XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
LONG-TERM DEBT (Notes)
 9 Months Ended
Jul. 31, 2022
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
 
Senior Notes
 
The following table summarizes the company’s long-term senior notes:
 
 July 31, 2022October 31, 2021
 Amortized
Principal		Amortized
Principal
(in millions)
2023 Senior Notes— 599 
2026 Senior Notes299 298 
2029 Senior Notes494 494 
2030 Senior Notes496 496 
2031 Senior Notes843 842 
Total Senior Notes$2,132 $2,729 

Term Loan Facility

On April 15, 2022, we entered into a term loan agreement with a group of financial institutions, which provided for a $600 million delayed draw term loan that will mature on April 15, 2025. As of July 31, 2022, we had $600 million borrowings outstanding under the term loan facility and had a weighted average interest rate of 2.75 percent. Loans under the term loan agreement bear interest, at our option, either at: (i) the alternate base rate, as defined in the term loan agreement, plus the applicable margin for such loans or (ii) adjusted term SOFR, as defined in the term loan agreement, plus the applicable margin for such loans. The term loan agreement contains customary representations and warranties as well as customary affirmative and negative covenants.

On May 4, 2022, we used the proceeds from the term loan and repaid the $600 million outstanding aggregate principal amount of our 2023 senior notes due July 15, 2023. The total redemption price of approximately $609 million was computed in accordance with the terms of the 2023 senior notes as the present value of the remaining scheduled payments of principal and unpaid interest on the notes being redeemed. In May 2022, we recorded a loss on extinguishment of debt of $9 million in other income (expense), net in the condensed consolidated statement of operations. In addition, $7 million of accrued interest, up to but not including the applicable redemption date, was paid.
All outstanding notes listed above are unsecured and rank equally in right of payment with all of Agilent’s other senior unsecured indebtedness. There have been no other changes to the principal, maturity, interest rates and interest payment terms of the Agilent senior notes, detailed in the table above, in the nine months ended July 31, 2022 as compared to the senior notes described in our Annual Report on Form 10-K for the fiscal year ended October 31, 2021.