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76
portion of the fixed interest rate Eurobond obligation. In August 2010, the Company terminated 150 million Euros of the
notional amount of this swap. As a result, the notional amount remaining after the partial termination was 250 million
Euros. The termination of a portion of this swap did not impact the terms of the remaining portion. After these swaps, the
fixed rate portion of the Eurobond totaled 775 million Euros and the floating rate portion totaled 250 million Euros. These
Eurobonds and their corresponding fixed-to-floating interest rate swap matured in July 2014.
2013 Long-term Debt Issuances (Ref. D1, D2)
In November 2013, 3M issued an eight-year 1.875% fixed rate Eurobond for an amount of 600 million Euros (carrying
value of approximately $753 million in U.S. Dollars at December 31, 2014). Upon debt issuance, 3M completed a fixed-to-
floating interest rate swap on a notional amount of 300 million Euros as a fair value hedge of a portion of the fixed interest
rate Eurobond obligation. After this swap, the fixed rate portion of the Eurobond totaled 300 million Euros and the floating
rate portion totaled 300 million Euros.
2011 / 2012 Long-Term Debt Issuances (Ref. B, F, I)
The Company, in connection with a prior “well-known seasoned issuer” shelf registration statement, effective August 5,
2011, registered an indeterminate amount of debt or equity securities for future sales. In September 2011, in connection
with this August 5, 2011 shelf registration statement, 3M established a $3 billion medium-term notes program (Series F),
from which 3M issued $1 billion aggregate principal amount of five-year fixed rate medium-term notes with a coupon rate
of 1.375%. In June 2012, 3M issued $650 million aggregate principal amount of five-year fixed rate medium-notes due
2017 with a coupon rate of 1.000% and $600 million aggregate principal amount of ten-year fixed rate medium-term notes
due 2022 with a coupon rate of 2.000%, which were both issued from this $3 billion medium-term notes program (Series
F).
Other Long-Term Debt Issuances (Ref. E, J)
In March 2007, the Company issued a thirty-year, $750 million, fixed rate note with a coupon rate of 5.70%. In 1998, the
Company issued a thirty-year $330 million debenture due 2028, with a coupon rate of 6.01%.
Floating Rate Notes / Other Borrowings (Ref. M, N, O)
At various times, 3M has issued floating rate notes containing put provisions. 3M would be required to repurchase these
securities at various prices ranging from 99 percent to 100 percent of par value according to the reduction schedules for
each security. In December 2004, 3M issued a forty-year $60 million floating rate note, with a rate based on a floating
LIBOR index. Under the terms of this floating rate note due in 2044, holders have an annual put feature at 100 percent of
par value from 2014 and every anniversary thereafter until final maturity. Under the terms of the floating rate notes due in
2027, 2040 and 2041, holders have put options that commence ten years from the date of issuance and each third
anniversary thereafter until final maturity at prices ranging from 99 percent to 100 percent of par value. In 2008 through
2014, 3M was required to repurchase an immaterial amount of principal on the aforementioned floating rate notes.