Debt

9 Months Ended

Sep. 30, 2020

A summary of long-term debt outstanding is as follows:


(in millions)	September 30, 2020	December 31, 2019
4.0% Senior Notes, due 2025 ¹	695	694
4.4% Senior Notes, due 2026 ²	—	893
2.95% Senior Notes, due 2027 ³	495	493
2.5% Senior Notes, due 2029 ⁴	495	495
1.25% Senior Notes, due 2030 ⁵	592	—
6.55% Senior Notes, due 2037 ⁶	290	294
4.5% Senior Notes, due 2048 ⁷	273	490
3.25% Senior Notes, due 2049 ⁸	589	589
2.3% Senior Notes, due 2060 ⁹	681	—




Long-term debt	4,110	3,948

¹Interest payments are due semiannually on June 15 and December 15, and as of September 30, 2020, the unamortized debt discount and issuance costs total $5 million.

²We made a $900 million payment on the early retirement of our 4.4% senior notes in the third quarter of 2020.

³Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2020, the unamortized debt discount and issuance costs total $5 million.

⁴Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2020, the unamortized debt discount and issuance costs total $5 million.

⁵Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of September 30, 2020, the unamortized debt discount and issuance costs total $8 million.

⁶Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2020, the unamortized debt discount and issuance costs total $3 million.

⁷Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2020, the unamortized debt discount and issuance costs total $10 million.

⁸Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2020, the unamortized debt discount and issuance costs total $11 million.

⁹Interest payments are due semiannually on February 15 and August 15, beginning on February 15, 2021, and as of September 30, 2020, the unamortized debt discount and issuance costs total $19 million.

The fair value of our total debt borrowings was $5.1 billion and $4.5 billion as of September 30, 2020 and December 31, 2019, respectively, and was estimated based on quoted market prices.

On August 13, 2020, we issued $600 million of 1.25% senior notes due in 2030 and $700 million of 2.3% senior notes due in 2060. The notes are fully and unconditionally guaranteed by our wholly-owned subsidiary, Standard & Poor's Financial Services LLC. In the third quarter of 2020, we used the net proceeds to fund the redemption and extinguishment of the $900 million outstanding principal amount of our 4.4% senior notes due in 2026 and a portion of the outstanding principal amounts of our 6.55% senior notes due in 2037 and our 4.5% senior notes due in 2048.

We have the ability to borrow a total of $1.2 billion through our commercial paper program, which is supported by our revolving $1.2 billion five-year credit agreement (our "credit facility") that we entered into on June 30, 2017. This credit facility will terminate on June 30, 2022. As of September 30, 2020 and December 31, 2019, there was no commercial paper issued or outstanding, and we similarly did not draw or have any borrowings outstanding from the credit facility during the three and nine months ended September 30, 2020 and 2019.

Depending on our corporate credit rating, we pay a commitment fee of 8 to 17.5 basis points for our credit facility, whether or not amounts have been borrowed. We currently pay a commitment fee of 10 basis points. The interest rate on borrowings under our credit facility is, at our option, calculated using rates that are primarily based on either the prevailing London Inter-Bank

Offer Rate, the prime rate determined by the administrative agent or the Federal Funds Rate. For certain borrowings under this credit facility, there is also a spread based on our corporate credit rating.

Our credit facility contains certain covenants. The only financial covenant requires that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this covenant level has never been exceeded.