Debt

9 Months Ended

Sep. 30, 2020

Debt

Our total debt, including short-term and long-term debt, consisted of the following as of September 30, 2020 and December 31, 2019 (in millions):


	As of September 30, 2020		As of December 31, 2019
Debt:
Short-term debt:
Commercial Paper	$	2,460	$	1,311
2020 Senior Notes (2.75% senior unsecured notes due December 1, 2020)	—		1,248
Other short-term debt	3		10
Total short-term debt	2,463		2,569
Long-term debt:
2022 Term Loan	747		—
2022 Senior Notes (2.35% senior unsecured notes due September 15, 2022)	498		497
2023 Senior Notes (floating rate senior unsecured notes due June 15, 2023)	1,244		—
2023 Senior Notes (0.70% senior unsecured notes due June 15, 2023)	994		—
2023 Senior Notes (3.45% senior unsecured notes due September 21, 2023)	398		398
2023 Senior Notes (4.00% senior unsecured notes due October 15, 2023)	795		794
2025 Senior Notes (3.75% senior unsecured notes due December 1, 2025)	1,245		1,244
2027 Senior Notes (3.10% senior unsecured notes due September 15, 2027)	496		496
2028 Senior Notes (3.75% senior unsecured notes due September 21, 2028)	593		592
2030 Senior Notes (2.10% senior unsecured notes due June 15, 2030)	1,231		—
2032 Senior Notes (1.85% senior unsecured notes due September 15, 2032)	1,481		—
2040 Senior Notes (2.65% senior unsecured notes due September 15, 2040)	1,229		—
2048 Senior Notes (4.25% senior unsecured notes due September 21, 2048)	1,230		1,229
2050 Senior Notes (3.00% senior unsecured notes due June 15, 2050)	1,219		—
2060 Senior Notes (3.00% senior unsecured notes due September 15, 2060)	1,469		—
Total long-term debt	14,869		5,250
Total debt	$	17,332	$	7,819

Credit Facilities

On August 21, 2020, we agreed with the lenders under our $3.4 billion senior unsecured revolving credit facility, or the Credit Facility, to extend the maturity date of the Credit Facility to August 21, 2025, among other items. We also exercised our option to increase the amount of the Credit Facility to $3.7 billion which reduced our future capacity to increase our borrowings under the Credit Facility to $650 million, subject to the consent of the lenders funding the increase and certain other conditions. We incurred new debt issuance costs of $9 million relating to the Credit Facility and these costs are represented in the accompanying consolidated balance sheet as other non-current assets and will be amortized over the

remaining life of the Credit Facility. The commitments under the Credit Facility will automatically reduce to $3.6 billion on August 9, 2023. No amounts were outstanding under the Credit Facility as of September 30, 2020.

As of September 30, 2020, of the $3.7 billion that is currently available for borrowing under the Credit Facility, $2.5 billion is required to back-stop the amount outstanding under our U.S. dollar commercial paper program, or the Commercial Paper Program, and $171 million is required to support certain broker-dealer and other subsidiary commitments. The amount required to back-stop the amounts outstanding under the Commercial Paper Program will fluctuate as we increase or decrease our commercial paper borrowings. The remaining $1.0 billion is available for working capital and general corporate purposes including, but not limited to, acting as a back-stop to future increases in the amounts outstanding under the Commercial Paper Program.

On August 21, 2020, we entered into a $750 million 18-month senior unsecured delayed draw term loan facility with a maturity date of February 21, 2022. We borrowed in full under the facility on September 3, 2020. Interest on borrowings under the term loan facility initially bear interest on the principal amount outstanding at the London Interbank Offered Rate, or LIBOR, plus an applicable margin, currently equal to 1.125%. We have the option to prepay the facility in whole or in part at any time. The proceeds from borrowings under this term loan facility were used to fund a portion of the purchase price for the Ellie Mae acquisition.

Our ICE India subsidiary maintains a $20 million line of credit for its general corporate purposes. As of September 30, 2020, ICE India had borrowed $3 million, which is reflected as “other short-term debt” in the table above.

Commercial Paper Program

Our Commercial Paper Program is currently backed by the borrowing capacity available under the Credit Facility, as described above. The effective interest rate of commercial paper issuances does not materially differ from short-term interest rates, which fluctuate due to market conditions and as a result may impact our interest expense. During the nine months ended September 30, 2020, we had net issuances of $1.1 billion under the Commercial Paper Program that were primarily used to fund a portion of the purchase price for the Ellie Mae acquisition.

Commercial paper notes of $2.5 billion with original maturities ranging from one to 358 days were outstanding as of September 30, 2020, with a weighted average interest rate of 0.39% per annum, and a weighted average remaining maturity of 53 days.

Senior Notes Issued in August 2020

On August 20, 2020, we issued $6.5 billion in aggregate principal amount of new senior notes, comprised of $1.25 billion in aggregate principal amount of floating rate senior notes due in 2023, $1.0 billion in aggregate principal amount of 0.70% senior notes due in 2023, $1.5 billion in aggregate principal amount of 1.85% senior notes due in 2032, $1.25 billion in aggregate principal amount of 2.65% senior notes due in 2040, and $1.5 billion in aggregate principal amount of 3.00% senior notes due in 2060 (collectively, the August 2020 Notes). We used the net proceeds from the offering to fund a portion of the purchase price for the Ellie Mae acquisition.

We incurred debt issuance costs of $55 million relating to the issuance of the August 2020 Notes and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of each series of the August 2020 Notes. The August 2020 Notes contain affirmative and negative covenants, including, but not limited to, certain redemption rights, limitations on liens and indebtedness and limitations on certain mergers, sales, dispositions and lease-back transactions.

Senior Notes Issued in May 2020

On May 26, 2020, we issued $2.5 billion in aggregate principal amount of new senior notes. The senior notes comprise $1.25 billion in aggregate principal amount of 2.10% senior notes due in 2030 and $1.25 billion in aggregate principal amount of 3.00% senior notes due in 2050 (collectively, the May 2020 Notes).

We used the net proceeds from the offering of the May 2020 Notes for general corporate purposes, including to fund the redemption of our $1.25 billion aggregate principal amount of 2.75% senior notes due in December 2020, which were redeemed in accordance with their terms on June 25, 2020, and to pay down a portion of our commercial paper outstanding. In connection with our issuance of the May 2020 Notes and our early redemption of the 2.75% senior notes due in December 2020, we recorded an extinguishment payment of $14 million that includes both a make-whole redemption payment and duplicative interest. These costs are included in interest expense in our consolidated statements of income for the nine months ended September 30, 2020.

We incurred debt issuance costs of $23 million relating to the issuance of the May 2020 Notes and these costs are presented in the accompanying consolidated balance sheet as a deduction from the carrying amount of the related debt liability and will be amortized over the remaining term of each series of the May 2020 Notes. The May 2020 Notes contain affirmative and negative covenants, including, but not limited to, certain redemption rights, limitations on liens and indebtedness and limitations on certain mergers, sales, dispositions and lease-back transactions.