DEBT

9 Months Ended

Mar. 31, 2020

Short-term borrowings

Notes and loans payable, which mature in less than one year, consisted of the following as of:


	3/31/2020		6/30/2019
Draw down on revolving credit facility	$	450	$	—
Commercial paper	188		396
Total	$	638	$	396

On November 15, 2019, the Company entered into a new $1,200 revolving credit agreement (the Credit Agreement) that matures in November 2024. The Credit Agreement replaced a prior $1,100 revolving credit agreement (the Prior Agreement) in place since February 2017. No termination fees or penalties were incurred in connection with entering the new agreement, which was considered a debt modification.

There was $450 outstanding under the Credit Agreement as of March 31, 2020, and no borrowings under the Prior Agreement as of June 30, 2019. The Company borrowed under the Credit Agreement primarily to pay down maturing commercial paper balances in light of current uncertainty in short-term credit markets resulting from the COVID-19 outbreak. As of March 31, 2020, the effective interest of the revolving credit facility was 1.86%.

The Company believes that borrowings under the new Credit Agreement will continue to be available for general corporate purposes. The new Credit Agreement includes certain restrictive covenants and limitations, which are consistent with the Prior Agreement and with which the Company was in compliance as of March 31, 2020.