Debt

The following is a summary of the Company's debt as of July 3, 2015 and April 3, 2015:



(Amounts in millions)	July 3, 2015		April 3, 2015
4.45% term notes, due September 2022	$	445	$	451
6.50% term notes, due March 2018	917		917
2.50% term notes, due September 2015	350		350
Note payable, due January 2016	393		371
Mandatorily redeemable preferred stock outstanding, due 2022	62		61
Note payable of consolidated subsidiary, due 2022	68		68
Capitalized lease liabilities	317		353
Borrowings for assets acquired under long-term financing	60		95
Other borrowings	6		3
Total debt	2,618		2,669
Less: short term debt and current maturities of long term debt	911		904
Total long-term debt	$	1,707	$	1,765

The decrease in the balance of the 4.45% term notes reflects the year-to-date change in fair value of the interest rate swaps (see Note 8). The increase in the Note Payable, due January 2016, reflects the movement in the exchange rate between the U.S. dollar and the British pound sterling.

During the first quarter of fiscal 2015, CSC Asset Funding I LLC, which is a special purpose subsidiary of CSC Finance Co. LLC (CSC Finco) which is a wholly owned subsidiary of the Company, entered into a master loan and security agreement with a financial institution, which provides for a $250 million committed Lease Credit Facility (Leasing Facility) to finance CSC Finco's capital expenditures for IT equipment and associated software in support of IT services provided to the Company's customers. The drawdown availability period for the Leasing Facility is eighteen months, and once drawn, converts into individual term notes of variable terms up to sixty months therefrom, depending on the nature of the underlying equipment being financed. As of July 3, 2015, there was $3 million of outstanding borrowings against the Leasing Facility. CSC Finco was in compliance with all financial covenants associated with the Leasing Facility at July 3, 2015.

During the second quarter of fiscal 2015, CSC modified its existing $2.5 billion credit facility agreement by extending the maturity date from January 15, 2019 to January 15, 2020. There were no borrowings outstanding against the $2.5 billion credit facility as of July 3, 2015 and April 3, 2015. The Company also extended the maturity date of its £250 million or $393 million (at the July 3, 2015 exchange rate) note payable from December 2014 to January 19, 2016, effective December 19, 2014. The Company was in compliance with all financial covenants associated with its credit facility agreement and note payable as of July 3, 2015 and April 3, 2015.