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%