Debt

3 Months Ended

Mar. 31, 2021

Long-term debt as of March 31, 2021, and December 31, 2020, consists of the following (in millions):


	March 31, 2021
		Weighted
		Average
	Interest	Interest		March 31,		December 31,
	Rates	Rate	Maturities	2021		2020
Fixed Rate Notes
Senior USD Notes	0.4% - 4.8%	1.9%	2023 - 2048	$	6,909	$	4,938
Senior Euro Notes	0.1% - 3.0%	1.3%	2022 - 2039	7,916		8,891
Senior GBP Notes	1.7% - 3.4%	1.5%	2022 - 2031	1,686		2,526
Senior Euro Floating Rate Notes		0.0%	2021	523		613
Revolving Credit Facility (1)		—%	2026	—		251
Other				(132)		46
Total long-term debt, including current portion				16,902		17,265
Current portion of long-term debt				(602)		(1,314)
Long-term debt, excluding current portion				$	16,300	$	15,951

(1)Interest on the Revolving Credit Facility is generally payable at LIBOR plus an applicable margin of up to 1.625% plus an unused commitment fee of up to 0.225%, each based upon the Company's corporate credit ratings. The weighted average interest rate on the Revolving Credit Facility excludes fees.

Short-term borrowings as of March 31, 2021, and December 31, 2020, consist of the following (in millions):


	March 31, 2021
	Weighted
	Average
	Interest			March 31,		December 31,
	Rate		Maturities	2021		2020
Euro-commercial paper notes ("ECP Notes")	(0.5)	%	Up to 183 days	$	243	$	861
U.S. commercial paper notes ("USCP Notes")	0.3	%	Up to 397 days	2,129		1,745
Other				165		144
Total Short-term borrowings				$	2,537	$	2,750

As of March 31, 2021, the weighted average interest rate of the Company's outstanding debt was 1.0%, including the impact of interest rate swaps (see Note 6).

The following summarizes the aggregate maturities of our long-term debt, including other financing obligations for certain hardware and software, based on stated contractual maturities, excluding the fair value of the interest rate swaps discussed below and net unamortized non-cash bond premiums and discounts of $(141) million as of March 31, 2021 (in millions):


	Total
2021 remaining period	$	578
2022	1,623
2023	2,234
2024	1,343
2025	739
Thereafter	10,646
Total principal payments	17,163
Debt issuance costs, net of accumulated amortization	(120)
Total long-term debt	$	17,043

There are no mandatory principal payments on the Revolving Credit Facility, and any balance outstanding on the Revolving Credit Facility will be due and payable at its scheduled maturity date, which occurs on March 2, 2026.

Senior Notes

In March 2021, pursuant to cash tender offers and make-whole redemptions, FIS purchased and redeemed an aggregate principal amount of $5.1 billion in Senior Notes, comprised of $3,529 million in Senior USD Notes, $600 million in Senior Euro Notes, $871 million in Senior GBP Notes, and $66 million in Senior Euro Floating Rate Notes, with interest rates ranging from 0.0% to 5.0% and maturities ranging from 2021 to 2029, resulting in a loss on extinguishment of debt of approximately $528 million, recorded in Other income (expense), net on the consolidated statement of earnings (loss), relating to tender premiums, make-whole amounts, and fees; the write-off of unamortized bond discounts and debt issuance costs; and losses on related derivative instruments. The Company funded the purchase and redemption of the Senior Notes with proceeds on borrowings from the issuance and sale of Senior USD Notes on March 2, 2021.

On March 2, 2021, FIS completed the issuance and sale of Senior USD Notes with an aggregate principal amount of $5.5 billion with interest rates ranging from 0.4% to 3.1% and maturities ranging from 2023 to 2041 ("new Senior USD Notes"). The proceeds from the debt issuance were subsequently used to purchase and redeem the Senior Notes discussed above with the remainder used to repay a portion of our commercial paper notes. The new Senior USD Notes are subject to customary covenants, including, among others, customary events of default. The new Senior USD Notes also include redemption provisions at the option of FIS, similar to the other Senior Notes.

Revolving Credit Facility

On March 2, 2021, FIS entered into an amendment to the Restated Credit Agreement to amend certain covenant provisions, revise lender commitments for certain counterparties, and extend the scheduled maturity date to March 2, 2026. As of March 31, 2021, the borrowing capacity under the Revolving Credit Facility was $3,126 million (net of $2,372 million of capacity backstopping our commercial paper notes and $2 million in outstanding letters of credit issued under the Revolving Credit Facility).

Fair Value of Debt

The fair value of the Company's long-term debt is estimated to be approximately $650 million and $1,640 million higher than the carrying value, excluding the fair value of the interest rate swaps and unamortized discounts, as of March 31, 2021, and December 31, 2020, respectively.