Quarterly report pursuant to Section 13 or 15(d)

Short-Term Borrowings and Long-Term Debt

v3.23.3
Short-Term Borrowings and Long-Term Debt
 9 Months Ended
Oct. 28, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term Debt
Commercial Paper Program
In July 2023, we established a commercial paper program to issue unsecured commercial paper notes with maturities up to 397 days from the date of issue, up to a maximum aggregate face or principal amount outstanding at any time of $1.5 billion. We expect to use the net proceeds of note issuances for general corporate purposes. Our Revolving Credit Facility will serve as a liquidity backstop for the repayment of notes outstanding under the program. The notes rank pari passu with all of our other unsecured and unsubordinated indebtedness. As of October 28, 2023, $230.0 million principal amount of notes were outstanding under the program, with a weighted-average interest rate of 5.6%.
Revolving Credit Facility
The following table summarizes information pertaining to our revolving credit facilities:
(in millions) October 28, 2023 January 28, 2023 October 29, 2022
Revolving Credit Facility Capacity $ 1,500.0  $ 1,500.0  $ 1,500.0 
Loans Outstanding —  —  350.0
Standby Letters of Credit Outstanding 4.1 4.4 44.3
Available Capacity 1,495.9  1,495.6  1,105.7 
The weighted-average interest rate for the $350.0 million of loans outstanding at October 29, 2022 was 4.69%.