Debt consists of the following:


	June 30, 2026								March 31, 2026
in millions	Interest Rates(1)		Principal		Unamortized Carrying Value Adjustments(2)		Carrying Value		Principal		Unamortized Carrying Value Adjustments(2)		Carrying Value
Short-term borrowings	4.76	%	$	2,284	$	—	$	2,284	$	1,305	$	—	$	1,305
Floating rate Term Loans, due March 2032	5.48	%	1,234		(13)		1,221		1,238		(14)		1,224
3.25% Senior Notes, due November 2026	3.25	%	13		—		13		13		—		13
3.375% Senior Notes, due April 2029	3.375	%	572		(4)		568		576		(5)		571
4.75% Senior Notes, due January 2030	4.75	%	1,600		(11)		1,589		1,600		(12)		1,588
6.875% Senior Notes, due January 2030	6.875	%	750		(8)		742		750		(9)		741
3.875% Senior Notes, due August 2031	3.875	%	750		(6)		744		750		(6)		744
6.375% Senior Notes, due August 2033	6.375	%	750		(10)		740		750		(11)		739
China Bank Loans, due August 2027	2.65	%	29		—		29		29		—		29
China Loan, due September 2027	2.45	%	15		—		15		14		—		14
China Loan, due November 2027	2.60	%	22		—		22		22		—		22
China Loan, due December 2027	2.50	%	22		—		22		22		—		22
China Loan, due January 2029	2.40	%	27		—		27		26		—		26
Sierre Loan, due October 2027	0.46	%	124		—		124		125		—		125
Series 2025A Bonds, due June 2032(3)	5.00	%	400		(5)		395		400		(5)		395
Series 2025B Bonds, due June 2032(3)	4.625	%	100		(2)		98		100		(2)		98
Series 2026A Bonds, due March 2033(4)	4.30	%	225		(4)		221		225		(4)		221
Finance lease obligations and other debt, due through April 2040(5)	4.54	%	53		—		53		33		—		33
Total debt			$	8,970	$	(63)	$	8,907	$	7,978	$	(68)	$	7,910
Less: Short-term borrowings			(2,284)		—		(2,284)		(1,305)		—		(1,305)
Less: Current portion of long-term debt			(56)		—		(56)		(54)		—		(54)
Long-term debt, net of current portion			$	6,630	$	(63)	$	6,567	$	6,619	$	(68)	$	6,551

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(1)Interest rates are the stated rates of interest on the debt instrument (not the effective interest rate) as of June 30, 2026, and therefore exclude the effects of related interest rate swaps and accretion and amortization of debt issuance costs related to refinancing transactions and additional borrowings. We present stated rates of interest because they reflect the rate at which cash will be paid for future debt service, except for the Sierre loan, for which interest is assessed in arrears.

(2)Amounts include unamortized debt issuance costs, fair value adjustments, and debt discounts.

(3)The Series 2025A Bonds and Series 2025B Bonds, as defined below, accrue interest at a fixed annual rate of 5% and 4.625%, respectively, ending with a mandatory tender for purchase on June 1, 2032. The Series 2025A and Series 2025B Bonds will mature on June 1, 2055.

(4)The Series 2026A Bonds, as defined below, accrue interest at a fixed annual rate of 4.3%, ending with a mandatory tender for purchase on March 1, 2033. The Series 2026A Bonds will mature on March 1, 2056.

(5)During the three months ended June 30, 2026, Novelis added $21 million of new finance leases.

Principal repayment requirements for our total debt over the next five years and thereafter using exchange rates as of June 30, 2026, for our debt denominated in foreign currencies are as follows (in millions):


As of June 30, 2026	Amount
Short-term borrowings and current portion of long-term debt due within one year	$	2,340
2 years	90
3 years	741
4 years	2,368
5 years	17
Thereafter	3,414
Total	$	8,970