Debt

6 Months Ended

Oct. 04, 2019

The following table summarizes components of our debt:



(In millions, except percentages)	October 4, 2019			March 29, 2019			Effective Interest Rate
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	4,500			4,500
Less: unamortized discount and issuance costs	(36		)	(48		)
Total debt	4,464			4,452
Less: current portion	(1,245		)	(491		)
Total long-term debt	$	3,219		$	3,961


(1)	The senior term facility bears 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 agreement. The interest rates for the outstanding senior term loan are as follows:



	October 4, 2019		March 29, 2019
Senior Term Loan A-5 due August 1, 2021	3.90	%	4.24	%

On or after March 4, 2020, holders of the 2.5% Convertible Senior Notes have the option to require us to repurchase the notes, in cash, equal to the principal amount and accrued and unpaid interest of the 2.5% Convertible Senior Notes. Therefore, as of October 4, 2019 and March 29, 2019, the principal amount and associated unamortized discount and issuance costs of the 2.5% Convertible Senior Notes were classified within Current portion of long-term debt in our Condensed Consolidated Balance Sheets.

As of October 4, 2019, the future contractual maturities of debt by fiscal year are as follows:



(In millions)
Remainder of 2020	$	—
2021	1,250
2022	1,750
2023	400
2024	—
Thereafter	1,100
Total future maturities of debt	$	4,500

Based on the closing price of our common stock of $23.48 on October 4, 2019, the if-converted value of our 2.5% Convertible Senior Notes exceeded the principal amount by approximately $200 million and the if-converted value of our 2.0% Convertible Senior Notes exceeded the principal amount by approximately $188 million.

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



	Three Months Ended				Six Months Ended
(In millions)	October 4, 2019		September 28, 2018		October 4, 2019		September 28, 2018
Contractual interest expense	$	9	$	10	$	19	$	19
Amortization of debt discount and issuance costs	$	4	$	4	$	8	$	8

Revolving credit facility

We have an unsecured revolving credit facility to borrow up to $1.0 billion through May 10, 2021. Borrowings under the revolving facility bear interest at a floating rate of interest plus an applicable margin which is based on our senior unsecured credit agency rating. We are obligated to pay commitment fees on the daily amount of the unused commitment at a rate based

on our debt ratings. As of October 4, 2019 and March 29, 2019, there were no borrowings outstanding under this revolving credit facility.

Debt Covenant compliance

The Senior Term Loan A-5 agreement contains customary representations and warranties, non-financial covenants for financial reporting, and affirmative and negative covenants, including compliance with specified financial ratios. As of October 4, 2019, we were in compliance with all debt covenants.