BANK BORROWINGS AND LONG-TERM DEBT

9 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

BANK BORROWINGS AND LONG-TERM DEBT

BANK BORROWINGS AND LONG-TERM DEBT

Bank borrowings and long-term debt as of December 31, 2021 are as follows:

	As of December 31, 2021		As of March 31, 2021
	(In millions)
5.000% Notes due February 2023	$	500	$	500
Term Loan due April 2024 - three-month Yen LIBOR plus 0.500%	292		305
4.750% Notes due June 2025	598		598
3.750% Notes due February 2026	691		694
4.875% Notes due June 2029	660		661
4.875% Notes due May 2030	691		694
3.600% HUF Bonds due December 2031	306		—
India Facilities	117		133
Other	610		219
Debt issuance costs	(19)		(21)
	4,446		3,783
Current portion	(648)		(268)
Non-current portion	$	3,798	$	3,515

The weighted-average interest rate for the Company's long-term debt was 3.5% and 4.3% as of December 31, 2021 and March 31, 2021.

Scheduled repayments of the Company's bank borrowings and long-term debt as of December 31, 2021 are as follows:

Fiscal Year Ending March 31,	Amount
	(In millions)
2022 (1)	$	246
2023	928
2024	53
2025	292
2026	1,289
Thereafter	1,657
Total	$	4,465

(1)Represents estimated repayments for the remaining fiscal three-month period ending March 31, 2022.

HUF Bonds due December 2031

In December 2021, the Company issued HUF 100 billion (approximately $306.3 million as of December 31, 2021) in aggregate principal amount of bonds under the National Bank of Hungary’s Bond Funding for Growth Scheme. The bonds mature in December 2031 and amortize in an amount equal to 10% of the original principal amount thereof on each of the seventh, eighth, and ninth anniversaries of the bonds, with the remaining 70% due upon maturity. The outstanding principal amount of the bonds bear interest at 3.60% per annum. Interest is due and payable annually in arrears commencing on December 6, 2022. The proceeds of the bonds were used for general corporate purposes. As the bonds are denominated in Hungarian forint, the debt balance is remeasured to USD at the end of each reporting period. Foreign currency swap contracts have been entered into with respect to this Hungarian forint denominated liability.

The bonds are unsecured and unsubordinated obligations of the Company and rank equally with all of the Company’s other existing and future unsecured and unsubordinated obligations.

The bonds contain a customary negative pledge covenant restricting the ability of the Company to incur liens to secure indebtedness without ratably and equally securing the bonds. This covenant is subject to a number of exceptions and limitations. The bonds also provide for customary events of default, including, but not limited to, cross defaults to certain specified other debt of the Company. Except in limited circumstances resulting from adverse changes in applicable tax laws, the bonds are not voluntarily redeemable. The Company is in the process of listing the bonds for trading on the XBond multilateral trading facility operated by the Budapest Stock Exchange.

Other Borrowings

Euro Term Loan due December 2022

In December 2021, the Company borrowed €350 million (approximately $397.3 million as of December 31, 2021), under a 1-year term-loan agreement. Of this amount, €250 million is due December 9, 2022 and €100 million is due December 30, 2022. The proceeds of the term loan will be used to refinance certain other outstanding debt and for other general corporate purposes. Borrowings under this term loan bear interest at (0.18)% per annum, which is payable in full at maturity. The term loan is repayable upon maturity, and the borrowings have been included as bank borrowings and current portion of long-term debt under the condensed consolidated balance sheet.

The term loan is unsecured. The term loan agreement contains customary restrictions on the ability of the Company and its subsidiaries to (i) incur certain debt, (ii) make certain investments, (iii) make certain acquisitions of other entities, (iv) incur liens, (v) dispose of assets, (vi) make non-cash distributions to shareholders, and (vii) engage in transactions with affiliates. These covenants are subject to a number of exceptions and limitations. This term loan agreement also requires that the Company maintain a maximum ratio of total indebtedness to EBITDA, and a minimum interest coverage ratio, as defined therein, during its term. As of December 31, 2021, the Company was in compliance with the covenants under the term loan agreement.