WAL MART STORES INC | 2013 | FY | 3

Note 6. Short-term Borrowings and Long-term Debt
Short-term borrowings consist of commercial paper and lines of credit. Short-term borrowings outstanding at January 31, 2013 and 2012, were $6.8 billion and $4.0 billion, respectively. The following table includes additional information related to the Company's short-term borrowings for fiscal 2013, 2012 and 2011:
 
 
Fiscal Years Ended January 31,
(Amounts in millions)
 
2013
 
2012
 
2011
Maximum amount outstanding at any month-end
 
$
8,740

 
$
9,594

 
$
9,282

Average daily short-term borrowings
 
6,007

 
6,040

 
4,020

Weighted-average interest rate
 
0.1
%
 
0.1
%
 
0.2
%
The Company has various lines of credit, committed with 27 financial institutions, totaling $18.1 billion as of January 31, 2013. The lines of credit, including drawn and undrawn amounts, are summarized in the following table:
 
 
Fiscal Years Ended January 31,
 
 
2013
 
2012
(Amounts in millions)
 
Available
 
Drawn
 
Undrawn
 
Available
 
Drawn
 
Undrawn
Five-year credit facility(1)
 
$
6,258

 
$
—

 
$
6,258

 
$
6,258

 
$
—

 
$
6,258

364-day revolving credit facility(2)
 
10,000

 
—

 
10,000

 
10,000

 
—

 
10,000

Stand-by letters of credit(3)
 
1,871

 
1,868

 
3

 
2,225

 
2,178

 
47

Total
 
$
18,129

 
$
1,868

 
$
16,261

 
$
18,483

 
$
2,178

 
$
16,305

(1)
In June 2011, the Company renewed and extended its existing five-year credit facility, which is used to support its commercial paper program.
(2)
In June 2012, the Company renewed and extended its existing 364-day revolving credit facility, which is used to support its commercial paper program.
(3)
In June 2012, the Company renewed the stand-by letters of credit, which is used to support various potential and actual obligations.
The committed lines of credit mature at various times between June 2013 and June 2016, carry interest rates generally ranging between LIBOR plus 10 basis points and LIBOR plus 75 basis points, and incur commitment fees ranging between 1.5 and 10.0 basis points. In conjunction with the lines of credit listed in the table above, the Company has agreed to observe certain covenants, the most restrictive of which relates to maximum amounts of secured debt and long-term leases.
Additionally, the Company had trade letters of credit outstanding totaling $2.7 billion and $2.9 billion at January 31, 2013 and 2012, respectively.
The Company's long-term debt, which includes the fair value instruments further discussed in Note 8, consists of the following:
 
 
 
 
January 31, 2013
 
January 31, 2012
(Amounts in millions)
 
Maturity Dates
By Fiscal Year

Amount
 
Average Rate(1)

Amount
 
Average Rate(1)
Unsecured debt
 
 
 
 
 
 
 
 
 
 
Fixed
 
2014-2042
 
$
32,476

 
4.6
%
 
$
33,128

 
4.6
%
Variable
 
2014
 
500

 
5.5
%
 
500

 
5.2
%
Total U.S. dollar denominated
 

 
32,976

 

 
33,628

 

Fixed
 
2030
 
1,358

 
4.9
%
 
1,308

 
4.9
%
Variable
 

 
—

 

 
—

 


Total Euro denominated
 

 
1,358

 

 
1,308

 

Fixed
 
2031-2039
 
5,550

 
5.3
%
 
6,301

 
5.3
%
Variable
 

 
—

 

 
—

 


Total Sterling denominated
 

 
5,550

 

 
6,301

 

Fixed
 
2014-2021
 
1,942

 
1.4
%
 
2,335

 
1.4
%
Variable
 
2014-2016
 
1,056

 
0.7
%
 
1,271

 
0.8
%
Total Yen denominated
 
 
 
2,998

 

 
3,606

 

Total unsecured debt
 
 
 
42,882

 

 
44,843

 

Total other debt (in USD)(2)
 
2014-2042
 
1,099

 

 
1,202

 

Total debt
 

 
43,981

 

 
46,045

 

Less amounts due within one year
 

 
(5,587
)
 

 
(1,975
)
 

Long-term debt
 

 
$
38,394

 

 
$
44,070

 

(1)
The average rate represents the weighted-average stated rate for each corresponding debt category, based on year-end balances and year-end local currency interest rates. Interest costs are also impacted by certain derivative financial instruments described in Note 8.
(2)
A portion of other debt at January 31, 2013 and 2012, includes secured debt in the amount of $627 million and $319 million, respectively, which was collateralized by property that had an aggregate carrying amount of approximately $599 million and $866 million, respectively.
At January 31, 2013 and 2012, the Company had $500 million in debt with embedded put options. The issuance of money market puttable reset securities in the amount of $500 million is structured to be remarketed in connection with the annual reset of the interest rate. If, for any reason, the remarketing of the notes does not occur at the time of any interest rate reset, the holders of the notes must sell, and the Company must repurchase, the notes at par. Accordingly, this issuance has been classified as long-term debt due within one year in the Company's Consolidated Balance Sheets. Annual maturities of long-term debt during the next five years and thereafter are as follows:
(Amounts in millions)
Annual
Fiscal Year
Maturity
2014
$
5,587

2015
3,753

2016
4,562

2017
1,127

2018
1,128

Thereafter
27,824

Total
$
43,981


Debt Issuances
The Company did not issue any significant amounts of long-term debt during fiscal 2013. Information on significant long-term debt issued during fiscal 2012, is as follows (amounts in millions): 
Issue Date
 
Maturity Date
 
Interest Rate
 
Principal Amount
April 18, 2011
 
April 15, 2014
 
1.625%
 
$
1,000

April 18, 2011
 
April 15, 2016
 
2.800%
 
1,000

April 18, 2011
 
April 15, 2021
 
4.250%
 
1,000

April 18, 2011
 
April 15, 2041
 
5.625%
 
2,000

Total
 

 

 
$
5,000


The aggregate net proceeds from these note issuances were approximately $4.9 billion. The notes of each series require semi-annual interest payments on April 15 and October 15 of each year, with the first interest payment having commenced on October 15, 2011. Unless previously purchased and canceled, the Company will repay the notes of each series at 100% of the principal amount, together with accrued and unpaid interest thereon, at maturity. The notes of each series are senior, unsecured obligations of the Company.

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