Dell 2011 Annual Report Download - page 82

Table of Contents DELL INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
termination of interest rate swap agreements, which were previously designated as hedges of the debt. See Note 6 of the Notes to Consolidated Financial
Statements for additional information about interest rate swaps. The weighted average interest rate for the short-term structured financing debt and other as of
February 3, 2012 , and January 28, 2011 , was 0.28% and 0.29% , respectively.
Aggregate future maturities of long-term debt at face value were as follows as of February 3, 2012 :
Maturities by Fiscal Year
2013 2014 2015 2016 2017 Thereafter Total
(in millions)
Aggregate future maturities of long-term debt outstanding $ 924 $ 1,404 $ 1,291 $ 701 $ 400 $ 2,500 $ 7,220
Structured Financing Debt — As of February 3, 2012 , Dell had $1.4 billion outstanding in structured financing related debt, of which $1.3 billion was
through the fixed-term lease and loan, and revolving loan securitization programs. Of the $1.4 billion outstanding in structured financing related debt, $964
million was current as of February 3, 2012 . See Note 4 and Note 6 of the Notes to Consolidated Financial Statements for further discussion of the structured
financing debt and the interest rate swap agreements that hedge a portion of that debt.
Commercial Paper — As of February 3, 2012 , there was $1.5 billion outstanding under the commercial paper program. At January 28, 2011 , Dell had no
outstanding commercial paper. The weighted average interest rate on outstanding commercial paper as of February 3, 2012 , was 0.23% . Dell has $3.0 billion
in senior unsecured revolving credit facilities, primarily to support its $2.5 billion commercial paper program. Dell replaced the five-year $1.0 billion credit
facility expiring on June 1, 2011, with a four-year $2.0 billion credit facility that will expire on April 15, 2015. Dell's remaining credit facility for $1.0 billion
will expire on April 2, 2013. There were no outstanding advances under the revolving credit facilities as of February 3, 2012 .
The indentures governing the Notes, the Senior Debentures, and the structured financing debt contain customary events of default, including failure to make
required payments, failure to comply with certain agreements or covenants, and certain events of bankruptcy and insolvency. The indentures also contain
covenants limiting Dell's ability to create certain liens; enter into sale-and-lease back transactions; and consolidate or merge with, or convey, transfer or lease
all or substantially all of its assets to, another person. The senior unsecured revolving credit facilities require compliance with conditions that must be satisfied
prior to any borrowing, as well as ongoing compliance with specified affirmative and negative covenants, including maintenance of a minimum interest
coverage ratio. Dell was in compliance with all financial covenants as of February 3, 2012.
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