Debt

3 Months Ended

Dec. 29, 2018

DEBT

The major components of debt are as follows (in millions):



	December 29, 2018			September 29, 2018
Revolving credit facility	$	—		$	—
Commercial paper	737			605
Senior notes:
Notes due May 2019 (3.16% at 12/29/2018)	300			300
2.65% Notes due August 2019	1,000			1,000
Notes due June 2020 (3.29% at 12/29/2018)	350			350
Notes due August 2020 (3.10% at 12/29/2018)	400			400
4.10% Notes due September 2020	281			281
2.25% Notes due August 2021	500			500
4.50% Senior notes due June 2022	1,000			1,000
3.90% Senior notes due September 2023	400			400
3.95% Notes due August 2024	1,250			1,250
3.55% Notes due June 2027	1,350			1,350
7.00% Notes due January 2028	18			18
6.13% Notes due November 2032	161			161
4.88% Notes due August 2034	500			500
5.15% Notes due August 2044	500			500
4.55% Notes due June 2047	750			750
5.10% Notes due September 2048	500			500
Discount on senior notes	(15		)	(15		)
Term loan:
364-Day Term Loan due November 2019 (3.50% at 12/29/2018)	1,800			—
Other	257			73
Unamortized debt issuance costs	(47		)	(50		)
Total debt	11,992			9,873
Less current debt	3,917			1,911
Total long-term debt	$	8,075		$	7,962

Revolving Credit Facility and Letters of Credit

We have a $1.75 billion revolving credit facility that supports short-term funding needs and serves as a backstop to our commercial paper program which will mature and the commitments thereunder will terminate in March 2023. Amounts available for borrowing under this facility totaled $1.75 billion at December 29, 2018, before deducting amounts to backstop our commercial paper program. At December 29, 2018, we had no outstanding borrowings and no outstanding letters of credit issued under this facility. At December 29, 2018, we had $111 million of bilateral letters of credit issued separately from the revolving credit facility, none of which were drawn upon. Our letters of credit are issued primarily in support of leasing and workers’ compensation insurance programs and other legal obligations.

If in the future any of our subsidiaries shall guarantee any of our material indebtedness, such subsidiary shall be required to guarantee the indebtedness, obligations and liabilities under this facility.

Commercial Paper Program

We have a commercial paper program under which we may issue unsecured short-term promissory notes ("commercial paper") up to an aggregate maximum principal amount of $1 billion as of December 29, 2018. As of December 29, 2018, we had $737 million of commercial paper outstanding at a weighted average interest rate of 2.94% with maturities of less than 15 days.

364-Day Term Loan Agreement

In November 2018, as part of the financing for the Keystone Foods acquisition, we borrowed $1.8 billion under an unsecured term loan facility, which is due November 2019. Interest will reset based on the selected LIBOR interest period plus 1.125%, and will be reset according to the terms of the term loan facility at 180 days after the initial borrowing date.

Debt Covenants

Our revolving credit facility and term loan contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens and encumbrances; incur debt; merge, dissolve, liquidate or consolidate; make acquisitions and investments; dispose of or transfer assets; change the nature of our business; engage in certain transactions with affiliates; and enter into hedging transactions, in each case, subject to certain qualifications and exceptions. In addition, we are required to maintain minimum interest expense coverage and maximum debt-to-capitalization ratios.

Our senior notes also contain affirmative and negative covenants that, among other things, may limit or restrict our ability to: create liens; engage in certain sale/leaseback transactions; and engage in certain consolidations, mergers and sales of assets.

We were in compliance with all debt covenants at December 29, 2018.