11 .
borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 and 2011 , included $ 100 million under the 2012 revolving credit facility and $ 100 million under the 2011 revolving credit facility , respectively .
2012 revolving credit facility .
in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) .
in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) .
the 2012 credit facility permits the company to request an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2012 credit facility to an aggregate principal amount not to exceed $ 4.785 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2012 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to ebitda , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2012 .
the 2012 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .
at december 31 , 2012 , the company had $ 100 million outstanding under this facility with an interest rate of 1.085% ( 1.085 % ) and a maturity during january 2013 .
during january 2013 , the company rolled over the $ 100 million in borrowings at an interest rate of 1.085% ( 1.085 % ) and a maturity during february 2013 .
during february 2013 , the company rolled over the $ 100 million in borrowings at an interest rate of 1.075% ( 1.075 % ) and a maturity during march 2013 .
commercial paper program .
on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .
on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion .
on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion .
the cp program is currently supported by the 2012 credit facility .
as of december 31 , 2012 and december 31 , 2011 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices at december 31 , 2012 included the following : ( dollar amounts in millions ) maturity amount unamortized discount carrying value fair value .

( dollar amounts in millions )
maturity amount
unamortized discount
carrying value
fair value
floating rate notes due 2013
$ 750
$ 2014
$ 750
$ 750
3.50% ( 3.50 % ) notes due 2014
1000
2014
1000
1058
1.375% ( 1.375 % ) notes due 2015
750
2014
750
762
6.25% ( 6.25 % ) notes due 2017
700
-3 ( 3 )
697
853
5.00% ( 5.00 % ) notes due 2019
1000
-2 ( 2 )
998
1195
4.25% ( 4.25 % ) notes due 2021
750
-4 ( 4 )
746
856
3.375% ( 3.375 % ) notes due 2022
750
-4 ( 4 )
746
801
total long-term borrowings
$ 5700
$ -13 ( 13 )
$ 5687
$ 6275

.

Question: what percent lower is the carrying value than the fair value?
Answer: 9.37%
Calculation: divide(5687, 6275), subtract(const_1, #0)