Debt

The following is a summary of the Company's debt as of October 2, 2015 and April 3, 2015:



(Amounts in millions)	October 2, 2015		April 3, 2015
4.45% term notes, due September 2022	$	453	$	451
6.50% term notes, due March 2018	917		917
2.50% term notes, due September 2015	—		350
Loan payable, due January 2016	379		371
Payable - Credit Facility, various⁽¹⁾	150		—
Mandatorily redeemable preferred stock outstanding, due March 2023	61		61
Loan payable of consolidated subsidiary, due March 2018	68		68
Euro-denominated commercial paper	218		—
Capitalized lease liabilities	294		353
Borrowings for assets acquired under long-term financing	57		95
Other borrowings	13		3
Total debt	2,610		2,669
Less: short term debt and current maturities of long term debt	894		904
Total long-term debt	$	1,716	$	1,765


⁽¹⁾	Borrowings under the $2.5 billion credit facility have varying maturities; however they can be rolled over until the maturity date of the master agreement which was January 2020 as of October 2, 2015. Borrowings under the credit facility are classified as short-term debt if the Company intends to repay within twelve months and as long-term debt otherwise.

The increase in the balance of the 4.45% term notes primarily 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 second quarter of fiscal 2016, CSC and two of its subsidiaries, CSC Capital Funding Limited (the Issuer) and CSC Computer Sciences S.a.r.l., established a European commercial paper program (the ECP Program) under which the Issuer may issue short-term commercial paper notes (the Notes) up to a maximum aggregate amount outstanding at any time of €500 million or its equivalent in alternative currencies. The maturities of the Notes may vary but may not exceed 364 days from the date of issue. The Notes are unconditionally guaranteed by CSC and rank at least equal with all of the Company's other unsecured and unsubordinated indebtedness. The Company's $2.5 billion committed revolving credit facility is available, subject to certain conditions, to repay the Notes, if necessary. The Notes may be issued at a discount or bear fixed or floating rate interest or a coupon calculated by reference to an index or formula. During the second quarter of fiscal 2016, the Company borrowed $299 million and repaid $84 million under the ECP Program. As of October 2, 2015, there was $218 million of commercial paper outstanding with a weighted average interest rate of approximately 0.15%.

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 October 2, 2015, there was $10 million of borrowings outstanding against the Leasing Facility, included in Other borrowings above.

During the second quarter of fiscal 2016, CSC drew down $1.3 billion on its $2.5 billion Credit Facility and repaid $1.15 billion of that amount. As of October 2, 2015, there was $150 million outstanding against the $2.5 billion credit facility with an interest rate of 1.2%. This was subsequently repaid in the third quarter of fiscal 2016. The Company also repaid its $350 million 2.5% term note which matured during the second quarter of fiscal 2016.

The Company was in compliance with all financial covenants associated with its borrowings as of October 2, 2015 and April 3, 2015.