Here is a press release from the American company known as Zeroz Corp.

'Zeroz Corp has recently completed a private placement of $200 million of common stock, $300 million of convertible securities, $400 million of seven-year notes and $500 million of ten-year notes, and also obtained $1 billion of new bank financing.

Proceeds of the placement have been used to retire (i.e. pay off) existing bank financing of $2 billion and for general corporate purposes.'

Following the events reported in the press release, has the company's debt increased or decreased?Explain your answer fully.