6
Finance lease obligations	615.1		612.7
Total debt	7,997.7		8,313.6
Less current maturities	(82.0)		(212.4)
Long-term portion	$	7,915.7	$	8,101.2

Senior Unsecured Notes

On October 1, 2021, the Company provided notice to the holders and trustee of its election to redeem the $200.0 million aggregate principal amount outstanding (the "2025 Redemption") of the Company's 5.750% Senior Unsecured Notes due 2025 (the "2025 Notes"). The 2025 Notes were redeemed on November 1, 2021 (the "Redemption Date") using cash on hand, at a redemption price of 101.438% of the principal amount thereof plus accrued and unpaid interest on the 2025 Notes to, but excluding, the Redemption Date. The Company recorded a $3.7 million loss on debt extinguishment related to the 2025 Redemption, comprised of a $2.9 million make-whole premium and a $0.8 million write-off of deferred financing costs.

Safeway Notes

The Company repaid the remaining $130.0 million in aggregate principal amount outstanding of Safeway's 4.75% Notes due 2021 on their maturity date, December 1, 2021.

ABL Facility

As of December 4, 2021 and February 27, 2021, there were no amounts outstanding under the Company's asset-based loan facility ("ABL Facility"), and letters of credit ("LOC") issued under the LOC sub-facility were $249.6 million and $354.6 million, respectively.

On December 20, 2021, subsequent to the end of the 12 weeks ended December 4, 2021, the existing ABL Facility was amended and restated to, among other things, extend the maturity date of the facility to December 20, 2026, reduce the unused line fee to 0.25% per annum and reduce the interest rate based on availability.