Debt

Long-term debt includes the following unsecured senior debt as of January 28, 2017 and January 30, 2016:



Maturity (Dollars in Millions)	Effective Rate		Coupon Rate		Outstanding
2021	4.81	%	4.00	%	$	650
2023	3.25	%	3.25	%	350
2023	4.78	%	4.75	%	300
2025	4.25	%	4.25	%	650
2029	7.36	%	7.25	%	99
2033	6.05	%	6.00	%	166
2037	6.89	%	6.88	%	150
2045	5.57	%	5.55	%	450
	4.88	%			$	2,815

Long-term debt is net of unamortized debt discounts and deferred financing costs of $20 million at January 28, 2017 and $23 million at January 30, 2016.

Our long-term debt is classified as Level 1, financial instruments with unadjusted, quoted prices listed on active market exchanges. The estimated fair value of our long-term debt was $2.7 billion at January 28, 2017 and $2.8 billion at January 30, 2016.

During 2015, we completed a cash tender offer and redemption for $1,085 million of senior unsecured debt. We recognized a $169 million loss on extinguishment of debt which included a $163 million bond tender premium paid to holders of the debt and a $6 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt.

3. Debt (continued)

We have various facilities upon which we may draw funds, including a 5-year, $1 billion senior unsecured revolving credit facility which matures in June 2020.

Our various debt agreements contain covenants including limitations on additional indebtedness and certain financial tests. As of January 28, 2017, we were in compliance with all covenants of the various debt agreements.

We also have outstanding trade letters of credit and stand-by letters of credit totaling approximately $54 million at January 28, 2017, issued under uncommitted lines with two banks.