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SYSCO CORPORATION-Form10-K 65
PARTII
ITEM8Financial Statements and Supplementary Data
NOTE11 Debt and Other Financing Arrangements
Sysco’s debt consists of the following:
(Inthousands)
June28,2014 June29,2013
Multicurrency revolving credit facility borrowings, interest averaging 1.0% as of June 28, 2014
and 1.0% as of June 29, 2013 $ 70,975 $ 41,632
Commercial paper, interest averaging 0.2% as of June 28, 2014 and 0.1% as of June 29, 2013 129,999 95,500
Senior notes, interest at 4.6%, maturing in  scal 2014 - 202,190
Senior notes, interest at 0.55%, maturing in  scal 2015 299,354 298,669
Senior notes, interest at 5.25%, maturing in  scal 2018 503,587 498,414
Senior notes, interest at 5.375%, maturing in  scal 2019 249,200 249,031
Senior notes, interest at 2.6%, maturing in  scal 2022 445,417 444,844
Debentures, interest at 7.16%, maturing in  scal 2027 50,000 50,000
Debentures, interest at 6.5%, maturing in  scal 2029 224,665 224,641
Senior notes, interest at 5.375%, maturing in  scal 2036 499,684 499,669
Senior notes, interest at 6.625%, maturing in  scal 2039 246,006 245,845
Capital leases and other debt, interest averaging 7.5% and maturing at various dates to  scal 2029
as of June 28, 2014 and 7.4% and maturing at various dates to  scal 2029 as of June 29, 2013 41,032 38,484
Total debt 2,759,919 2,888,919
Less current maturities of long-term debt (304,777) (207,301)
Less notes payable (70,975) (41,632)
NET LONG-TERM DEBT $ 2,384,167 $ 2,639,986
As of June 28, 2014, the principal payments required to be made during the next  ve  scal years on long-term debt, excluding notes payable and commercial
paper, are shown below:
(Inthousands)
Amount
2015 $ 304,777
2016 4,669
2017 3,444
2018 506,478
2019 252,486
Short-term Borrowings
As of June 28, 2014, Sysco had uncommitted bank lines of credit, which provided for unsecured borrowings for working capital of up to $95.0 million.
There were no borrowings outstanding under these lines of credit as of June 28, 2014 or June 29, 2013, respectively.
The company’s Irish subsidiary, Pallas Foods, has a multicurrency revolving credit facility, which provides for capital needs for the company’s European
subsidiaries. In September 2013, this facility was extended and increased to €100.0 million (Euro). This facility provides for unsecured borrowings and
expires September 24, 2014, but is subject to extension. Outstanding borrowings under this facility were €52.0 million (Euro) and €32.0 million (Euro) as
of June 28, 2014 and June 29, 2013, respectively, located within Notes payable on the consolidated balance sheet.
On June 30, 2011, a Canadian subsidiary of Sysco entered into a short-term demand loan facility for the purpose of facilitating a distribution from the Canadian
subsidiary to Sysco, and Sysco concurrently entered into an agreement with the bank to guarantee the loan. As of July 2, 2011, the amount outstanding
under the facility was $182.0 million. The interest rate under the facility was 2.0% and payable on the due date. The loan was repaid in full on July 4, 2011.
Commercial Paper and Revolving Credit Facility
Sysco has a Board-approved commercial paper program allowing the company to issue short-term unsecured notes in an aggregate amount not to
exceed $1,300.0 million.
Sysco and one of its subsidiaries, Sysco International, ULC, have a revolving credit facility supporting the company’s U.S. and Canadian commercial
paper programs. The facility provides for borrowings in both U.S. and Canadian dollars. Borrowings by Sysco International, ULC under the agreement
are guaranteed by Sysco, and borrowings by Sysco and Sysco International, ULC under the credit agreement are guaranteed by the wholly-owned
subsidiaries of Sysco that are guarantors of the company’s senior notes and debentures. In January 2014, Sysco and Sysco International, ULC, extended
and increased the size of the revolving credit facility described above that supports the company’s U.S. and Canadian commercial paper programs. The
facility was increased to $1.5 billion with an expiration date of December 29, 2018, but is subject to further extension. The other terms and conditions