Note I. Long-Term Debt and Credit Lines

The table below presents long-term debt, exclusive of current installments, as of April 30, 2016, January 30, 2016 and May 2, 2015. All amounts are net of unamortized debt discounts.


In thousands	April 30, 2016			January 30, 2016			May 2, 2015

General corporate debt:
6.95% senior unsecured notes, maturing April 15, 2019 (effective interest rate of 6.98% after reduction of unamortized debt discount of $205 at April 30, 2016, $223 at January 30, 2016 and $276 at May 2, 2015)	$	374,795		$	374,777		$	374,724
2.50% senior unsecured notes, maturing May 15, 2023 (effective interest rate of 2.51% after reduction of unamortized debt discount of $312 at April 30, 2016, $323 at January 30, 2016 and $356 at May 2, 2015)		499,688			499,677			499,644
2.75% senior unsecured notes, maturing June 15, 2021 (effective interest rate of 2.76% after reduction of unamortized debt discount of $381 at April 30, 2016, $400 at January 30, 2016 and $456 at May 2, 2015)		749,619			749,600			749,544
Debt issuance cost		(8,625	)		(9,051	)		(10,331	)

Long-term debt	$	1,615,477		$	1,615,003		$	1,613,581

At April 30, 2016, TJX had outstanding $500 million aggregate principal amount of 2.50% ten-year notes due May 2023 and $375 million aggregate principal amount of 6.95% ten-year notes due April 2019. TJX entered into rate-lock agreements to hedge the underlying treasury rate of $250 million of the 2.50% notes and all of the 6.95% notes. The costs of these agreements are being amortized to interest expense over the term of the respective notes, resulting in an effective fixed interest rate of 2.57% for the 2.50% notes and 7.00% for the 6.95% notes.

At April 30, 2016, TJX also had outstanding $750 million aggregate principal amount of 2.75% seven-year notes, due June 2021. TJX entered into rate-lock agreements to hedge the underlying treasury rate of all of the 2.75% notes prior to their issuance. The agreements were accounted for as cash flow hedges and the pre-tax realized loss of $7.9 million was recorded as a component of other comprehensive income and is being amortized to interest expense over the term of the notes, resulting in an effective fixed interest rate of 2.91%.

At April 30, 2016, TJX had two $500 million revolving credit facilities, one which matures in March 2020 and one which matures in March 2021. At January 30, 2016 and May 2, 2015, TJX had two $500 million revolving credit facilities, one which was scheduled to mature in May 2016 and one which was scheduled to mature in June 2017. In March 2016, the $500 million revolving credit facility scheduled to mature in May 2016 was replaced with a new five-year $500 million revolving credit facility maturing in March 2021 and the $500 million revolving credit facility scheduled to mature in June 2017 was replaced with a new four-year $500 million revolving credit facility maturing in March 2020. The terms and covenants under the new revolving credit facilities are similar to those in the terminated facilities and require quarterly payments of 6.0 basis points per annum on the committed amounts for both agreements. This rate is based on the credit ratings of TJX’s long-term debt and would vary with specified changes in the credit ratings. These agreements had no compensating balance requirements and had various covenants. Each of these facilities required TJX to maintain a ratio of funded debt and four-times consolidated rentals to consolidated earnings before interest, taxes, depreciation and amortization, and consolidated rentals (“EBITDAR”) of not more than 2.75 to 1.00 on a rolling four-quarter basis. TJX was in compliance with all covenants related to its credit facilities at April 30, 2016, January 30, 2016 and May 2, 2015.

As of April 30, 2016, January 30, 2016 and May 2, 2015, and during the quarters and year then ended, there were no amounts outstanding under any of these facilities.

As of April 30, 2016, January 30, 2016 and May 2, 2015, TJX Canada had two uncommitted credit lines, a C$10 million facility for operating expenses and a C$10 million letter of credit facility. As of April 30, 2016, January 30, 2016 and May 2, 2015, and during the quarters and year then ended, there were no amounts outstanding on the Canadian credit line for operating expenses. As of April 30, 2016 and January 30, 2016, our European business at TJX International had an uncommitted credit line of £5 million. As of May 2, 2015, our European business at TJX International had an uncommitted credit line of £20 million. As of April 30, 2016, January 30, 2016, and May 2, 2015, and during the quarters and year then ended, there were no amounts outstanding on the European credit line.