Debt and Credit Facility

2019 and 2021 Notes

On March 12, 2014, the Company issued the 2019 Notes and 2021 Notes at a discounted price of 99.477% and 99.281% of par, respectively. Interest on the 2019 Notes and 2021 Notes is payable semi-annually on March 15 and September 15.

The Company received net proceeds of $990.1 million from issuance of the 2019 Notes and 2021 Notes, after the debt discounts and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the terms of the 2019 and 2021 Notes. On March 15, 2019, the 2019 Notes matured and the Company paid the aggregate outstanding principal of $500.0 million, plus accrued interest. As of March 30, 2019, the remaining term of the 2021 Notes is 2.0 years.

The following table summarizes the carrying value of the 2019 Notes and 2021 Notes in the Company's consolidated balance sheets:



(In thousands)	March 30, 2019			March 31, 2018
Principal amount of the 2019 Notes	$	—		$	500,000
Unamortized discount of the 2019 Notes	—			(501		)
Unamortized debt issuance costs associated with the 2019 Notes	—			(313		)
Carrying value of the 2019 Notes	—			499,186
Principal amount of the 2021 Notes	500,000			500,000
Unamortized discount of the 2021 Notes	(1,063		)	(1,593		)
Unamortized debt issuance costs associated with the 2021 Notes	(467		)	(711		)
Carrying value of the 2021 Notes	$	498,470		$	497,696
Total carrying value	$	498,470		$	996,882

Interest expense related to the 2019 Notes and 2021 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows:



	Years Ended
(In thousands)	March 30, 2019		March 31, 2018		April 1, 2017
Contractual coupon interest	$	24,740	$	25,625	$	25,625
Amortization of debt issuance costs	557		586		586
Amortization of debt discount, net	1,030		1,049		1,022
Total interest expense related to the 2019 and 2021 Notes	$	26,327	$	27,260	$	27,233

2024 Notes

On May 30, 2017, the Company issued the 2024 Notes at a discounted price of 99.887% of par. Interest on the 2024 Notes is payable semi-annually on June 1 and December 1.

The Company received net proceeds of $745.2 million from the issuance of the 2024 Notes, after the debt discount and deduction of debt issuance costs. The debt discounts and issuance costs are amortized to interest expense over the term of the 2024 Notes. As of March 30, 2019, the remaining term of the 2024 Notes is approximately 5.2 years.

In relation to the issuance of the 2024 Notes, the Company entered into interest rate swap contracts with certain independent financial institutions, whereby the Company pays on a semi-annual basis, a variable interest rate equal to the three-month London Interbank Offered Rate (LIBOR) plus 91.43 bps, and receives on a semi-annual basis, interest income at a fixed interest rate of 2.950%. The Company incurred a net interest expense of $3.8 million during the twelve months ended March 30, 2019 and earned a net interest income of $4.4 million during the twelve months ended March 31, 2018, respectively, from the interest rate swap contracts, which was included in interest and other income (expense), net on the consolidated statements of income. As of March 30, 2019, the fair value of the interest rate swap contracts was $10.1 million, which was recorded in other long-term liabilities on the consolidated balance sheets.

The following table summarizes the carrying value of the 2024 Notes in the Company's consolidated balance sheets:



(In thousands)	March 30, 2019			March 31, 2018
Principal amount of the 2024 Notes	$	750,000		$	750,000
Unamortized discount of the 2024 Notes	(642		)	(755		)
Unamortized debt issuance costs associated with the 2024 Notes	(2,932		)	(3,500		)
Carrying value of the 2024 Notes	746,426			745,745
Fair value hedge adjustment - interest rate swap contracts	(10,089		)	(29,001		)
Net carrying value of the 2024 Notes	$	736,337		$	716,744

Interest expense related to the 2024 Notes was included in interest and other income (expense), net on the consolidated statements of income as follows:



	Years Ended
(In thousands)	March 30, 2019		March 31, 2018		April 1, 2017
Contractual coupon interest (net of interest rate swap)	$	25,875	$	14,122	$	—
Amortization of debt issuance costs	568		473		—
Amortization of debt discount	113		92		—
Total interest expense related to the 2024 Notes	$	26,556	$	14,687	$	—

Revolving Credit Facility

On December 7, 2016, the Company entered into a $400.0 million senior unsecured revolving credit facility that, upon certain conditions, may be extended by an additional $150.0 million, with a syndicate of banks (expiring in December 2021). Borrowings under the credit facility will bear interest at a benchmark rate plus an applicable margin based upon the Company's credit rating. In connection with the credit facility, the Company is required to maintain certain financial and non-financial covenants. As of March 30, 2019, the Company had made no borrowings under this credit facility and was not in violation of any of the covenants.