SEC Filings

MEDTRONIC PLC filed this Form 10-Q on 12/04/2017
Entire Document
Medtronic plc
Notes to Consolidated Financial Statements

8. Financing Arrangements
Commercial Paper
The Company maintains a commercial paper program that allows the Company to have a maximum of $3.5 billion in commercial paper outstanding. Commercial paper outstanding at October 27, 2017 was $700 million, as compared to $901 million at April 28, 2017. During the three and six months ended October 27, 2017, the weighted average original maturity of the commercial paper outstanding was approximately 30 and 31 days, respectively, and the weighted average interest rate was 1.31 percent and 1.27 percent, respectively. The issuance of commercial paper reduces the amount of credit available under the Company’s existing Credit Facility, as defined below.
Line of Credit
The Company has a $3.5 billion five year revolving syndicated line of credit facility (Credit Facility) which provides back-up funding for the commercial paper program described above. At October 27, 2017 and April 28, 2017, no amounts were outstanding.
Interest rates on advances on the Credit Facility are determined by a pricing matrix, based on the Company’s long-term debt ratings, assigned by Standard & Poor’s Ratings Services and Moody’s Investors Service. Facility fees are payable on the Credit Facility and are determined in the same manner as the interest rates. The agreements also contain customary covenants, all of which the Company remained in compliance with at October 27, 2017.