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DEBT AND FINANCING OBLIGATIONS
 3 Months Ended
Aug. 25, 2024
Debt Disclosure [Abstract]  
DEBT AND FINANCING OBLIGATIONS DEBT AND FINANCING OBLIGATIONS
The components of our debt, including financing obligations, were as follows:
(in millions)August 25, 2024May 26, 2024
AmountInterest RateAmountInterest Rate
Short-term borrowings:
Global revolving credit facility$490.6 6.620 %$291.3 6.580 %
Other credit facilities (a)39.8 35.0 
530.4 326.3 
Long-term debt:
Term A-1 loan facility, due June 2026 (b)225.0 7.290 228.8 7.240 
Term A-3 loan facility, due January 2030 (b)421.9 7.440 427.5 7.390 
Term A-4 loan facility, due May 2029 (b)325.0 6.540 325.0 6.540 
RMB loan facility, due February 2027147.6 4.240 142.2 4.450 
Euro term loan facility, due May 2029223.8 5.030 216.9 5.080 
4.875% senior notes, due May 2028500.0 4.875 500.0 4.875 
4.125% senior notes, due January 2030970.0 4.125 970.0 4.125 
4.375% senior notes, due January 2032700.0 4.375 700.0 4.375 
3,513.3 3,510.4 
Financing obligations:
Lease financing obligations due on various dates through 20405.2 5.7 
Total debt and financing obligations4,048.9 3,842.4 
Debt issuance costs (c)(18.0)(19.0)
Short-term borrowings(530.4)(326.3)
Current portion of long-term debt and financing obligations(63.2)(56.4)
Long-term debt and financing obligations, excluding current portion$3,437.3 $3,440.7 
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(a)Other credit facilities consist of short-term facilities at our subsidiaries used for working capital purposes. Borrowings under these facilities bear interest at various rates.
(b)The interest rates applicable to the Term A-1, A-3, and A-4 loans do not include anticipated patronage dividends. We have received and expect to continue receiving patronage dividends under all three term loan facilities.
(c)Excludes debt issuance costs of $4.7 million and $4.9 million as of August 25, 2024 and May 26, 2024, respectively, related to our Global revolving credit facility, which are recorded in “Other assets” on our Consolidated Balance Sheets.
As of August 25, 2024, we had $1,004.0 million of available liquidity under our committed global revolving credit facility.
For the thirteen weeks ended August 25, 2024 and August 27, 2023, we paid $56.7 million and $56.9 million of interest on debt, respectively.

On September 27, 2024, we amended our credit agreement, dated as of May 3, 2024, relating to our term loan facilities with certain lenders and AgWest Farm Credit, PCA, as administrative agent (the “Amended Term Loan Agreement”). The Amended Term Loan Agreement, among other things, established a new $500 million term loan facility with a maturity date of September 2031 (“Term A-5 Loan”). We used the proceeds of the Term A-5 Loan to repay the Term A-1 loan facility in full and $275 million of borrowings under our global revolving credit facility.
Borrowings of the Term A-5 Loan bear interest at a per annum rate equal to (i) an applicable rate plus (ii) the Adjusted Term SOFR Rate, the Base Rate or the Fixed Rate (each as defined in the Amended Term Loan Agreement). The applicable rate is based on the Company’s consolidated net leverage ratio and ranges between 1.85% to 2.85% (or, in the case of Base Rate-based loans, 0.85% to 1.85%).
For more information about our debt and financing obligations, interest rates, and debt covenants, see Note 6, Debt and Financing Obligations, of the Notes to Consolidated Financial Statements in “Part II, Item 8. Financial Statements and Supplementary Data” of the Form 10-K.