Long-term and Short-term Debt

9 Months Ended

Jun. 30, 2020

Long-term debt consists of (in millions):



	June 30, 2020			September 30, 2019
2.050% notes, payable in March 2020	$	—		$	299.4
2.875% notes, payable in March 2025	321.2			307.6
6.70% debentures, payable in January 2028	250.0			250.0
3.500% notes, payable in March 2029	425.0			425.0
6.25% debentures, payable in December 2037	250.0			250.0
4.200% notes, payable in March 2049	575.0			575.0
5.20% debentures, payable in January 2098	200.0			200.0
Unamortized discount and other	(46.8		)	(50.1		)
Total	1,974.4			2,256.9
Less current portion	—			(300.5		)
Long-term debt	$	1,974.4		$	1,956.4

Our short-term debt as of June 30, 2020, consisted of $23.5 million of interest-bearing loans from Schlumberger to Sensia due September 30, 2020, and $399.3 million of term loans, net of issuance costs. The short-term loans from Schlumberger were entered into following formation of Sensia. See Note 5 in the Consolidated Financial Statements for additional information on Sensia.

In March 2020, we repaid our $300.0 million 2.050% notes which were classified as the current portion of long-term debt at September 30, 2019.

In April 2020, we entered into a $400.0 million senior unsecured 364-day term loan credit agreement and were advanced the full loan amount. This agreement is in addition to our existing $1.25 billion unsecured revolving credit facility expiring in November 2023, which remains available and undrawn. Borrowings under this term loan bear interest based on short-term money market rates in effect during the period the borrowings are outstanding. The term loan agreement contains covenants similar to those under our $1.25 billion unsecured revolving credit facility, under which we agree to maintain an EBITDA-to-interest ratio of at least 3.0 to 1.0. The EBITDA-to-interest ratio is defined in the term loan agreement as the ratio of consolidated EBITDA (as defined in the term loan agreement) for the preceding four quarters to consolidated interest expense for the same period.

In May 2020, we settled the interest swaps that were designated as a fair value hedge of our 2.875% notes payable in March 2025 ("2025 Notes") and received $22.0 million from the counterparties. The $22.0 million gain on the settlement of the interest rate

swaps was recorded as an adjustment to the carrying value of the 2025 Notes and is being amortized over the remaining term of those notes as an adjustment to interest expense in the Consolidated Statement of Operations.