DEBT

Long-term debt consists of the following:



	Successor			Predecessor
	October 27, 2013			April 28, 2013
	(in millions)
6.625% senior unsecured notes, due August 2022, including unamortized premiums of $22.0 million (Successor) and unamortized discounts of $4.7 million (Predecessor)	$	1,021.6		$	995.3
7.75% senior unsecured notes, due July 2017, including unamortized premiums of $56.8 million (Successor)	556.8			500.0
5.25% senior unsecured notes, due August 2018	500.0			—
5.875% senior unsecured notes, due August 2021	400.0			—
7.75% senior unsecured notes, due May 2013	—			55.0
4% senior unsecured Convertible Notes, due June 2013, including unamortized discounts of $4.1 million	—			395.9
Floating rate senior unsecured term loan, due May 2018	200.0			200.0
Floating rate senior unsecured term loan, due February 2014	—			200.0
Inventory Revolver, LIBOR plus 3.25%	485.0			—
Securitization Facility, the lender's cost of funds of 0.23% plus 1.15%	120.0			—
Various, interest rates from 0.0% to 5.20%, due February 2014 through June 2017	129.5			132.9
Total debt	3,412.9			2,479.1
Current portion	(62.0		)	(675.1		)
Total long-term debt	$	3,350.9		$	1,804.0

Debt Retirement

In September 2013, we repaid our $200.0 million floating rate unsecured term loan due in February 2014.

In May 2013, we repaid the remaining outstanding principal amount on our 7.75% senior unsecured notes totaling $55.0 million.

In July 2013, we repaid the outstanding principal amount on our 4% senior unsecured convertible notes totaling $400.0 million (Convertible Notes). As part of the settlement of the Convertible Notes, we delivered 3,894,476 shares of our common stock to the holders of the notes. Simultaneously, we exercised our call option to acquire shares of our common stock, which we entered into in connection with the original issuance of the Convertible Notes, and received 3,894,510 shares from the counter-parties. As a result, we retired 34 net shares of our common stock upon the settlement of the Convertible Notes.

Debt Assumed

On July 31, 2013, Merger Sub issued $500.0 million aggregate principal amount of 5.25% senior notes due August 1, 2018 and $400.0 million aggregate principal amount of 5.875% senior notes due August 1, 2021 (together, the Merger Sub Notes) as part of the financing for the acquisition of the Company. Upon the consummation of the Merger and release of the proceeds from escrow, the Merger Sub Notes became unsecured obligations of the Company ranking equally in right of payment with all of our existing and future senior unsecured indebtedness.

Working Capital Facilities

As of October 27, 2013, we had aggregate credit facilities and credit lines totaling $1.4 billion, including an inventory-based revolving credit facility totaling $1.025 billion (the Inventory Revolver), an accounts receivable securitization facility totaling $275.0 million (the Securitization Facility) and international credit facilities totaling $144.8 million. As of October 27, 2013, our unused capacity under these credit facilities and credit lines was $667.6 million.

As part of the Securitization Facility agreement, all accounts receivable of our major Pork segment subsidiaries are sold to a wholly owned “bankruptcy remote” special purpose vehicle (SPV). The SPV pledges the receivables as security for loans and letters of credit. The SPV is included in our consolidated financial statements and therefore, the accounts receivable owned by it are included in our consolidated balance sheet. However, the accounts receivable owned by the SPV are separate and distinct from our other assets and are not available to our other creditors should we become insolvent. As of October 27, 2013, the SPV held $534.6 million of accounts receivable.