INDEBTEDNESS

Total debt consists of:



(In thousands)	September 30, 2015			March 31, 2015
Short-term
Money market loans	$	—		$	—
Commercial paper	557,105			325,871
Short-term debt	$	557,105		$	325,871

Long-term
Trade receivables securitization	$	330,000		$	295,000
Revolving credit borrowings - U.S.	—			—
Revolving credit borrowings - Multi-currency	72,011			48,332
Revolving credit borrowings - France	5,980			6,277
Senior notes, net	1,798,051			1,648,608
Other long-term debt	423			555
Total long-term debt	2,206,465			1,998,772
Less current portion of long-term debt	(250,099		)	(250,110		)
Long-term debt, excluding current portion	$	1,956,366		$	1,748,662

Total debt	$	2,763,570		$	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.

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 Credit Facility

The Company participates in a $1 billion Second Amended and Restated Credit Agreement (the “Credit Facility”). As of September 30, 2015, the Company had $72 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, 2015. The Company also had outstanding U.S. letters of credit of $51 million issued under the Credit Facility. At September 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 September 30, 2015, $320 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.

Senior Notes

On August 11, 2015, the Company issued $400 million of 3.05% senior notes maturing on August 1, 2020 (the “2020 Notes”). The 2020 Notes were issued at a discount with a yield of 3.092%. The net proceeds from the sale of the 2020 Notes were used for general corporate purposes, including to fund acquisitions, to repay indebtedness and to repurchase shares pursuant to the Company’s stock repurchase program. Interest on the 2020 Notes is payable semi-annually on February 1 and August 1 of each year, commencing on February 1, 2016. The 2020 Notes contain covenants that restrict the incurrence of liens and limit sale and leaseback transactions. The Company has the option to redeem the 2020 Notes prior to their maturity, in whole or in part, either at 100% of the principal amount of the notes plus any accrued but unpaid interest or at the applicable make-whole premium.

At September 30, 2015, the Company’s $250 million 2.95% senior notes maturing on June 15, 2016 were included in the “Current portion of long-term debt” line item on the Company’s consolidated balance sheet. On September 14, 2015, the Company redeemed in full its $250 million 3.25% senior notes originally due to mature on October 1, 2015 (the “2015 Notes”) at 100% of the principal amount of the notes plus accrued interest.

Aggregate Long-term Debt Maturities

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



(In thousands)	Debt Maturities ^(a)
Remainder of fiscal 2016	$	72
March 31, 2017	250,256
March 31, 2018	655,095
March 31, 2019	—
March 31, 2020	352,991
Thereafter	950,000
	$	2,208,414

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^(a)	Outstanding borrowings under the Securitization Agreement at September 30, 2015 are reflected as maturing at the agreement’s expiration in December 2017. Outstanding borrowings under the Credit Facility at September 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 $1.9 million at September 30, 2015.