Debt

The following is a summary of the Company’s outstanding debt:



(in millions)	Interest Rates	Maturities	September 30, 2019			March 31, 2019
Revolving Credit Facility	LIBOR + 1.50%	August 2024	$	175		$	—
Term Loan A Facilities (Tranche 1)	LIBOR + 1.375%	August 2022	200			246
Term Loan A Facilities (Tranche 2)	LIBOR + 1.50%	August 2024	1,593			1,588
Term Loan B Facility	LIBOR + 2.25%	May 2025	494			497
Subtotal senior secured credit facilities			2,462			2,331
Senior unsecured EDS Notes	7.45%	October 2029	66			66
Other secured borrowings			14			—
Total debt			2,542			2,397
Less: current maturities of long-term debt, net⁽¹⁾			(87		)	(80		)
Less: unamortized debt issuance costs and premiums⁽²⁾			(20		)	(20		)
Total long-term debt, net of current maturities			$	2,435		$	2,297

⁽¹⁾Current maturities of long-term debt are presented net of $6 million and $8 million of debt issuance costs associated with the Term Loan A Facilities and Term Loan B Facility as of September 30, 2019 and March 31, 2019, respectively.

⁽²⁾Includes $11 million and $12 million as of September 30, 2019 and March 31, 2019, respectively, of unamortized premiums on the assumed Electronic Data Systems Corporation (“EDS”) Notes.

Expected maturities of long-term debt are as follows:



Fiscal Year	(in millions)
Remainder of fiscal year 2020	$	48
2021	91
2022	90
2023	290
2024	89
Thereafter	1,934
Total	$	2,542

On August 13, 2019, the Company entered into the Second Amendment to its Credit Agreement (the “Amendment”) to provide greater operational and financial flexibility to the Company. Pursuant to the Amendment, with MUFG Bank, Ltd. as Lead Left Arranger and Administrative Agent, Bank of America, N.A. as Syndication Agent, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. and PNC Bank, National Association as Documentation Agents, and MUFG Bank, Ltd., BofA Securities, Inc., JPMorgan Chase Bank, N.A., PNC Capital Markets, LLC and Mizuho Bank, Ltd. as Lead Arrangers, the maturities of the Pro-Rata Facilities (Term Loan A Facilities and the Revolving Credit Facility) were extended by 15 months each. The Amendment also provided for, among other things:


•	changes to certain terms and conditions, including modifying the financial covenant total net leverage ratio to a maximum of 4.50x (unchanged), with a stepdown to 4.25x (previously 3.75x) after 12 months, and, thereafter, with a step up to 4.50x (previously 4.00x) for a 12 month period following a Permitted Acquisition greater than $100 million;


•	a $46 million increase in the Term Loan A Tranche 2 from $1,568 million to $1,614 million, the proceeds of which were used to reduce Term Loan A Tranche 1 from $246 million to $200 million;


•	an extension of the maturity of the Term Loan A Tranche 1 from May 31, 2021 to August 31, 2022;


•	an extension of the maturity of the Term Loan A Tranche 2 from May 31, 2023 to August 31, 2024; and


•	a $150 million increase in the Revolving Credit Facility to $750 million and an extension of the maturity from May 31, 2023 to August 31, 2024.