Borrowing Facilities and Debt

9 Months Ended

Jul. 26, 2015

Applied has credit facilities for unsecured borrowings in various currencies of up to $1.6 billion, of which $1.5 billion is comprised of a committed revolving credit agreement with a group of banks that is scheduled to expire in May 2017. This agreement provides for borrowings in United States dollars at interest rates keyed to one of the two rates selected by Applied for each advance and includes financial and other covenants. Remaining credit facilities in the amount of approximately $64 million are with Japanese banks. Applied’s ability to borrow under these facilities is subject to bank approval at the time of the borrowing request, and any advances will be at rates indexed to the banks’ prime reference rate denominated in Japanese yen. No amounts were outstanding under any of these facilities at both July 26, 2015 and October 26, 2014, and Applied has not utilized these credit facilities.

Debt outstanding as of July 26, 2015 and October 26, 2014 was as follows:



	Principal Amount
	July 26, 2015			October 26, 2014			Effective Interest Rate	Interest Pay Dates
	(In millions)
Short-term debt:
2.650% Senior Notes Due 2016	$	400		$	—		2.666%	June 15, December 15

Long-term debt:
2.650% Senior Notes Due 2016	—			400			2.666%	June 15, December 15
7.125% Senior Notes Due 2017	200			200			7.190%	April 15, October 15
4.300% Senior Notes Due 2021	750			750			4.326%	June 15, December 15
5.850% Senior Notes Due 2041	600			600			5.879%	June 15, December 15
	1,550			1,950
Total unamortized discount	(3		)	(3		)
Total long-term debt	1,547			1,947
Total debt	$	1,947		$	1,947