BANK BORROWINGS AND LONG-TERM DEBT

6 Months Ended

Sep. 25, 2020

Bank borrowings and long-term debt as of September 25, 2020 are as follows:


	As of September 25, 2020		As of March 31, 2020
	(In millions)
Term Loan, including current portion, due in installments through June 2022	—		433
5.000% Notes due February 2023	500		500
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%	318		310
4.750% Notes due June 2025	597		597
3.750% Notes due February 2026	696		—
4.875% Notes due June 2029	661		662
4.875% Notes due May 2030	696		—
India Facilities	138		138
Other	220		211
Debt issuance costs	(24)		(13)
	3,802		2,838
Current portion, net of debt issuance costs	(63)		(149)
Non-current portion	$	3,739	$	2,689

The weighted-average interest rate for the Company's long-term debt was 4.1% and 4.0% as of September 25, 2020 and March 31, 2020, respectively.

Scheduled repayments of the Company's bank borrowings and long-term debt as of September 25, 2020 are as follows:


Fiscal Year Ending March 31,	Amount
	(In millions)
2021 (1)	$	56
2022	216
2023	531
2024	53
2025	318
Thereafter	2,652
Total	$	3,826

(1)Represents estimated repayments for the remaining fiscal six-month period ending March 31, 2021.

Notes due February 2026 and May 2030

In May 2020, the Company issued $425 million aggregate principal amount of 3.750% Notes due February 2026 (the "Existing 2026 Notes"), at 99.617% of face value and $325 million aggregate principal amount of 4.875% Notes due May 2030 (the "Existing 2030 Notes" and, together with the Existing 2026 Notes, the "Existing Notes"), at 99.562% of face value. In August 2020, as a further issuance of the Existing Notes, the Company issued under the same terms (other than the initial interest accrual date and first interest payment date for the additional 2026 Notes, and the initial offering price and the issue date for the additional 2026 and 2030 Notes), an additional $250 million of 3.750% Notes due February 2026 (together with the "Existing 2026 Notes" above, the "2026 Notes"), at 109.294% of face value, and $325 million of 4.875% Notes due May 2030 (together with the "Existing 2030 Notes" above, the "2030 Notes"), at 114.863% of face value. Immediately after the issuance of the additional notes issued in August 2020, the Company has $675 million aggregate principal amount of 3.750% Notes due 2026 outstanding and $650 million aggregate principal amount of 4.875% Notes due 2030 outstanding. The Company received in aggregate, proceeds of approximately $1.4 billion, net of discounts and after premiums, from the issuances, which have been used for working capital and other general corporate purposes, in addition to repaying the term loan due June 2022. The Company incurred and capitalized as a direct reduction to the carrying amount of the Notes presented on the balance sheet approximately $12.8 million of costs in conjunction with the issuance of the Notes.

Interest on the 2026 Notes and the 2030 Notes is payable semi-annually, commencing on August 1, 2020 and November 12, 2020, respectively, except that interest on the additional 2026 Notes is payable commencing February 1, 2021. The Notes are senior unsecured obligations of the Company and rank equally with all of the Company's other existing and future senior and unsecured debt obligations.

The indenture governing the Notes contains covenants that, among other things, restrict the ability of the Company and certain of the Company's subsidiaries to create liens; enter into sale-leaseback transactions; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's assets to, another person, or permit any other person to consolidate, merge, combine or amalgamate with or into the Company. These covenants are subject to a number of significant limitations and exceptions set forth in the indenture. The indenture also provides for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company and its subsidiaries. In the case of an event of default arising from specified events of bankruptcy or insolvency, all outstanding Notes will become due and payable immediately without further action or notice. If any other event of default under the indenture occurs or is continuing, the trustee or holders of at least 25% in aggregate principal amount of the then outstanding 2026 Notes or 2030 Notes may declare all of such series of Notes to be due and payable immediately, but upon certain conditions such declaration and its consequences may be rescinded and annulled by the holders of a majority in principal amount of such series of Notes. As of September 25, 2020, the Company was in compliance with the covenants in the indenture governing the Notes.