Debt

The following is a summary of the Company's debt:



	As of
(in millions)	July 1, 2016		April 1, 2016
Short-term debt and current maturities of long-term debt
Euro-denominated commercial paper	$	551	$	559
Current maturities of long-term debt	84		79
Current maturities of capitalized lease liabilities	65		72
Short-term debt and current maturities of long term debt	$	700	$	710

Long-term debt, net of current maturities
4.45% term notes, due September 2022	$	454	$	454
Loan payable, due March 2021	575		575
Loan payable, due January 2019	266		284
Loan payable, due May 2016	—		71
Payable - credit facility, long-term⁽¹⁾	1,049		395
Lease credit facility, various⁽²⁾	58		49
Mandatorily redeemable preferred stock outstanding, due March 2023	61		61
Capitalized lease liabilities	137		141
Borrowings for assets acquired under long-term financing	89		51
Other borrowings	3		4
Long-term debt	2,692		2,085
Less: current maturities of long-term debt	149		151
Long-term debt, net of current maturities	$	2,543	$	1,934

⁽¹⁾Borrowings under the $2.9 billion credit facility are classified as short-term debt if the Company intends to repay within 12 months and as long-term debt otherwise.

⁽²⁾Drawings under the lease credit facility convert into individual term notes of variable terms up to sixty months, depending on the nature of the underlying equipment being financed. Borrowings under the lease credit facility are classified as short-term debt if the Company intends to repay within 12 months and as long-term debt otherwise.

During the first three months of fiscal 2017, the Company amended its existing $2.5 billion credit facility by expanding its borrowing capacity to $2.9 billion, which was further expanded to $3.0 billion subsequent to July 1, 2016 (see Note 20 Subsequent Events). Additionally, the Company drew down $920 million on the credit facility and repaid $199 million. During the first three months of fiscal 2017, the loan payable due May 2016 was replaced with borrowings under the credit facility.

During the first three months of fiscal 2017, the Company increased the maximum size of its existing European commercial paper program (the ECP Program) from €500 million to €1 billion or its equivalent in alternative currencies. The Company had borrowings of $511 million and repayments of $511 million under the ECP Program during the first three months of fiscal 2017.

Additionally, during the three months ended July 1, 2016, the Company amended its existing master loan and security agreement which reduced the aggregate commitment under our lease credit facility from $250 million to $150 million. The drawdown availability period of the lease credit facility expires November 29, 2016 and, once drawn, converts into individual term notes of varying terms not to exceed 60 months, depending upon the nature of the underlying equipment being financed.

The Company was in compliance with all financial covenants associated with its borrowings as of July 1, 2016.