Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

Borrowing under our Revolving Credit Facility

As previously disclosed, Best Buy Co., Inc. ("Best Buy" or the "Company") is party to a $1.25 billion five-year senior unsecured revolving credit facility agreement (the "Facility") with a syndicate of banks pursuant to the Credit Agreement, dated April 17, 2018 (the "Credit Agreement"). A copy of the Credit Agreement is filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed on April 20, 2018. The material terms of the Facility are also described in Note 6 of the Company's Annual Report on Form 10-K for the fiscal year ended February 2, 2019. As of February 1, 2020, the Company had no outstanding borrowings under the Facility.

On March 19, 2020, the Company drew the full amount of the $1.25 billion Facility. The interest rate for this draw under the Facility is variable at the 7-day LIBOR plus a variable margin rate of 1.015%. The proceeds from the Facility will be included in Cash and cash equivalents on the Company's Consolidated Balance Sheets. The Company elected to draw on the Facility to increase its cash position and maximize flexibility in light of the current uncertainty surrounding the impact of COVID-19.

Item 7.01 Regulation FD Disclosure.

On March 21, 2020, the Company issued a news release providing a business update related to COVID-19. The Company also announced the withdrawal of all fiscal 2021 financial guidance previously issued on February 27, 2020, for both the first quarter and full year due to the increased uncertainty surrounding the impact of COVID-19. The Company is not providing an updated outlook at this time and has suspended all share repurchases.

The news release issued on March 21, 2020, is furnished as Exhibit 99 to this Current Report on Form 8-K and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that Section unless the registrant specifically incorporates it by reference in a document filed under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following are furnished as Exhibits to this Current Report on Form 8-K.



Exhibit No.                           Description of Exhibit
  99               News release issued March 21, 2020 (furnished pursuant to Item
                 7.01).   Any internet address provided in this release is for
                 information purposes only and is not intended to be a hyperlink.
                 Accordingly, no information at any internet address is included
                 herein.
104              Cover Page Interactive Data File (embedded within the Inline
                 XBRL document).



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