8. Long-term Debt and Other Financing Arrangements

Unless otherwise stated, interest rates are as of March 31, 2017.

Annual maturities of Nielsen’s long-term debt are as follows:

	March 31, 2017							December 31, 2016
	Weighted							Weighted
	Interest			Carrying		Fair		Interest			Carrying		Fair
(IN MILLIONS)	Rate			Amount		Value		Rate			Amount		Value
$2,080 million Senior secured term loan (LIBOR based variable rate of 2.85%) due 2019					1,769		1,785					1,768		1,785
$1,900 million Senior secured term loan (LIBOR based variable rate of 3.35%) due 2023					1,887		1,901					1,892		1,922
€380 million Senior secured term loan (Euro LIBOR based variable rate of 2.11%) due 2021					403		404					399		402
Total senior secured credit facilities (with weighted-average interest rate)		3.13	%		4,059		4,090		2.95	%		4,059		4,109
$800 million 4.50% senior debenture loan due 2020					794		814					794		813
$625 million 5.50% senior debenture loan due 2021					619		649					618		649
$2,300 million 5.00% senior debenture loan due 2022					2,286		2,347					2,285		2,340
$500 million 5.00% senior debenture loan due 2025					495		497					-		-
Total debenture loans (with weighted-average interest rate)		5.22	%		4,194		4,307		5.22	%		3,697		3,802
Other loans					6		6					7		7
Total long-term debt		4.20	%		8,259		8,403		4.04	%		7,763		7,918
Capital lease and other financing obligations					157							158
Bank overdrafts					-							5
Total debt and other financing arrangements					8,416							7,926
Less: Current portion of long-term debt, capital lease and other financing obligations and other short-term borrowings					236							188
Non-current portion of long-term debt and capital lease and other financing obligations				$	8,180						$	7,738

The fair value of the Company’s long-term debt instruments was based on the yield on public debt where available or current borrowing rates available for financings with similar terms and maturities and such fair value measurements are considered Level 1 or Level 2 in nature, respectively.

Annual maturities of Nielsen’s long-term debt are as follows:

(IN MILLIONS)
For April 1, 2017 to December 31, 2017	$	139
2018		277
2019		1,396
2020		814
2021		1,025
2022		2,322
Thereafter		2,286
	$	8,259

In January 2017, Nielsen issued $500 million aggregate principal amount of 5.0% Senior Notes due 2025 at par, with cash proceeds of approximately $495 million, net of fees and expenses.

Subsequent Event:

In April 2017, Nielsen entered into a third amendment to Nielsen’s Fourth Amended and Restated Credit Agreement, providing for a new class of Class B-4 Term Loans in an aggregate principal amount of $2,250,000,000, the proceeds of which were used to replace or refinance the entire outstanding principal of existing Class B-3 Term Loans and a portion of existing Class A Term Loans.

The Class B-4 Term Loans will mature in full on October 4, 2023, and are required to be repaid in equal quarterly installments in an aggregate annual amount equal to 1.00% of the original principal amount of the Class B-4 Term Loans, with the balance payable on October 4, 2023.

The Class B-4 Term Loans bear interest equal to, at the election of Nielsen a base rate or LIBOR rate, plus (ii) an applicable margin, which is equal to 2.00% (in the case of LIBOR loans) or 1.00% (in the case of base rate loans).

The Amended Credit Agreement contains the same affirmative and negative covenants as those of the Existing Credit Agreement.