Long-Term Debt

Long-term debt as of March 31, 2017 and December 31, 2016, consisted of the following (in millions):



	March 31, 2017			December 31, 2016
2018 Term Loans (1)	$	—		$	550
Senior Notes due June 2017, interest payable semi-annually at 1.450%	300			300
Senior Notes due April 2018, interest payable semi-annually at 2.000%	250			250
Senior Notes due October 2018, interest payable semi-annually at 2.850%	750			750
Senior Notes due October 2020, interest payable semi-annually at 3.625%	1,750			1,750
Senior Notes due August 2021, interest payable semi-annually at 2.250%	750			750
Senior Notes due March 2022, interest payable semi-annually at 5.000%	—			700
Senior Notes due October 2022, interest payable semi-annually at 4.500%	500			500
Senior Notes due April 2023, interest payable semi-annually at 3.500%	1,000			1,000
Senior Notes due June 2024, interest payable semi-annually at 3.875%	700			700
Senior Notes due October 2025, interest payable semi-annually at 5.000%	1,500			1,500
Senior Notes due August 2026, interest payable semi-annually at 3.000%	1,250			1,250
Senior Notes due August 2046, interest payable semi-annually at 4.500%	500			500
Revolving Loan (2)	242			36
Other	13			(58		)
	9,505			10,478
Current portion	(351		)	(332		)
Long-term debt, excluding current portion	$	9,154		$	10,146

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(1)	Interest on the 2018 Term Loans was generally payable at LIBOR plus an applicable margin of up to 1.75% based upon the Company's corporate credit ratings. The outstanding balance on the 2018 Term Loans was paid down as of March 31, 2017.


(2)	Interest on the Revolving Loan is generally payable at LIBOR plus an applicable margin of up to 1.75% plus an unused commitment fee of up to 0.25%, each based upon the Company's corporate credit ratings. As of March 31, 2017, the weighted average interest rate on the Revolving Loan, excluding fees, was 2.17%.

On August 10, 2016, FIS amended and extended its syndicated credit agreement (the "FIS Credit Agreement"). As of March 31, 2017, the FIS Credit Agreement provided total committed capital of $3,000 million in the form of a revolving credit facility (the "Revolving Loan") maturing on August 10, 2021. As of March 31, 2017, the outstanding principal balance of the Revolving Loan was $242 million, with $2,751 million of borrowing capacity remaining thereunder (net of $7 million in outstanding letters of credit issued under the Revolving Loan).

The obligations of FIS under the FIS Credit Agreement and under all of its outstanding senior notes rank equal in priority and are unsecured. The FIS Credit Agreement and the senior notes remain subject to customary covenants, including, among others, limitations on the payment of dividends by FIS, and customary events of default.

The following summarizes the aggregate maturities of our debt and capital leases on stated contractual maturities, excluding unamortized non-cash bond premiums and discounts of $34 million as of March 31, 2017 (in millions).




	Total
2017	$	338
2018	1,038
2019	36
2020	1,751
2021	992
Thereafter	5,450
Total principal payments	9,605
Debt issuance costs, net of accumulated amortization	(66		)
Total long-term debt	$	9,539

There are no mandatory principal payments on the Revolving Loan and any balance outstanding on the Revolving Loan will be due and payable at its scheduled maturity date, which occurs at August 10, 2021.

On March 15, 2017, FIS redeemed 100% of the outstanding aggregate principal amount of its $700 million 5.000% Senior Notes due March 2022 (the "Notes"). On February 1, 2017, the Company also paid down the outstanding balance on the 2018 Term Loans. The Notes and 2018 Term Loans were funded by borrowings under the Company’s Revolving Loan and cash proceeds from the sale of the Public Sector and Education ("PS&E") business. As a result of the redemption of the Notes and the pay down of the 2018 Term Loans, FIS incurred a pre-tax charge of approximately $25 million consisting of the call premium on the Notes and the write-off of previously capitalized debt issuance costs.

FIS may redeem the 2017 Notes, the April and October 2018 Notes, 2020 Notes, 2021 Notes, 2022 Notes, 2023 Notes, 2024 Notes, 2025 Notes, 2026 Notes, and 2046 Notes at its option in whole or in part, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount to be redeemed and a make-whole amount calculated as described in the related indenture in each case plus accrued and unpaid interest to, but excluding, the date of redemption; provided no make-whole amount will be paid for redemptions of the 2020 Notes and the 2021 Notes during the one month prior to their maturity, the 2022 Notes during the two months prior to their maturity, the 2023 Notes, the 2024 Notes, the 2025 Notes, and the 2026 Notes during the three months prior to their maturity, and the 2046 Notes during the six months prior to their maturity.

We monitor the financial stability of our counterparties on an ongoing basis. The lender commitments under the undrawn portions of the Revolving Loan are comprised of a diversified set of financial institutions, both domestic and international. The failure of any single lender to perform its obligations under the Revolving Loan would not adversely impact our ability to fund operations.

The fair value of the Company’s long-term debt is estimated to be approximately $175 million higher than the carrying value as of March 31, 2017. This estimate is based on quoted prices of our senior notes and trades of our other debt in close proximity to March 31, 2017, which are considered Level 2-type measurements. This estimate is subjective in nature and involves uncertainties and significant judgment in the interpretation of current market data. Therefore, the values presented are not necessarily indicative of amounts the Company could realize or settle currently.