INDEBTEDNESS

Total debt consists of:



(In thousands)	June 30, 2015			March 31, 2015
Short-term
Money market loans	$	—		$	—
Commercial paper	415,964			325,871
Short-term debt	$	415,964		$	325,871

Long-term
Trade receivables securitization	$	295,000		$	295,000
Revolving credit borrowings - U.S.	—			—
Revolving credit borrowings - Multi-currency	74,794			48,332
Revolving credit borrowings - France	6,521			6,277
Senior notes, net	1,648,704			1,648,608
Other long-term debt	486			555
Total long-term debt	2,025,505			1,998,772
Less current portion of long-term debt	(500,063		)	(250,110		)
Long-term debt, excluding current portion	$	1,525,442		$	1,748,662

Total debt	$	2,441,469		$	2,324,643

Money Market Loans

In July 2015, 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, 2016, 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.

Senior Credit Facility

The Company participates in a $1 billion Second Amended and Restated Credit Facility (the “Credit Facility”). As of June 30, 2015, the Company had $75 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 June 30, 2015. The Company also had outstanding U.S. letters of credit of $51 million issued under the Credit Facility. At June 30, 2015, 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 June 30, 2015, $458 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.

Trade Receivables Securitization

On July 24, 2015, the Company entered into the Sixth Amendment and Joinder (the “Amendment”) to the Third Amended and Restated Receivables Purchase Agreement (the “Securitization Agreement”), which increased the maximum amount of borrowings available under the Securitization Agreement from $295 million to $330 million. The Amendment also increased the number of participating banks from three to four. There were no other material changes to the Securitization Agreement as a result of the Amendment.

Senior Notes

At June 30, 2015, the Company’s $250 million 2.95% senior notes maturing on June 15, 2016 (the “2016 Notes”) and the $250 million 3.25% senior notes maturing on October 1, 2015 (the “2015 Notes”) were included in the “Current portion of long-term debt” line item on the Company’s consolidated balance sheet.

Aggregate Long-term Debt Maturities

The aggregate maturities of long-term debt at June 30, 2015 are as follows:



(In thousands)	Debt Maturities ^(a)
Remainder of fiscal 2016	$	250,111
March 31, 2017	250,281
March 31, 2018	620,095
March 31, 2019	—
March 31, 2020	356,315
Thereafter	550,000
	$	2,026,802

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^(a)	Outstanding borrowings under the Securitization Agreement at June 30, 2015 are reflected as maturing at the agreement’s expiration in December 2017. Outstanding borrowings under the Credit Facility at June 30, 2015 are reflected as maturing at the agreement’s expiration in November 2019.

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 $1.3 million at June 30, 2015.