Long-term debt, which includes draws on the revolving credit facility, consists of the following unsecured and secured senior debt:

							Outstanding
Maturity (Dollars in Millions)	Effective Rate			Coupon Rate			May 1, 2021			January 30, 2021			May 2, 2020
2023		3.25	%		3.25	%	$	164		$	350		$	350
2023		4.78	%		4.75	%		111			184			184
2025		9.50	%		9.50	%		113			600			600
2025		4.25	%		4.25	%		353			650			650
2029		7.36	%		7.25	%		42			42			42
2031		3.40	%		3.38	%		500		—			—
2033		6.05	%		6.00	%		112			113			113
2037		6.89	%		6.88	%		101			101			101
2045		5.57	%		5.55	%		427			427			427
Outstanding unsecured senior debt								1,923			2,467			2,467
Unamortized debt discounts and deferred financing costs								(14	)		(16	)		(18	)
Unsecured senior debt								1,909			2,451			2,449
Effective interest rate								4.89	%		5.90	%		5.90	%
Secured senior debt								—			—			1,000
Total long-term debt							$	1,909		$	2,451		$	3,449

Our unsecured senior 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 unsecured senior debt was $2.1 billion at May 1, 2021, $2.8 billion at January 30, 2021 and $2.2 billion at May 2, 2020.

No borrowing amounts were outstanding on the credit facility in place as of May 1, 2021 or January 30, 2021. At May 2, 2020, $1.0 billion was outstanding on the credit facility.

In March 2021, we issued $500 million in aggregate principal amount of 3.375% notes with semi-annual interest payments beginning in November 2021. The notes include coupon rate step ups if our long-term debt is downgraded to below a BBB- credit rating by S&P Global Ratings or Baa3 by Moody’s Investors Service, Inc. The notes mature in May 2031. Proceeds of the issuance and cash on hand were used to pay the principal, premium, and accrued interest of the notes which were purchased as part of the cash tender offer in April 2021.

In April 2021, we completed a cash tender offer for $1.0 billion of senior unsecured debt. We recognized a $201 million loss on extinguishment of debt in the first quarter of 2021, which includes the $192 million tender premium paid to tendering note holders in accordance with the terms of the tender offer, a $6 million non-cash write-off of deferred financing costs and original issue discounts associated with the extinguished debt, and $3 million in other fees.