װʿ

Quarterly report pursuant to Section 13 or 15(d)

SHORT-TERM BORROWINGS AND LONG-TERM DEBT

v3.20.2
SHORT-TERM BORROWINGS AND LONG-TERM DEBT
 3 Months Ended
Jun. 27, 2020
Debt Disclosure [Abstract]
SHORT-TERM BORROWINGS AND LONG-TERM DEBT SHORT-TERM BORROWINGS AND LONG-TERM DEBT
Revolving Credit Facility
In April 2020, װʿ entered into Amendment No.1 to its $2.25billion senior unsecured revolving line of credit (the "Global Credit Facility") (the “Amendment”). The Amendment provides for (i)an increase in װʿ’s consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) through the last day of the fiscal quarter ending March31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of װʿ and its subsidiaries and (iii)testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires װʿ and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not less than $750.0million at all times during such period. As of June 2020, װʿ was in compliance with all covenants.
Senior Notes Issuance
In April 2020, װʿ issued senior unsecured notes, as outlined in the table below:
(Dollars in thousands)
Scheduled Maturity Aggregate Principal Effective Annual Interest Rate Interest Payments
2.050% notes, due 2022
 $ 1,000,000 2.277 % Semiannually
2.400% notes, due 2025
 750,000 2.603 % Semiannually
2.800% notes, due 2027
 500,000 2.953 % Semiannually
2.950% notes, due 2030
 750,000 3.071 % Semiannually
Total Issuance $ 3,000,000
װʿ used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility. The aggregate outstanding balance of these notes was $2.98billion at June 2020, which was net of unamortized original issue discount and debt issuance costs.