7. Debt

Short-term debt consists of the following:


	July 2, 2016		June 27, 2015		July 2, 2016		June 27, 2015
	Interest Rate				Carrying Balance
Bank credit facilities and other	4.62	%	5.54	%	$	122,599	$	81,115
Accounts receivable securitization program	0.93	%	—			730,000		—
Notes due September 2015	—		6.00	%		—		250,000
Notes due September 2016	6.63	%	—			300,000		—
Short-term debt					$	1,152,599	$	331,115

Bank credit facilities and other consist of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of the Company including its foreign operations.

Long-term debt consists of the following:


	July 2, 2016		June 27, 2015		July 2, 2016		June 27, 2015
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	—		0.59	%	$	—	$	650,000
Credit Facility	1.72	%	1.45	%		150,000		50,000
Notes due:
September 2016	—		6.63	%		—		300,000
June 2020	5.88	%	5.88	%		300,000		300,000
December 2022	4.88	%	4.88	%		350,000		350,000
April 2026	4.63	%	—	%		550,000		—
Other long-term debt	1.92	%	2.06	%		1,551		1,828
Long-term debt before discount and debt issuance costs						1,351,551		1,651,828
Discount and debt issuance costs						(12,347)		(5,327)
Long-term debt					$	1,339,204	$	1,646,501

The Company has a five-year $1.25 billion senior unsecured revolving credit facility (the “Credit Facility”) with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $150.0 million of letters of credit, which expires in July 2019. Subject to certain conditions, the Credit Facility may be increased up to $1.50 billion. Under the Credit Facility, the Company may select from various interest rate options, currencies and maturities. The Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage rations, which the Company was in compliance with as of July 2, 2016. At July 2, 2016, and June 27, 2015, there were $5.6 million and $1.9 million, respectively, in letters of credit issued under the Credit Facility.

In March 2016, the Company issued $550.0 million of 4.625% Notes due April 2026 (“4.625% Notes”). The Company received proceeds of $546.0 million from the offering, net of discounts and incurred $4.5 million in underwriting fees and other debt issuance costs. The 4.625% Notes rank equally in right of payment with all existing and future senior unsecured debt of Avnet and interest will be payable semi-annually each year on April 15 and October 15.

In August 2014, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of trade accounts receivable, to provide security or collateral for borrowings up to a maximum of $900.0 million. The Program does not qualify for off balance sheet accounting treatment and any borrowings under the Program are recorded as debt in the consolidated balance sheets. Under the Program, the Company legally sells and isolates certain U.S. trade accounts receivable into a wholly owned and consolidated bankruptcy remote special purpose entity. Such receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.46 billion and $1.41 billion at July 2, 2016, and June 27, 2015, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of July 2, 2016. The Program has a two-year term that expires in August 2016 and as a result is considered short-term debt as of July 2, 2016. There were $730.0 million in borrowings outstanding under the Program as of July 2, 2016, and $650.0 million as of June 27, 2015. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.38%. The facility fee is 0.38%.

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):


2017	$	1,152,599
2018		1,058
2019		437
2020		450,056
2021		—
Thereafter		900,000
Subtotal		2,504,150
Discount and debt issuance costs		(12,347)
Total debt	$	2,491,803

At July 2, 2016, the carrying value and fair value of the Company’s debt was $2.49 billion and $2.59 billion, respectively. At June 27, 2015, the carrying value and fair value of the Company’s debt was $1.98 billion and $2.04 billion, respectively. For the Notes, fair value was estimated based upon quoted market prices and for other debt instruments fair value approximates carrying value due to the market based variable nature of the interest rates on those obligations.