Debt Obligations

3 Months Ended

Jun. 29, 2019

The following table presents the Company’s debt obligations (in millions):



	June 29, 2019		March 30, 2019
Term Loan	$	1,560	$	1,580
Revolving Credit Facilities	434		550
4.000% Senior Notes due 2024	450		450
Other	1		1
Total debt	2,445		2,581
Less: Unamortized debt issuance costs	12		13
Less: Unamortized discount on long-term debt	2		2
Total carrying value of debt	2,431		2,566
Less: Short-term debt	514		630
Total long-term debt	$	1,917	$	1,936

Senior Unsecured Revolving Credit Facility

The 2018 Credit Facility requires the Company to maintain a leverage ratio as of the end of each fiscal quarter of no greater than 3.75 to 1. Such leverage ratio is calculated as the ratio of the sum of total indebtedness as of the date of the measurement plus six times the consolidated rent expense for the last four consecutive fiscal quarters, to Consolidated EBITDAR (as defined below) for the last four consecutive fiscal quarters. Consolidated EBITDAR is defined as consolidated net income plus income tax expense, net interest expense, depreciation and amortization expense, consolidated rent expense and other non-cash charges, subject to certain additions and deductions. The 2018 Credit Facility also includes covenants that limit additional indebtedness, guarantees, liens, acquisitions and other investments and cash dividends that are customary for financings of this type. As of June 29, 2019, the Company was in compliance with all covenants related to this agreement.

As of June 29, 2019 and March 30, 2019, the Company had borrowings of $422 million and $539 million, respectively, outstanding under the 2018 Revolving Credit Facility, which were recorded within short-term debt in its consolidated balance sheets. In addition, stand-by letters of credit of $17 million were outstanding as of June 29, 2019. At June 29, 2019, the amount available for future borrowings under the 2018 Revolving Credit Facility was $561 million. As of June 29, 2019 and March 30, 2019, the carrying value of borrowings outstanding under the 2018 Term Loan Facility was $1.551 billion and $1.570 billion, respectively, of which $80 million was recorded within short-term debt in each period and $1.471 billion and $1.490 billion, respectively, was recorded within long-term debt in its consolidated balance sheets.

On July 19, 2019, the Company repaid $125 million of borrowings outstanding under the 2018 Term Loan Facility.

See Note 11 to the Company’s Fiscal 2019 Annual Report on Form 10-K for additional information regarding the Company’s credit facilities and debt obligations.