| Schedule of Debt |
| | | | | | | | | | | | | | | | | | | | | | | | | | | August 31, | | November 30, | | (in millions) | Maturity | | Rate (a) (b) | | 2024 | | 2023 | | Secured Subsidiary Guaranteed | | | | | | | | Notes | | | | | | | | | Notes | Jun 2027 | | 7.9% | | $ | 192 | | | $ | 192 | | | Notes (c) | Aug 2027 | | 9.9% | | — | | | 623 | | | Notes | Aug 2028 | | 4.0% | | 2,406 | | | 2,406 | | | Notes | Aug 2029 | | 7.0% | | 500 | | | 500 | | | Loans | | | | | | | | | EUR floating rate (c) | Jun 2025 | | EURIBOR + 3.8% | | — | | | 851 | | | Floating rate | Aug 2027 - Oct 2028 | | SOFR + 2.8% (d) | | 2,449 | | | 3,567 | | | Total Secured Subsidiary Guaranteed | | | | 5,547 | | | 8,138 | | | Senior Priority Subsidiary Guaranteed | | | | | | | | Notes | May 2028 | | 10.4% | | 2,030 | | | 2,030 | | | Unsecured Subsidiary Guaranteed | | | | | | | | | | | | | | | | | | | | | | | | Notes | | | | | | | | | Convertible Notes | Oct 2024 | | 5.8% | | 426 | | | 426 | | | Notes | Mar 2026 | | 7.6% | | 1,351 | | | 1,351 | | | EUR Notes (c) | Mar 2026 | | 7.6% | | — | | | 550 | | | Notes (c) | Mar 2027 | | 5.8% | | 2,722 | | | 3,100 | | | Convertible Notes | Dec 2027 | | 5.8% | | 1,131 | | | 1,131 | | | Notes | May 2029 | | 6.0% | | 2,000 | | | 2,000 | | | EUR Notes | Jan 2030 | | 5.8% | | 554 | | | — | | | Notes | Jun 2030 | | 10.5% | | 1,000 | | | 1,000 | | | Loans | | | | | | | | | EUR floating rate (e) (f) | Apr 2025 - Mar 2026 | | EURIBOR + 2.4 - 3.3% | | 545 | | | 678 | | | Export Credit Facilities | | | | | | | | | Floating rate | Dec 2031 | | SOFR + 1.2% (g) | | 514 | | | 583 | | | Fixed rate | Aug 2027 - Dec 2032 | | 2.4 - 3.4% | | 2,484 | | | 2,756 | | | EUR floating rate | Mar 2025 - Nov 2034 | | EURIBOR + 0.2 - 0.8% | | 2,818 | | | 3,086 | | | EUR fixed rate | Feb 2031 - Sep 2037 | | 1.1 - 4.0% | | 5,658 | | | 3,652 | | | Total Unsecured Subsidiary Guaranteed | | | | 21,203 | | | 20,312 | | | Unsecured Notes (No Subsidiary Guarantee) | | | | | | | | Notes | Jan 2028 | | 6.7% | | 200 | | | 200 | | | EUR Notes | Oct 2029 | | 1.0% | | 665 | | | 659 | | | Total Unsecured Notes (No Subsidiary Guarantee) | | | | 865 | | | 859 | | | Total Debt | | | | | 29,644 | | | 31,339 | | | Less: unamortized debt issuance costs and discounts | | | | | (788) | | | (768) | | | Total Debt, net of unamortized debt issuance costs and discounts | | | | | 28,856 | | | 30,572 | | | | | | | | | | | Less: current portion of long-term debt | | | | | (2,214) | | | (2,089) | | | Long-Term Debt | | | | | $ | 26,642 | | | $ | 28,483 | |
(a)The reference rates, together with any applicable credit adjustment spread, for substantially all of our variable debt have 0.0% to 0.75% floors. (b)The above debt table excludes the impact of any outstanding derivative contracts. (c)See “Debt Prepayments” below. (d)As part of the repricing of our senior secured term loans, we amended the loans’ margin from 3.0% – 3.4% (inclusive of credit adjustment spread) to 2.8%. See “Repricing of senior secured term loans” below. (e)The maturity of the principal amount of $216 million was extended from April 2024 to April 2025. (f)Subsequent to August 31, 2024, we prepaid $323 million of the outstanding principal amount of our euro floating rate loan originally scheduled to mature in 2026. (g)Includes applicable credit adjustment spread.
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| Schedule of Annual Maturities of Debt |
As of August 31, 2024, the scheduled maturities of our debt are as follows: | | | | | | | | | | (in millions) | | | | Year | | Principal Payments | | Remainder of 2024 (a) | | $ | 737 | | | 2025 (a) | | 1,777 | | | 2026 (a) | | 2,815 | | | 2027 | | 4,931 | | | 2028 | | 8,762 | | | Thereafter | | 10,622 | | | Total | | $ | 29,644 | |
(a)Subsequent to August 31, 2024, we prepaid the outstanding principal amount of our euro floating rate loan with $46 million of principal payments originally scheduled in 2024, $185 million in 2025 and $92 million in 2026.
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