DEBT AND FINANCING OBLIGATIONS

3 Months Ended

Aug. 28, 2022

DEBT AND FINANCING OBLIGATIONS

DEBT AND FINANCING OBLIGATIONS

9.   DEBT AND FINANCING OBLIGATIONS

The components of our debt, including financing obligations, were as follows:

	August 28,		May 29,
(in millions)	2022		2022
Short-term borrowings:
Other credit facilities	$	9.1	$	—
Long-term debt:
Term A-1 loan facility, due June 2024		255.0		258.7
Term A-2 loan facility, due April 2025		292.5		296.6
RMB loan facility, due February 2027 (a)		31.0		19.7
4.875% senior notes, due May 2028		500.0		500.0
4.125% senior notes, due January 2030		970.0		970.0
4.375% senior notes, due January 2032		700.0		700.0
		2,748.5		2,745.0
Financing obligations:
Lease financing obligations due on various dates through 2040 (b)		7.0		7.0
Total debt and financing obligations		2,764.6		2,752.0
Debt issuance costs (c)		(23.2)		(24.0)
Short-term borrowings		(9.1)		—
Current portion of long-term debt and financing obligations		(32.2)		(32.2)
Long-term debt and financing obligations, excluding current portion	$	2,700.1	$	2,695.8

(a) The effective average interest rate on this facility was 4.60% as of August 28, 2022.

(b) The interest rates on our lease financing obligations ranged from 2.08% to 3.32% as of August 28, 2022 and May 29, 2022.

(c) Excludes debt issuance costs of $3.1 million and $3.3 million as of August 28, 2022 and May 29, 2022, respectively, related to our revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.

At August 28, 2022, we had no borrowings outstanding under our revolving credit facility and $994.6 million of availability under the facility, which is net of outstanding letters of credit of $5.4 million. For the thirteen weeks ended August 28, 2022, we had no borrowings under the facility.

For the thirteen weeks ended August 28, 2022 and August 29, 2021, we paid $56.8 million and $2.7 million of interest on debt, respectively.

For more information on our debt and financing obligations, interest rates, and debt covenants, see Note 7, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.