Debt

The following is a summary of the Company's debt:



(in millions)	Interest Rates	Fiscal Year Maturities	June 30, 2017		March 31, 2017
Short-term debt and current maturities of long-term debt
Euro-denominated commercial paper⁽⁸⁾	(0.1) - 0.2%⁽¹⁾	2018	$	742	$	646
Current maturities of long-term debt	Various	2018	141		55
Current maturities of capitalized lease liabilities	1.1% - 7.2%	2018	320		37
Short-term debt and current maturities of long-term debt			$	1,203	$	738

Long-term debt, net of current maturities
GBP term loan	1.0 - 1.2%⁽²⁾	2019	$	240	$	233
USD term loan	2.1% - 2.2⁽³⁾	2020	372		—
USD term loan	1.2% - 2.3%⁽⁴⁾	2021	571		571
AUD term loan	2.9% - 3.0%⁽⁵⁾	2022	77		76
EUR term loan	0.9%⁽⁶⁾	2022	324		—
USD term loan	2.2% - 2.3⁽⁷⁾	2022	1,291		—
Senior notes	2.875%	2020	495		—
Senior notes	4.45%	2023	453		453
Senior notes	4.25%	2025	494		—
Senior notes	4.75%	2027	496		—
Senior notes	7.45%	2030	312		—
Revolving credit facility⁽⁹⁾	1.4% - 3.0%	2021 - 2022	698		678
Lease credit facility	2.0% - 2.2%	2020 - 2022	55		60
Capitalized lease liabilities	1.1% - 7.2%	2018 - 2022	608		104
Borrowings for assets acquired under long-term financing	1.7% -4.8%	2018 - 2021	76		77
Mandatorily redeemable preferred stock outstanding	3.5%	2023	61		61
Other borrowings	0.5% - 14.0%	2018 - 2036	87		4
Long-term debt			6,710		2,317
Less: current maturities			461		92
Long-term debt, net of current maturities			$	6,249	$	2,225


⁽¹⁾	Approximate weighted average interest rate.

⁽²⁾ Three-month LIBOR rate plus 0.65%

⁽³⁾ At DXC's option, the USD term loan bears interest at a variable rate equal to the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin of between 0.875% and 1.625% based on published credit ratings of DXC, or the greatest of the BTMU prime rate, the federal funds rate plus 0.5%, and the Eurocurrency Rate for a one-month interest period plus 1% ("Base Rate"), in each case plus a margin of between 0% and 0.625%, based on published credit ratings of DXC

⁽⁴⁾ At DXC's option, the USD term loan bears interest at a variable rate equal to the adjusted LIBOR for a one-, two-, three-, or six-month interest period, plus a margin between 0.75% and 1.50% based on a pricing grid consistent with the Company's outstanding revolving credit facility or the greater of the prime rate, the federal funds rate plus 0.50%, or the adjusted LIBOR for a one-month interest period plus 1.00%, in each case plus a margin of up to 0.50%, based on a pricing grid consistent with the revolving credit facility.

⁽⁵⁾ Variable interest rate equal to the bank bill swap bid rate for a one-, two-, three- or six-month interest period plus 0.95% to 1.45% based on the published credit ratings of DXC.

⁽⁶⁾ At DXC’s option, the EUR term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin of between 0.75% and 1.35%, based on published credit ratings of DXC.

⁽⁷⁾ At DXC’s option, the USD term loan bears interest at the Eurocurrency Rate for a one-, two-, three-, or six-month interest period, plus a margin of between 1.00% and 1.75%, based on published credit ratings of DXC or the Base Rate plus a margin of between 0% and 0.75%, based on published credit ratings of DXC.

⁽⁸⁾ The Company's revolving credit facility is available, subject to certain conditions, to repay short-term borrowings under the ECP.

⁽⁹⁾ Classified as short-term if the Company intends to repay within 12 months and as long-term otherwise.

Senior Notes and Terms Loans

On April 3, 2017, as a result of the Merger, financial covenants were amended and CSC was replaced with DXC as the borrower and guarantor to certain outstanding debt including short-term Euro-denominated commercial paper, senior notes and term loans.

In connection with the Merger, DXC entered into an unsecured term loan agreement consisting of a $375 million U.S. dollar term loan maturing in 2020, a $1.3 billion U.S. dollar term loan maturing in 2022 and a Euro-equivalent of $315 million EUR term loan maturing in 2022. Interest on the Company's term loans is payable monthly or quarterly in arrears. DXC also completed an offering of senior notes in an aggregate principal amount of $1.5 billion consisting of 2.875% senior notes due 2020, 4.25% senior notes due 2025 and 4.75% senior notes due 2027. DXC assumed pre-existing indebtedness incurred by HPES including 7.45% senior notes due 2030 which were issued at a principal amount of $300 million. Interest on the Company's senior notes is payable semi-annually in arrears. Generally, the Company's notes are redeemable at the Company's discretion at the then-applicable redemption prices plus accrued interest. The Company fully and unconditionally guaranteed term loans issued by its 100% owned subsidiaries.

Revolving Credit Facility

In connection with the Merger, the Company entered into several amendments to its revolving credit facility agreement pursuant to which DXC replaced CSC as the principal borrower and as the guarantor of borrowings by subsidiary borrowers. During the three months ended June 30, 2017, DXC increased commitments to $3.7 billion. Of the total commitments, $70 million will mature during January 2021 and $3.6 billion will mature during January 2022.