6.	NOTES PAYABLE AND OTHER BORROWINGS

Senior Notes

In July 2016, we issued $14.0 billion, par value, of fixed-rate senior notes comprised of the following as of August 31, 2016:

		August 31, 2016
(Dollars in millions)	Date of Issuance	Amount			Effective Interest Rate
$4,250, 1.90%, due September 2021	July 2016	$	4,250		1.94%
$2,500, 2.40%, due September 2023	July 2016		2,500		2.40%
$3,000, 2.65%, due July 2026	July 2016		3,000		2.69%
$1,250, 3.85%, due July 2036	July 2016		1,250		3.85%
$3,000, 4.00%, due July 2046	July 2016		3,000		4.00%
Total fixed-rate senior notes		$	14,000
Unamortized discount/issuance costs			(67	)
Total fixed-rate senior notes, net		$	13,933

We issued the senior notes for general corporate purposes, which may include stock repurchases, payment of cash dividends on our common stock and repayment of indebtedness and future acquisitions. The interest is payable semi-annually. We may redeem some or all of the senior notes of each series prior to their maturity, subject to certain restrictions, and the payment of an applicable make-whole premium in certain instances.

The senior notes rank pari passu with any other existing and future unsecured and unsubordinated indebtedness of Oracle Corporation. All existing and future indebtedness and liabilities of the subsidiaries of Oracle Corporation are or will be effectively senior to the senior notes. We were in compliance with all debt-related covenants at August 31, 2016.

Revolving Credit Agreements

In May 2016, we borrowed $3.8 billion pursuant to three revolving credit agreements with JPMorgan Chase Bank, N.A., as initial lender and administrative agent (the 2016 Credit Agreements). In June 2016, we repaid the $3.8 billion and the 2016 Credit Agreements expired pursuant to their terms.

There have been no other significant changes in our notes payable or other borrowing arrangements that were disclosed in our Annual Report on Form 10-K for the fiscal year ended May 31, 2016.