Long-term Debt

As of June 30, 2018, the Company had aggregate outstanding long-term notes of $8,342.1 million, net of $74.9 million of issuance costs, with varying maturities (the "Notes"). Each of the Notes were issued at par and are senior unsecured obligations of the Company. Interest is payable semi-annually at fixed rates.

The following table provides a summary of the Company's outstanding long-term debt and the fair values based on quoted market prices in less active markets as of June 30, 2018 and December 31, 2017:



						Level 2 Fair Value as of
	Principal Amount at Par		Issuance Date	Maturity	Interest Payment Dates	June 30, 2018		December 31, 2017
	(in millions)					(in millions)
5.375% Senior Notes	$	500	February 2013	February 2021	February 1 and August 1	$	516	$	530
5.750% Senior Notes	400		February 2014	March 2024	March 1 and September 1	411		427
5.875% Senior Notes	800		February 2015	February 2025	April 15 and October 15	822		856
5.50% Senior Notes	700		February 2015	February 2022	April 15 and October 15	723		739
4.375% Senior Notes	1,000		October 2016	November 2026	May 15 and November 15	942		983
3.625% Senior Notes (1)	1,517		May 2017	May 2027	May 15 and November 15	1,491		1,575
4.875% Senior Notes	1,600		October 2017	April 2028	April 15 and October 15	1,526		1,571
5.875% Senior Notes	$	1,900	April 2018	November 2028	May 15 and November 15	1,923		—
	$	8,417

(1) Debt is denominated in euro with a €1,300 million aggregate principal amount and is remeasured into U.S. dollars at each balance sheet date.

The expected timing of principal and interest payments for these Notes are as follows:



	As of
	June 30, 2018		December 31, 2017
	(in thousands)
Less than one year	$	429,942	$	311,339
Due after one year and through three years	1,347,480		627,444
Due after three years and through five years	1,448,814		1,761,465
Due after five years	8,687,586		6,348,580
Total debt obligations	$	11,913,822	$	9,048,828

Each of the Notes are repayable in whole or in part upon the occurrence of a change of control, at the option of the holders, at a purchase price in cash equal to 101% of the principal plus accrued interest. The Company may redeem the Notes prior to maturity in whole or in part at an amount equal to the principal amount thereof plus accrued and unpaid interest and an applicable premium. The Notes include, among other terms and conditions, limitations on the Company's ability to create, incur or allow certain liens; enter into sale and lease-back transactions; create, assume, incur or guarantee additional indebtedness of certain of the Company's subsidiaries; and consolidate or merge with, or convey, transfer or lease all or substantially all of the Company's and its subsidiaries assets, to another person. As of June 30, 2018 and December 31, 2017, the Company was in compliance with all related covenants.

Revolving Credit Facility

In July 2017, the Company entered into a $500.0 million unsecured revolving credit facility (“Revolving Credit Agreement”), with an uncommitted incremental facility to increase the amount of the revolving credit facility by up to an additional $250.0 million, subject to certain terms and conditions. Revolving loans may be borrowed, repaid and reborrowed until July 27, 2022, at which time all amounts borrowed must be repaid. The Company may use the proceeds of future borrowings under the Revolving Credit Agreement for working capital and general corporate purposes. As of June 30, 2018, no amounts have been borrowed under the Revolving Credit Agreement.

The borrowings under the Revolving Credit Agreement bear interest, at the Company’s option, of either (i) a floating rate equal to a base rate (the “Alternate Base Rate”) or (ii) a rate equal to an adjusted London interbank offered rate (the “Adjusted LIBO Rate”), plus a margin of 0.75%. The Alternate Base Rate is defined as the greatest of (A) the rate of interest published by the Wall Street Journal, from time to time, as the prime rate, (B) the federal funds rate, plus 0.500% and (C) the Adjusted LIBO Rate for a one-month interest period, plus 1.00%. The Adjusted LIBO Rate is defined as the London interbank offered rate for deposits in U.S. dollars, for the relevant interest period, adjusted for statutory reserve requirements, but in no event shall the Adjusted LIBO Rate be less than 0.00% per annum.

The Company is also obligated to pay a commitment fee on the undrawn amounts of the Revolving Credit Agreement at a rate of 0.10%. The Revolving Credit Agreement requires the Company to comply with certain covenants, including covenants that limit or restrict the ability of the Company’s subsidiaries to incur debt and limit or restrict the ability of the Company and its subsidiaries to grant liens and enter into sale and leaseback transactions; and, in the case of the Company or a guarantor, merge, consolidate, liquidate, dissolve or sell, transfer, lease or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole. As of June 30, 2018, the Company was in compliance with all related covenants.