Note 9 — Debt

Short-term debt and current portion of long-term debt consists of the following:

	September 30, 2018		December 31, 2017
7.000% senior notes due 2019	$	186	$	—
Current portion of term loan due 2019		—		85
	$	186	$	85

Long-term debt consists of the following:

	September 30, 2018		December 31, 2017
Revolving $1.25 billion credit facility	$	230	$	884
Term loan due 2019		—		84
7.000% senior notes due 2019		—		186
5.750% senior notes due 2021		497		497
3.500% senior notes due 2021		448		447
2.125% senior notes due 2022⁽ⁱ⁾		625		644
4.625% senior notes due 2023		248		248
3.600% senior notes due 2024		645		645
4.400% senior notes due 2026		544		544
4.500% senior notes due 2028		595		—
6.125% senior notes due 2043		271		271
5.050% senior notes due 2048		395		—
	$	4,498	$	4,450

(i)	Notes issued in Euro (€540 million)

Senior notes

On September 10, 2018, the Company, together with its wholly-owned subsidiary, Willis North America Inc. as issuer (see Note 16 for further information), completed an offering of $600 million of 4.500% senior notes due 2028 (‘2028 senior notes’) and $400 million of 5.050% senior notes due 2048 (‘2048 senior notes’). The effective interest rates of the 2028 senior notes and 2048 senior notes are 4.504% and 5.073%, respectively, which include the impact of the discount upon issuance. The 2028 senior notes will mature on September 15, 2028 and the 2048 senior notes will mature on September 15, 2048. Interest accrues on both the 2028 senior notes and 2048 senior notes from September 10, 2018 and will be paid in cash on March 15 and September 15 of each year, commencing on March 15, 2019. The net proceeds from this offering, after deducting underwriter discounts and commissions and estimated offering expenses, were $989 million, and were used to prepay in full $127 million outstanding under the Company’s term loan due December 2019, and to repay a portion of the amount outstanding under the Company’s $1.25 billion revolving credit facility.

At September 30, 2018 and December 31, 2017, we were in compliance with all financial covenants.