Debt to Finance Acquisition of Snyder's-Lance

9 Months Ended

Apr. 29, 2018

Debt to Finance the Acquisition of Snyder's-Lance

We issued $5,300 senior notes on March 16, 2018, and borrowed $900 under a single draw 3-year senior unsecured term loan facility on March 26, 2018 to finance the acquisition of Snyder's-Lance. Details are as follows:



Type	Fiscal Year of Maturity	Rate	2018
Notes	2020	Variable	$	500
Notes	2021	Variable	400
Senior Term Loan	2021	Variable	900
Notes	2021	3.30%	650
Notes	2023	3.65%	1,200
Notes	2025	3.95%	850
Notes	2028	4.15%	1,000
Notes	2048	4.80%	700
Other⁽¹⁾			(49		)
Total			$	6,151

_______________________________________


⁽¹⁾	Includes unamortized discount on debt issuances and debt issuance costs.

The interest rate on the $900 senior unsecured term loan facility resets in one, two, three, or six-month periods dependent upon our election. Interest on the senior unsecured term loan facility is due upon the earlier of an interest reset or quarterly and the first interest payment is due in June 2018. The senior unsecured term loan facility may be prepaid at par at any time. The senior unsecured term loan facility contains customary covenants and events of default for credit facilities of this type. Interest on the 2-year floating rate senior notes is due quarterly on March 16, June 16, September 16, and December 16, commencing on June 16, 2018. Interest on the 3-year floating rate senior notes is due quarterly on March 15, June 15, September 15, and December 15, commencing on June 15, 2018. Interest on the fixed rate senior notes is due semi-annually on March 15 and September 15, commencing on September 15, 2018. The fixed rate senior notes may be redeemed, in whole or in part, at our option at any time at the applicable redemption price. If change of control triggering events occur, we will be required to offer to purchase the senior notes at a purchase price equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the purchase date.