11.

Short-term borrowings and long-term debt

Short-term borrowings are comprised of the following:


	Yen in millions
	March 31
	2017		2018
Unsecured loans:
with a weighted-average interest rate of 7.29%		64,046
with a weighted-average interest rate of 3.95%				64,480
Secured loans:
with a weighted-average interest rate of 0.00%		20,000
with a weighted-average interest rate of 0.12%				27
Repurchase agreement:
with a weighted-average interest rate of 0.01%		310,609
with a weighted-average interest rate of 0.18%				335,586
Secured call money:
with a weighted-average interest rate of (0.08)%		70,000
with a weighted-average interest rate of (0.07)%				96,000

		464,655		496,093

At March 31, 2018, a certain subsidiary in the Financial Services segment pledged securities investments with a book value of 267,538 million yen as collateral for 335,586 million yen of short-term repurchase agreements. The repurchase agreement provides for net settlement upon a termination event.

At March 31, 2018, a certain subsidiary in the Financial Services segment pledged marketable securities and securities investments with a book value of 119,213 million yen as collateral for 96,000 million yen of secured call money.

In addition, certain subsidiaries in the Financial Services segment pledged marketable securities and securities investments with an aggregate book value of 9,618 million yen as collateral for cash settlements, variation margins of futures markets and certain other purposes.

Long-term debt is comprised of the following:


	Yen in millions
	March 31
	2017		2018
Unsecured loans, representing obligations principally to banks:
Due 2017 to 2024, with interest rates ranging from 0.24% to 5.10% per annum		63,248
Due 2018 to 2024, with interest rates ranging from 0.01% to 5.10% per annum				49,454
Unsecured 0.43% bonds, due 2018		10,000
Unsecured 0.86% bonds, due 2018		150,000		150,000
Unsecured 2.00% bonds, due 2018		16,300		16,300
Unsecured 0.05% bonds, due 2019		69,793		69,879
Unsecured 2.07% bonds, due 2019		50,000		50,000
Unsecured 0.23% bonds, due 2021		89,670		89,744
Unsecured 0.11% bonds, due 2022				10,000
Unsecured 1.41% bonds, due 2022		10,000		10,000
Unsecured 0.28% bonds, due 2023		15,000		15,000
Unsecured 0.22% bonds, due 2025				10,000
Unsecured 0.42% bonds, due 2026		24,887		24,899
Unsecured zero coupon convertible bonds, due 2022		120,000		119,976
Secured 0.00% loans, due 2019 to 2020		70,000
Secured 0.00% loans, due 2019 to 2022				170,002
Capital lease obligations and other:
Due 2017 to 2027, with interest rates ranging from 0.36% to 8.90% per annum		34,224
Due 2018 to 2047, with interest rates ranging from 0.36% to 11.88% per annum				52,929
Guarantee deposits received		11,764		10,790

		734,886		848,973
Less — Portion due within one year		53,424		225,522

		681,462		623,451

At March 31, 2018, a certain subsidiary in the Financial Services segment pledged marketable securities and securities investments with a book value of 38,375 million yen and housing loans with a book value of 306,589 million yen as collateral for a 170,000 million yen long-term secured loan.

In March 2012, Sony executed a 1,365 million U.S. dollar unsecured bank loan with a group of lenders having six to ten year maturity terms in connection with Sony’s acquisition of Ericsson’s 50% equity interest in Sony Ericsson. This bank loan utilizes the Japan Bank for International Cooperation Facility, which was established to facilitate overseas mergers and acquisitions by Japanese companies as a countermeasure against yen appreciation. The terms of this U.S. dollar loan require accelerated repayment of the entire outstanding balance if Sony Corporation or its wholly-owned subsidiaries discontinue the business of mobile devices featuring telephone functionality. In March 2016, Sony repaid 682 million U.S. dollars of the 1,365 million U.S. dollars. In September 2016, Sony repaid the remaining 683 million U.S. dollars.

On July 21, 2015, Sony issued 120,000 million yen of 130% callable unsecured zero coupon convertible bonds with stock acquisition rights due 2022 (the “Zero Coupon Convertible Bonds”). The bondholders are entitled to stock acquisition rights effective from September 1, 2015 to September 28, 2022. The initial conversion price is 5,008 yen per common share. In addition to the standard anti-dilution provisions, the conversion price is reduced for a certain period before an early redemption triggered upon the occurrence of certain corporate events including a merger, corporate split and delisting event. The reduced amount of the conversion price will be determined by a formula that is based on the effective date of the reduction and Sony’s common stock price. The reduced conversion price ranges from 3,526.5 yen to 5,008.0 yen per common share. The conversion price is also adjusted for dividends in excess of 25 yen per common share per fiscal year. Sony has the option to redeem all of the Zero Coupon Convertible Bonds outstanding at 100% of the principal amount after July 21, 2020, if the closing sales price per share of Sony’s common stock on the Tokyo Stock Exchange is 130% or more of the conversion price of the Zero Coupon Convertible Bonds for 20 consecutive trading days. Sony was not required to bifurcate any of the embedded features contained in the Zero Coupon Convertible Bonds for accounting purposes. There are no significant adverse debt covenants under the Zero Coupon Convertible Bonds.

In September 2016, Sony issued unsecured straight bonds in the aggregate principal amount of 200,000 million yen. The proceeds from the issuance of the bonds have been applied to the repayment of borrowings and debt.

There are no significant adverse debt covenants or cross-default provisions related to the other short-term borrowings and long-term debt.

Aggregate amounts of annual maturities of long-term debt are as follows:


Fiscal year ending March 31	Yen in millions
2019		225,522
2020		155,490
2021		58,620
2022		204,428
2023		16,437
Later fiscal years		188,476

Total		848,973

At March 31, 2018, Sony had unused committed lines of credit amounting to 459,860 million yen and can generally borrow up to 180 days from the banks with whom Sony has committed line contracts. Furthermore, at March 31, 2018, Sony has commercial paper programs totaling 818,720 million yen. Sony can issue commercial paper for a period generally not in excess of 270 days up to the size of the programs.