Debt

The following table summarizes components of our long-term debt:



(In millions, except percentages)	June 29, 2018			March 30, 2018			Effective Interest Rate
Senior Term Loan A-2 due August 1, 2019	$	600		$	600		LIBOR plus ⁽¹⁾
4.2% Senior Notes due September 15, 2020	750			750			4.25	%
2.5% Convertible Senior Notes due April 1, 2021	500			500			3.76	%
Senior Term Loan A-5 due August 1, 2021	500			500			LIBOR plus ⁽¹⁾
2.0% Convertible Senior Notes due August 15, 2021	1,250			1,250			2.66	%
3.95% Senior Notes due June 15, 2022	400			400			4.05	%
5.0% Senior Notes due April 15, 2025	1,100			1,100			5.23	%
Total principal amount	5,100			5,100
Less: Unamortized discount and issuance costs	(68		)	(74		)
Total long-term debt	$	5,032		$	5,026


(1)	The senior term facilities bear interest at a rate equal to the London Interbank Offered Rate (“LIBOR”) plus a margin based on the current debt rating of our non-credit-enhanced, senior unsecured long-term debt and the underlying loan agreements. The interest rates for the outstanding senior term loans are as follows:



	June 29, 2018		March 30, 2018
Senior Term Loan A-2 due August 1, 2019	3.88	%	3.31	%
Senior Term Loan A-5 due August 1, 2021	4.08	%	3.54	%

As of June 29, 2018, the future contractual maturities of debt by fiscal year are as follows:



(In millions)	June 29, 2018
2020	$	600
2021	1,250
2022	1,750
2023	400
Thereafter	1,100
Total future maturities of debt	$	5,100

Based on the closing price of our common stock of $20.65 on June 29, 2018, the if-converted values of our 2.5% and 2.0% Convertible Senior Notes exceeded the principal amount by approximately $116 million and $15 million, respectively.

The following table sets forth total interest expense recognized related to our 2.5% and 2.0% Convertible Senior Notes:



	Three Months Ended
(In millions)	June 29, 2018		June 30, 2017
Contractual interest expense	$	9	$	9
Amortization of debt discount and issuance costs	$	4	$	4

Revolving credit facility

We have an unsecured revolving credit facility to borrow up to $1.0 billion through May 10, 2021. For our current credit rating, borrowings under the credit facility are subject to the same interest rate as our Senior Term Loan A-2. We are obligated to pay commitment fees on the unused commitment at a rate based on our debt ratings. As of June 29, 2018 and March 30, 2018, there were no borrowings outstanding under this revolving credit facility.

Covenant compliance

The Senior Term Loan agreements A-2, A-5 and our revolving credit facility contain customary representations and warranties, affirmative and negative covenants, including compliance with specified financial ratios, non-financial covenants for financial reporting, and restrictions on subsidiary indebtedness, liens, stock repurchases and dividends (with exceptions permitting our regular quarterly dividend). Our Convertible Senior Notes agreements and the agreement for our 5.0% Senior Note due April 15, 2025 also require us to file periodic reports with the U.S. Securities and Exchange Commission (the “SEC”) by specified deadlines.

As of June 29, 2018, we had not met the requirements in the Senior Term Loan agreements A-2, A-5, the revolving credit facility agreement, the Convertible Senior Notes agreements and the agreement for our 5.0% Senior Note due April 15, 2025 to deliver audited financial statements for our fiscal year ended March 30, 2018 and file our Annual Report on Form 10-K for such period with the SEC. In addition, we subsequently did not meet the requirements under the Convertible Senior Notes agreements and the agreement for our 5.0% Senior Note due April 15, 2025 to file our quarterly report on Form 10-Q for our fiscal quarter ended June 29, 2018 with the SEC by the specified deadline.

On June 22, 2018, we reached an agreement with lenders to waive the financial reporting requirements under the Senior Term Loan agreements A-2, A-5 and the revolving credit facility agreement through October 27, 2018. On October 26, 2018 we satisfied these requirements for our fiscal year ended March 30, 2018 by filing our Form 10-K for such period with the SEC.

The filing of our Form 10-K and this Form 10-Q for the first quarter ended June 29, 2018 also satisfied our SEC reporting requirements for our year ended March 30, 2018 and our quarter ended June 29, 2018, respectively, under the Convertible Senior Notes agreements and the agreement for our 5.0% Senior Note due April 15, 2025. However, we have not yet met our SEC reporting requirements under these notes for our quarterly period ended September 28, 2018.

The failure to meet these reporting requirements under the 5% Notes and the Convertible Senior Notes does not mature into the right for noteholders to take action until notice is received from noteholders and a grace period, as defined in the associated indentures, has passed. Furthermore, according to the Convertible Senior Note agreements, we have the option to remedy an event of default by paying additional interest for up to 360 days after the passage of the grace period. As of the date of this filing, no notice has been received from noteholders.

Because we expected as of June 29, 2018 that we will comply with all of our debt covenants before the applicable grace periods have passed and waivers have expired, we have classified all of the associated outstanding debt as long-term debt in our Condensed Consolidated Balance Sheets.