Debt

6 Months Ended

Sep. 30, 2020

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


(in millions)	Interest Rates	Fiscal Year Maturities	September 30, 2020		March 31, 2020
Short-term debt and current maturities of long-term debt
Commercial paper(1)	(0.22)% - 0.44%	2021 - 2022	$	900	$	542
Current maturities of long-term debt	Various	2021 - 2022	282		290
Current maturities of finance lease liabilities	0.62% - 18.47%	2021 - 2022	440		444
Short-term debt and current maturities of long-term debt			$	1,622	$	1,276

Long-term debt, net of current maturities
AUD term loan	0.94% - 0.96%(2)	2022	358		489
GBP term loan	0.88% - 1.46%	2022	—		556
EUR term loan	0.65%(3)	2022 - 2023	292		822
EUR term loan	0.80%(4)	2023 - 2024	876		821
USD term loan	1.40% - 2.24%(5)	2025	380		480


$274 million Senior notes	4.45%	2023	276		276
$171 million Senior notes	4.45%	2023	172		172
$500 million Senior notes	4.25%	2025	504		505
$500 million Senior notes	4.00%	2024	497		—
$500 million Senior notes	4.13%	2026	496		—
£250 million Senior notes	2.75%	2025	320		307
€650 million Senior notes	1.75%	2026	758		709
$500 million Senior notes	4.75%	2028	507		507
$234 million Senior notes	7.45%	2030	270		271

Revolving credit facility	1.26% - 2.08%	2024 - 2025	1,250		1,500
Lease credit facility	1.15% - 1.99%	2021 - 2023	6		11
Finance lease liabilities	0.62% - 18.47%	2021 - 2027	1,008		1,046
Borrowings for assets acquired under long-term financing	0.00% - 6.39%	2021 - 2028	730		802
Mandatorily redeemable preferred stock outstanding	6.00%	2023	63		62
Other borrowings	Various	2021 - 2022	5		70
Long-term debt			8,768		9,406
Less: current maturities			722		734
Long-term debt, net of current maturities			$	8,046	$	8,672

(1)At DXC's option, DXC can borrow up to a maximum of €1 billion or its equivalent in €, £, and $. Under this existing €1.0 billion commercial paper program, the Company issued £600 million via direct sale to the Bank of England.

(2) Variable interest rate equal to the bank bill swap bid rate for a one-, two-, three- or six-month interest period plus 0.60% to 0.95% based on the published credit ratings of DXC.

(3) 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 between 0.40% and 0.90%, based on published credit ratings of DXC.

(4) 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 between 0.55% and 1.05%, based on published credit ratings of DXC.

(5) 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 between 1.00% and 1.50%, based on published credit ratings of DXC or the Base Rate plus a margin between 0.00% and 0.50%, based on published credit ratings of DXC.

Senior Notes and Term Loans

During the first quarter of fiscal 2021, the Company issued two senior notes with an aggregate principal of $1.0 billion consisting of (i) $500 million of 4.00% Senior Notes due fiscal 2024 and (ii) $500 million of 4.13% Senior Notes due fiscal 2026. The proceeds from these notes were applied towards the early prepayment of our term loan facilities including prepayment of €500 million of Euro Term Loan due fiscal 2023, £150 million of GBP Term Loan due fiscal 2022, A$300 million of AUD Term Loan due fiscal 2022, and $100 million of USD Term Loan due fiscal 2025.

During the second quarter of fiscal 2021, the Company repaid the remaining £300 million GBP Term Loan due fiscal 2022.

Interest on the Company's term loans is payable monthly or quarterly in arrears at the election of the borrowers. The Company fully and unconditionally guarantees term loans issued by its 100% owned subsidiaries. The interest on the Company's senior notes is payable semi-annually in arrears except for interest on the £250 million Senior Notes due fiscal 2025 and the €650 million Senior Notes due fiscal 2026, which are payable annually in arrears. Generally, the Company's notes are redeemable at the Company's discretion at the then-applicable redemption premium plus accrued interest.

Revolving Credit Facility

During the first quarter of fiscal 2021, the Company borrowed the remaining $2.5 billion under the $4.0 billion credit facility agreement ("Credit Agreement") as a precautionary measure to increase its cash position and increase financial flexibility in light of continuing uncertainty in the global economy and financial capital markets resulting from COVID-19.

The Company repaid $2,750 million during the first six months of fiscal 2021, which became available under the revolving credit facility for redraw at the request of the Company.

The Company expects to use the proceeds from the borrowings under the Credit Agreement for working capital, general corporate purposes or other purposes permitted under the Credit Agreement. Borrowings under the Credit Agreement will bear interest at a variable rate based on LIBOR or on a base rate, plus an individual margin based on DXC’s long-term debt rating.

In connection with the completion of the HHS Sale in October 2020, DXC used the proceeds from the sale to pay down additional debt. See Note 22 - "Subsequent Events" for details.