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GIS » Topics » (10) Notes Payable and Current Portion of Long-Term Debt

This excerpt taken from the GIS 10-Q filed Jan 5, 2007.

(10)   Notes Payable and Current Portion of Long-Term Debt

The components of notes payable at the end of the respective periods were as follows:

In Millions Nov. 26,
2006		 May 28,
2006
U.S. commercial paper     $ 1,529   $ 713  
European commercial paper     979    462  
Financial institutions     170    328  
  Total Notes Payable   $ 2,678   $ 1,503  

To ensure availability of funds, we maintain bank credit lines sufficient to cover our outstanding short-term borrowings. During the thirteen weeks ended November 26, 2006, a $1.1 billion 364-day credit facility, which was scheduled to expire in October 2006, was renewed on substantially the same terms for an additional 364-day period, expiring in October 2007.

As of November 26, 2006, our zero coupon convertible debentures are included in the current portion of long-term debt based on the put rights of the holders.

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