5. Debt

Debt Capitalization

Long-term debt, including the current portion, consists of the following:

	March 31,		September 30,
	2016		2015
	(in millions)
Revolving Credit Facility—Acquisition Corp. (a)	$	—	$	—
Senior Term Loan Facility due 2020—Acquisition Corp. (b)		1,276		1,282
5.625% Senior Secured Notes due 2022—Acquisition Corp.		275		275
6.00% Senior Secured Notes due 2021—Acquisition Corp.		450		450
6.25% Senior Secured Notes due 2021—Acquisition Corp. (c)		176		177
6.75% Senior Notes due 2022—Acquisition Corp.		635		660
13.75% Senior Notes due 2019—Holdings		100		150
Total debt		2,912		2,994
Less: current portion		13		13
Total long-term debt	$	2,899	$	2,981

(a)	Reflects $150 million of commitments under the Revolving Credit Facility, less letters of credit outstanding of approximately $5 million at both March 31, 2016 and September 30, 2015. There were no loans outstanding under the Revolving Credit Facility at March 31, 2016 or September 30, 2015.

(b)

Principal amount of $1.280 billion and $1.287 billion less unamortized discount of $4 million and $5 million at March 31, 2016 and September 30, 2015, respectively. Of this amount, $13 million, representing the scheduled amortization of the Senior Term Loan Facility, was included in the current portion of long-term debt at March 31, 2016 and September 30, 2015.

(c)	Face amount of €158 million. Above amounts represent the dollar equivalent of such notes at March 31, 2016 and September 30, 2015.

Debt Redemptions

On February 16, 2016, Holdings redeemed $50 million of its $150 million outstanding 13.75% Senior Notes due 2019. The Company recorded a loss on extinguishment of debt of approximately $5 million, which represents the premium paid on early redemption.

Open Market Purchases

On March 11, 2016, Acquisition Corp. purchased, in the open market, approximately $25 million of its $660 million outstanding 6.75% Senior Notes due 2022. The acquired notes were subsequently retired. Following retirement of the acquired notes, approximately $635 million of the 6.75% Senior Notes due 2022 remain outstanding.

Interest Rates

The loans under the Revolving Credit Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the rate for deposits in the borrowing currency in the London interbank market (adjusted for maximum reserves) for the applicable interest period (“Revolving LIBOR”), plus 2.00% per annum, or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) the one-month Revolving LIBOR plus 1.0% per annum, plus, in each case, 1.00% per annum. If there is a payment default at any time, then the interest rate applicable to overdue principal will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

The loans under the Senior Term Loan Facility bear interest at Acquisition Corp.’s election at a rate equal to (i) the rate for deposits in U.S. dollars in the London interbank market (adjusted for maximum reserves) for the applicable interest period (“Term Loan LIBOR”), plus 2.75% per annum, or (ii) the base rate, which is the highest of (x) the corporate base rate established by the administrative agent as its prime rate in effect at its principal office in New York City from time to time, (y) 0.50% in excess of the overnight federal funds rate and (z) one-month Term Loan LIBOR, plus 1.00% per annum, plus, in each case, 1.75% per annum. The loans under the Senior Term Loan Facility are subject to a Term Loan LIBOR “floor” of 1.00%. If there is a payment default at any time, then the interest rate applicable to overdue principal and interest will be the rate otherwise applicable to such loan plus 2.0% per annum. Default interest will also be payable on other overdue amounts at a rate of 2.0% per annum above the amount that would apply to an alternative base rate loan.

Amortization and Maturity of Senior Term Loan Facility

The loans under the Senior Term Loan Facility amortize in equal quarterly installments due December, March, June and September in aggregate annual amounts equal to 1.00% of the original principal amount of the amended Senior Term Loan Facility, or $13 million per year, with the balance payable on maturity date of the Term Loans. The loans outstanding under the Senior Term Loan Facility mature on July 1, 2020.

Maturity of Revolving Credit Facility

The maturity date of the Revolving Credit Facility is April 1, 2019.

Maturities of Senior Notes and Senior Secured Notes

As of March 31, 2016, there are no scheduled maturities of notes until 2019, when $100 million is scheduled to mature. Thereafter, $1.536 billion is scheduled to mature.

Interest Expense, net

Total interest expense, net, was $43 million and $45 million for the three months ended March 31, 2016 and March 31, 2015, respectively. Total interest expense, net, was $88 million and $91 million for the six months ended March 31, 2016 and March 31, 2015, respectively. The weighted-average interest rate of the Company’s total debt was 5.4% at March 31, 2016 and 5.6% at September 30, 2015 and March 31, 2015.