9. Debt Obligations

	September 30,
DEBT MATURING WITHIN ONE YEAR	1999		1998
Commercial paper	$1,828		$2,106*
Long-term debt	34		39
Secured borrowings and other	1,002		86
Total debt maturing within one year	$2,864		$2,231
WEIGHTED AVERAGE INTEREST RATES
Commercial paper	5.0%		5.6%
Long-term debt, secured borrowings and other	9.7%		7.9%

Lucent had revolving credit facilities at September 30, 1999, aggregating $4,711 (a portion of which is used to support Lucent's commercial paper program), $4,000 with domestic lenders and $711 with foreign lenders. The total credit facilities available at September 30, 1999, with domestic and foreign lenders were $4,000 and $351, respectively.

	September 30,
LONG-TERM DEBT	1999		1998
6.90% notes due July 15, 2001	$750		$750
7.25% notes due July 15, 2006	750		750
5.50% notes due November 15, 2008	500		—
6.50% debentures due January 15, 2028	300		300
6.45% debentures due March 15, 2029	1,360		—
Commercial paper refinanced after September 30, 1998	—		495*
Long-term lease obligations	79		1
Secured borrowings and other (8.40% weighted average interest rate for both years)	502		164
Less: Unamortized discount	45		12
Total long-term debt	4,196		2,448
Less: Amounts maturing within one year	34		39
Net long-term debt	$4,162		$2,409

* On November 19, 1998, Lucent sold $500 ($495 net of unamortized costs) of 10-year 5.5% notes due November 15, 2008, and reclassified the amount from debt maturing within one year to long-term debt. The proceeds were used to pay down a portion of Lucent's commercial paper during the first quarter of fiscal 1999.

Lucent has an effective shelf registration statement for the issuance of debt securities up to $1,800, all of which remains available at September 30, 1999.
This table shows the maturities, by year, of the $4,196 in total long-term debt obligations:

September 30,
2000	2001	2002	2003	2004	Later Years
$34	$850	$26	$128	$107	$3.051

In the normal course of business, Lucent sells trade accounts receivable and notes receivable to unaffiliated financial institutions with and without recourse. Certain sales with recourse are accounted for as secured borrowings and amounted to $1,037 at September 30, 1999. As a result of these recourse transactions, these receivables remained in the Consolidated Balance Sheets and increased cash flows from financing activities in the Consolidated Statements of Cash Flows by $1,037. See Note 13 for further discussion of sales of receivables without recourse.