3M 2015 Annual Report Download - page 80
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Please find page 80 of the 2015 3M annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.TableofContents
In2015,othershort-termborrowingsprimarilyconsistedofbankborrowingsbyinternationalsubsidiaries,primarilyJapanand
Korea.
MaturitiesofLong-termDebt
Maturitiesoflong-termdebtforthefiveyearssubsequentofDecember31,2015areasfollows(inmillions):
After
2016 2017 2018 2019 2020 2020 Total
$ 1,125 $ 744 $ 993 $ 622 $ 1,203 $ 5,191 $ 9,878
Long-termdebtpaymentsduein2016and2017includefloatingratenotestotaling$126million(classifiedascurrentportionof
long-termdebt),and$96million(includedasaseparatefloatingratenoteinthelong-termdebttable),respectively,asaresultofput
provisionsassociatedwiththesedebtinstruments.
CreditFacilities
InAugust2014,3Mamendedandextendeditsexisting$1.5billionfive-yearrevolvingcreditfacilitytoa$2.25billionfive-year
agreementexpiringinAugust2019.Thiscreditagreementincludesaprovisionunderwhich3Mmayrequestanincreaseofupto
$2.25billion,bringingthetotalfacilityupto$4.5billion(atthelender’sdiscretion).ThisfacilitywasundrawnatDecember31,
2015.Underthe$2.25billioncreditagreement,theCompanyisrequiredtomaintainitsEBITDAtoInterestRatioasoftheendof
eachfiscalquarteratnotlessthan3.0to1.Thisiscalculated(asdefinedintheagreement)astheratioofconsolidatedtotalEBITDA
forthefourconsecutivequartersthenendedtototalinterestexpenseonallfundeddebtforthesameperiod.AtDecember31,2015,
thisratiowasapproximately56to1.Debtcovenantsdonotrestrictthepaymentofdividends.
OtherCreditFacilities
Apartfromthecommittedrevolvingfacility,anadditional$241millioninstand-alonelettersofcreditand$18millioninbank
guaranteeswerealsoissuedandoutstandingatDecember31,2015.Theselinesofcreditareutilizedinconnectionwithnormal
businessactivities.
Long-TermDebtIssuances
Theprincipalamounts,interestratesandmaturitydatesofindividuallong-termdebtissuancescanbefoundinthelong-termdebt
tablefoundatthebeginningofthisnote.
InMay2015,3Missued1.750billionEurosaggregateprincipalamountofmediumtermnotes.InAugust2015,3Missued$1.500
billionaggregateprincipalamountofmedium-termnotes.Upondebtissuance,theCompanyenteredintotwointerestrateswapsas
fairvaluehedgesofaportionofthefixedinterestratemedium-termnoteobligation.Thefirstconverteda$450millionthree-year
fixedratenote,andthesecondconverted$300millionofafive-yearfixedratenoteincludedinthisissuancetoaninterestratebased
onafloatingthree-monthLIBORindex.
InJune2014,3Missued$950millionaggregateprincipalamountofmedium-termnotes.Upondebtissuance,theCompanyentered
intoaninterestrateswaptoconvert$600millionofa$625millionnoteincludedinthisissuancetoaninterestratebasedona
floatingthree-monthLIBORindexasafairvaluehedgeofaportionofthefixedinterestratemedium-termnoteobligation.In
November2014,theCompanyissued1.250billionEurosaggregateprincipalamountofmedium-termnotes.
InNovember2013,3MissuedaEurobondforanamountof600millionEuros.Upondebtissuance,3Mcompletedafixed-to-
floatinginterestrateswaponanotionalamountof300millionEuros.
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