6. Long-Term Obligations and Other Short-Term Borrowings

The following table summarizes long-term obligations and other short-term borrowings at June 30:



(in millions) (1)	2019		2018
1.948% Notes due 2019	$	—	$	998
2.4% Notes due 2019	450		448
4.625% Notes due 2020	508		514
2.616% Notes due 2022	1,079		1,143
3.2% Notes due 2022	247		243
Floating Rate Notes due 2022	340		348
3.2% Notes due 2023	551		525
3.079% Notes due 2024	781		742
3.5% Notes due 2024	402		390
3.75% Notes due 2025	494		460
3.41% Notes due 2027	1,318		1,340
4.6% Notes due 2043	346		346
4.5% Notes due 2044	342		342
4.9% Notes due 2045	445		445
4.368% Notes due 2047	594		594
7.0% Debentures due 2026	124		124
Other obligations	10		11
Total	8,031		9,013
Less: current portion of long-term obligations and other short-term borrowings	452		1,001
Long-term obligations, less current portion	$	7,579	$	8,012

(1) Maturities are presented on a calendar year basis.

Maturities of existing long-term obligations and other short-term borrowings for fiscal 2020 through 2024 and thereafter are as follows: $452 million, $512 million, $1.7 billion, $552 million, $782 million and $4.1 billion.

Long-Term Debt

All the notes represent unsecured obligations of Cardinal Health, Inc. and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness. The 7.0% Debentures represent unsecured obligations of Allegiance Corporation (a wholly-owned subsidiary), which Cardinal Health, Inc. has guaranteed. None of these obligations are subject to a sinking fund and the Allegiance obligations are not redeemable prior to maturity. Interest is paid pursuant to the terms of the obligations. These notes are effectively subordinated to the liabilities of our subsidiaries, including trade payables of $21.5 billion.

In the fourth quarter of fiscal 2019, we repurchased $67 million of the 2.616% Notes due 2022, $1 million of the 3.2% Notes due 2022, $8 million of the Floating Rate Notes due 2022, and $24 million of the 3.41% Notes due 2027 for a total of $100 million. The repurchases were paid for with available cash. We also paid off the 1.948% Notes due 2019 as they became due with available cash.

In June 2018, we repaid the full principal of the 1.95% Notes due 2018 at maturity for $550 million. In July 2017, we redeemed the 1.7% Notes due 2018 early in full with a portion of the proceeds from the June 2017 issuance for $400 million.

If we undergo a change of control, as defined in the notes, and if the notes receive specified ratings below investment grade by each of Standard & Poors Ratings Services, Moody’s Investors Services and Fitch Ratings, any holder of the notes, excluding the debentures, can require with respect to the notes owned by such holder, or we can offer, to repurchase the notes at 101% of the principal amount plus accrued and unpaid interest.

Other Financing Arrangements

In addition to cash and equivalents and operating cash flow, other sources of liquidity include a $2.0 billion commercial paper program backed by a $2.0 billion revolving credit facility. We also have a $1.0 billion committed receivables sales facility.

In June 2019, we renewed our $2.0 billion revolving credit facility. As part of the renewal of our revolving credit facility, as of the end of any calendar quarter, our maximum consolidated net leverage ratio may be no more than 4.25-to-1. The maximum permitted ratio will reduce to 4.00-to-1 in September 2019, and to 3.75-to-1 in March 2021 and thereafter. As of June 30, 2019, we were in compliance with this financial covenant.

In November 2018, we increased the maximum consolidated leverage ratio permitted under our committed receivables facilities to provide that, as of the end of any calendar quarter, our maximum consolidated leverage ratio may be no more than 4.25-to-1. The maximum permitted ratio will reduce to 4.00-to-1 in September 2019, to 3.75-to-1 in March 2020 and to 3.25-to-1 in September 2020. As of June 30, 2019, we were in compliance with this financial covenant.

In November 2016, we renewed our committed receivables sales facility program through Cardinal Health Funding, LLC (“CHF”) through November 1, 2019. CHF was organized for the sole purpose of buying receivables and selling undivided interests in those receivables to third-party purchasers. Although consolidated with Cardinal Health, Inc. in accordance with GAAP, CHF is a separate legal entity from Cardinal Health, Inc. and from our subsidiary that sells receivables to CHF. CHF is designed to be a special purpose, bankruptcy-remote entity whose assets are available solely to satisfy the claims of its creditors. We intend to renew our committed receivables sales facility program in the first quarter of fiscal 2020.

At June 30, 2019, we had no amounts outstanding under the revolving credit facility; however, availability was reduced by outstanding letters of credit of $24 million at both June 30, 2019 and 2018. We also had no amounts outstanding under the committed receivables sales facility program; however, availability was reduced by outstanding standby letters of credit of $30 million and $34 million at June 30, 2019 and 2018, respectively. Under our commercial paper program we had a maximum amount outstanding of $785 million and an average daily amount outstanding of $15 million during fiscal 2019. We had no amounts outstanding under the commercial paper program as of June 30, 2019.

We also maintain other short-term credit facilities and an unsecured line of credit that allowed for borrowings up to $9 million and $8 million at June 30, 2019 and 2018, respectively. The $10 million and $11 million balance of other obligations at June 30, 2019 and 2018, respectively, consisted of short-term borrowings and capital leases.

In fiscal 2018 we sold our China distribution business, including its debt which was $378 million as of June 30, 2017. See Note 2 for further discussion of this divestiture.