Debt

The following table summarizes components of our debt:



	October 2, 2015					April 3, 2015
	Amount			Effective Interest Rate		Amount			Effective Interest Rate
	(Dollars in millions)
Senior Notes
2.75% due September 15, 2015	$	—		—	%	$	350		2.76	%
2.75% due June 15, 2017	600			2.79	%	600			2.79	%
4.20% due September 15, 2020	750			4.25	%	750			4.25	%
3.95% due June 15, 2022	400			4.05	%	400			4.05	%
Total principal amount	$	1,750				$	2,100
Less: unamortized discount and issuance costs	(10		)			(4		)
Total debt	$	1,740				$	2,096
Less: current portion	—					(350		)
Total long-term portion	$	1,740				$	1,746

Senior Notes

Our Senior Notes are senior unsecured obligations that rank equally in right of payment with all of our existing and future unsecured, unsubordinated obligations and are redeemable by us at any time, subject to a “make-whole” premium. Interest on our Senior Notes is payable semiannually. Both the discount and issuance costs are being amortized as incremental interest expense over the respective terms of the Senior Notes. The principal balance of our 2.75% Senior Notes due September 15, 2015 matured and was settled by a cash payment of $350 million in the three months ended October 2, 2015.

Revolving credit facility

In fiscal 2011, we entered into a $1.0 billion senior unsecured revolving credit facility (“credit facility”), which was amended in fiscal 2013. The amendment extended the term of the credit facility to June 7, 2017. Loans under the credit facility will bear interest, at our option, at a rate equal to either a) LIBOR plus a margin based on debt ratings, as defined in the credit facility agreement or b) the bank’s base rate plus a margin based on debt ratings, as defined in the credit facility agreement. Under the terms of the credit facility, we must comply with certain financial and non-financial covenants, including a covenant to maintain a specified ratio of debt to EBITDA (earnings before interest, taxes, depreciation and amortization). As of October 2, 2015, we were in compliance with the required covenants, and no amounts were outstanding.