Debt

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



(in millions)	Interest Rates	Fiscal Year Maturities	September 30, 2017		March 31, 2017
Short-term debt and current maturities of long-term debt
Euro-denominated commercial paper	(0.1) - 0.02%⁽¹⁾	2018	$	828	$	646
EUR term loan	2.04%⁽²⁾	2019	473		—
Current maturities of long-term debt	Various	2019	207		55
Current maturities of capitalized lease liabilities	1.1% - 6.7%	2019	692		37
Short-term debt and current maturities of long-term debt			$	2,200	$	738

Long-term debt, net of current maturities
GBP term loan	1.0 - 1.2%⁽³⁾	2019	$	248	$	233
USD term loan	1.2% - 2.3%⁽⁴⁾	2021	—		571
AUD term loan	2.9% - 3.0%⁽⁵⁾	2022	216		76
EUR term loan	0.9%⁽⁶⁾	2022	338		—
USD term loan	2.2% - 2.3%⁽⁷⁾	2022	1,165		—
$500 million Senior notes	2.875%	2020	504		—
$650 million Senior notes	2.2% - 2.3%⁽⁸⁾	2021	647		—
$274 million Senior notes	4.45%	2023	274		—
$170 million Senior notes	4.45%	2023	178		453
$500 million Senior notes	4.25%	2025	508		—
$500 million Senior notes	4.75%	2028	509		—
$300 million Senior notes	7.45%	2030	358		—
Revolving credit facility	1.3% - 1.4%	2021 - 2023	385		678
Lease credit facility	2.0% - 2.2%	2020 - 2022	50		60
Capitalized lease liabilities	1.1% - 6.7%	2018 - 2022	1,379		104
Borrowings for assets acquired under long-term financing	1.7% -4.8%	2018 - 2023	310		77
Mandatorily redeemable preferred stock outstanding	3.5%	2023	61		61
Other borrowings	0.5% - 14.0%	2018 - 2036	94		4
Long-term debt			7,224		2,317
Less: current maturities			899		92
Long-term debt, net of current maturities			$	6,325	$	2,225


⁽¹⁾	Approximate weighted average interest rate

⁽²⁾ Three-month EURIBOR rate plus 1.75%

⁽³⁾ Three-month LIBOR rate plus 0.65%

⁽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⁾Three-month LIBOR plus 0.95%

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 six months ended September 30, 2017, DXC exercised its option to extend the maturity date and also increased commitments to $3.81 billion, $70 million of which matures in January 2021 and $3.74 billion matures in January 2023.