Average interest rate

  
Note 7.  Debt and DerivativesCintas' outstanding debt is summarized as follows at May 31:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
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| (In thousands) | Interest Rate |  | Fiscal YearIssued |  | Fiscal YearMaturity |  | 2022 |  | 2021 |
|  |  |  |  |  |  |  |  |  |  |
| Debt due within one year |  |  |  |  |  |  |  |  |  |
| Commercial paper | 1.20  | % | (1) | 2022 |  | 2023 |  | $ | 261,200  |  |  | $ | —  |  |
| Senior notes (2) | 2.78  | % |  | 2013 |  | 2023 |  | 50,380  |  |  | —  |  |
| Senior notes | 4.30  | % |  | 2012 |  | 2022 |  | —  |  |  | 250,000  |  |
| Senior notes | 2.90  | % |  | 2017 |  | 2022 |  | —  |  |  | 650,000  |  |
|  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |
| Debt issuance costs |  |  |  |  |  |  | (6) |  |  | (930) |  |
| Total debt due within one year |  |  |  |  |  |  | $ | 311,574  |  |  | $ | 899,070  |  |
|  |  |  |  |  |  |  |  |  |  |
| Debt due after one year |  |  |  |  |  |  |  |  |  |
| Senior notes | 3.25  | % |  | 2013 |  | 2023 |  | $ | —  |  |  | $ | 300,000  |  |
| Senior notes (2) | 2.78  | % |  | 2013 |  | 2023 |  | —  |  |  | 50,815  |  |
| Senior notes (3) | 3.11  | % |  | 2015 |  | 2025 |  | 50,965  |  |  | 51,301  |  |
| Senior notes | 3.45  | % |  | 2022 |  | 2025 |  | 400,000  |  |  | —  |  |
| Senior notes | 3.70  | % |  | 2017 |  | 2027 |  | 1,000,000  |  |  | 1,000,000  |  |
| Senior notes | 4.00  | % |  | 2022 |  | 2032 |  | 800,000  |  |  | —  |  |
| Senior notes | 6.15  | % |  | 2007 |  | 2037 |  | 250,000  |  |  | 250,000  |  |
|  |  |  |  |  |  |  |  |  |  |
| Debt issuance costs |  |  |  |  |  |  | (17,033) |  |  | (9,283) |  |
|    Total debt due after one year |  |  |  |  |  |  | $ | 2,483,932  |  |  | $ | 1,642,833  |  |

(1)    Variable rate debt instrument. The rate presented is the variable rate at May 31, 2022.(2)    Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.73%. (3)     Cintas assumed these senior notes with the acquisition of G&K in the fourth quarter of fiscal 2017, and they were recorded at fair value. The interest rate shown above is the effective interest rate. The principal amount of these notes is $50.0 million with a stated interest rate of 3.88%. The average interest rate for all Cintas debt at May 31, 2022 was 3.7%, with maturity dates through fiscal year 2037. Cintas' senior notes, excluding the G&K senior notes assumed with the acquisition of G&K in fiscal 2017, are recorded at cost, net of debt issuance costs. The fair value of the long-term debt is estimated using Level 2 inputs based on general market prices. The carrying value and fair value of Cintas' debt as of May 31, 2022 were $2,811.2 million and $2,862.2 million, respectively, and as of May 31, 2021 were $2,550.0 million and $2,788.8 million, respectively.On June 1, 2021, in accordance with the terms of the notes, Cintas paid the $250.0 million aggregate principal amount outstanding of its 4.30%, 10-year senior notes that matured on that date with cash on hand. On April 1, 2022, in accordance with the terms of the notes, Cintas paid the $650.0 million aggregate principal amount outstanding of its 2.90%, 5-year senior notes that matured on that date with proceeds from short-term borrowings. On May 1, 2022, Cintas redeemed at par value the $300.0 million aggregate principal amount outstanding of its 3.25%, 10-year senior notes 30 days in advance of the maturation date with proceeds from short-term borrowings. On May 3, 2022, Cintas issued $400.0 million aggregate principal amount of senior notes that bear an interest rate of 3.45% and mature on May 1, 2025. On May 3, 2022, Cintas also issued $800.0 million aggregate principal amount of senior notes that bear an interest rate of 4.00% and mature on May 1, 2032. The net proceeds from these issuances were utilized for general business purposes, including reducing Cintas’ short-term borrowings. Letters of credit outstanding were $106.7 million and $120.6 million at May 31, 2022 and 2021, respectively. Maturities of debt during each of the next five years are $311.2 million, $0.0 million, $450.0 million, $0.0 million and $1,000.0 million, respectively.  
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