11 .
other assets the company accounts for its interest in pennymac as an equity method investment , which is included in other assets on the consolidated statements of financial condition .
the carrying value and fair value of the company 2019s interest ( approximately 20% ( 20 % ) or 16 million shares and non-public units ) was approximately $ 342 million and $ 348 million , respectively , at december 31 , 2017 and approximately $ 301 million and $ 259 million , respectively , at december 31 , 2016 .
the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2017 and 2016 , respectively ( a level 1 input ) .
the fair value of the company 2019s interest in the non-public units held of pennymac is based on the stock price of the pennymac public securities at december 31 , 2017 and 2016 .
12 .
borrowings short-term borrowings 2017 revolving credit facility .
the company 2019s credit facility has an aggregate commitment amount of $ 4.0 billion and was amended in april 2017 to extend the maturity date to april 2022 ( the 201c2017 credit facility 201d ) .
the 2017 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2017 credit facility to an aggregate principal amount not to exceed $ 5.0 billion .
interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .
the 2017 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , 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 , 2017 .
the 2017 credit facility provides back-up liquidity to fund ongoing working capital for general corporate purposes and various investment opportunities .
at december 31 , 2017 , the company had no amount outstanding under the 2017 credit facility .
commercial paper program .
the company can 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 $ 4.0 billion .
the commercial paper program is currently supported by the 2017 credit facility .
at december 31 , 2017 , blackrock had no cp notes outstanding .
long-term borrowings the carrying value and fair value of long-term borrowings estimated using market prices and foreign exchange rates at december 31 , 2017 included the following : ( in millions ) maturity amount unamortized discount and debt issuance costs carrying value fair value .

( in millions )
maturityamount
unamortized discount and debt issuance costs
carrying value
fair value
5.00% ( 5.00 % ) notes due 2019
$ 1000
$ -1 ( 1 )
$ 999
$ 1051
4.25% ( 4.25 % ) notes due 2021
750
-3 ( 3 )
747
792
3.375% ( 3.375 % ) notes due 2022
750
-4 ( 4 )
746
774
3.50% ( 3.50 % ) notes due 2024
1000
-6 ( 6 )
994
1038
1.25% ( 1.25 % ) notes due 2025
841
-6 ( 6 )
835
864
3.20% ( 3.20 % ) notes due 2027
700
-7 ( 7 )
693
706
total long-term borrowings
$ 5041
$ -27 ( 27 )
$ 5014
$ 5225

long-term borrowings at december 31 , 2016 had a carrying value of $ 4.9 billion and a fair value of $ 5.2 billion determined using market prices at the end of december 2027 notes .
in march 2017 , the company issued $ 700 million in aggregate principal amount of 3.20% ( 3.20 % ) senior unsecured and unsubordinated notes maturing on march 15 , 2027 ( the 201c2027 notes 201d ) .
interest is payable semi-annually on march 15 and september 15 of each year , commencing september 15 , 2017 , and is approximately $ 22 million per year .
the 2027 notes may be redeemed prior to maturity at any time in whole or in part at the option of the company at a 201cmake-whole 201d redemption price .
the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2027 notes .
in april 2017 , the net proceeds of the 2027 notes were used to fully repay $ 700 million in aggregate principal amount outstanding of 6.25% ( 6.25 % ) notes prior to their maturity in september 2017 .
2025 notes .
in may 2015 , the company issued 20ac700 million of 1.25% ( 1.25 % ) senior unsecured notes maturing on may 6 , 2025 ( the 201c2025 notes 201d ) .
the notes are listed on the new york stock exchange .
the net proceeds of the 2025 notes were used for general corporate purposes , including refinancing of outstanding indebtedness .
interest of approximately $ 9 million per year based on current exchange rates is payable annually on may 6 of each year .
the 2025 notes may be redeemed in whole or in part prior to maturity at any time at the option of the company at a 201cmake-whole 201d redemption price .
the unamortized discount and debt issuance costs are being amortized over the remaining term of the 2025 notes .
upon conversion to u.s .
dollars the company designated the 20ac700 million debt offering as a net investment hedge to offset its currency exposure relating to its net investment in certain euro functional currency operations .
a loss of $ 64 million ( net of a tax benefit of $ 38 million ) , a gain of $ 14 million ( net of tax of $ 8 million ) , and a gain of $ 19 million ( net of tax of $ 11 million ) were recognized in other comprehensive income for 2017 , 2016 and 2015 , respectively .
no hedge ineffectiveness was recognized during 2017 , 2016 , and 2015 .
2024 notes .
in march 2014 , the company issued $ 1.0 billion in aggregate principal amount of 3.50% ( 3.50 % ) senior unsecured and unsubordinated notes maturing on march 18 , 2024 ( the 201c2024 notes 201d ) .
the net proceeds of the 2024 notes were .

Question: what is the percentage change in the fair value of company's interest in pennymac from 2016 to 2017?
Answer: 34.4%
Calculation: subtract(348, 259), divide(#0, 259)