INDEBTEDNESS

Total debt consists of:



(In thousands)	September 30, 2014			March 31, 2014
Short-term
Money market loans	$	—		$	—
Commercial paper	433,174			387,866
Short-term debt	$	433,174		$	387,866

Long-term
Trade receivables securitization	$	295,000		$	295,000
Revolving credit borrowings - U.S.	—			—
Revolving credit borrowings - Multi-currency	55,598			54,230
Revolving credit borrowings - France	7,390			8,056
Senior notes, net	1,648,417			1,748,774
Other long-term debt	743			1,036
Total long-term debt	2,007,148			2,107,096
Less current portion of long-term debt	(205		)	(400,322		)
Long-term debt, excluding current portion	$	2,006,943		$	1,706,774

Total debt	$	2,440,322		$	2,494,962

In July 2014, the Company extended an agreement with a financial institution that provides access to short-term advances not to exceed $35 million. The agreement now expires on July 31, 2015, and may be further extended subject to renewal provisions contained in the agreement. The advances are generally overnight or for up to seven days. The amount, term and interest rate of an advance are established through mutual agreement with the financial institution when the Company requests such an advance. At September 30, 2014, there were no advances outstanding under the agreement.

The Company participates in a $750 million Amended and Restated Credit Facility (the “Credit Facility”). As of September 30, 2014, the Company had $56 million of borrowings under the Credit Facility, all of which were under the multi-currency revolver. There were no borrowings under the U.S. dollar revolver at September 30, 2014. The Company also had outstanding U.S. letters of credit of $51 million issued under the Credit Facility. At September 30, 2014, the financial covenant of the Credit Facility did not restrict the Company’s ability to borrow on the unused portion of the Credit Facility, and the Company was in compliance with all covenants under all of its debt agreements. At September 30, 2014, $210 million remained available under the Company’s Credit Facility, after giving effect to the borrowings under the commercial paper program backstopped by the Credit Facility, the outstanding U.S. letters of credit and the borrowings under the multi-currency revolver.

On June 17, 2014, the Company issued $300 million of 3.65% senior notes maturing on July 15, 2024 (the “2024 Notes”). The 2024 Notes were issued at a discount with a yield of 3.673%. The net proceeds from the sale of the 2024 Notes were used for general corporate purposes, including to fund acquisitions and repay indebtedness under the Company’s commercial paper program. Interest on the 2024 Notes is payable semi-annually on January 15 and July 15 of each year, commencing on January 15, 2015. The 2024 Notes contain covenants that restrict the incurrence of liens and limit sale and leaseback transactions. The Company has the option to redeem the 2024 Notes prior to their maturity, in whole or in part, at 100% of the principal plus any accrued but unpaid interest and applicable make-whole payments.

In September 2014, the Company repaid $400 million of 4.50% senior notes that matured.

The aggregate maturities of long-term debt at September 30, 2014 are as follows:



(In thousands)	Debt Maturities ^(a)
Remainder of fiscal 2015	$	125
March 31, 2016	250,302
March 31, 2017	608,209
March 31, 2018	325,095
March 31, 2019	—
Thereafter	825,000
	$	2,008,731

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^(a)	Outstanding borrowings under the Securitization Agreement at September 30, 2014 are reflected as maturing at the agreement’s expiration on December 5, 2016.

The Company’s senior notes are reflected in the debt maturity schedule at their maturity values rather than their carrying values, which are net of aggregate discounts of $1.6 million at September 30, 2014.