credit facility , which was amended in 2013 and 2012 .in march 2014 , the company 2019s credit facility was further amended to extend the maturity date to march 2019 .the amount of the aggregate commitment is $ 3.990 billion ( the 201c2014 credit facility 201d ) .the 2014 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 2014 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .the 2014 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 , 2014 .the 2014 credit facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .at december 31 , 2014 , the company had no amount outstanding under the 2014 credit facility .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 .blackrock increased the maximum aggregate amount that could be borrowed under the cp program to $ 3.5 billion in 2011 and to $ 3.785 billion in 2012 .in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .the cp program is currently supported by the 2014 credit facility .at december 31 , 2014 , 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 , 2014 included the following : ( in millions ) maturity amount unamortized discount carrying value fair value .
[['( in millions )', 'maturity amount', 'unamortized discount', 'carrying value', 'fair value'], ['1.375% ( 1.375 % ) notes due 2015', '$ 750', '$ 2014', '$ 750', '$ 753'], ['6.25% ( 6.25 % ) notes due 2017', '700', '-1 ( 1 )', '699', '785'], ['5.00% ( 5.00 % ) notes due 2019', '1000', '-2 ( 2 )', '998', '1134'], ['4.25% ( 4.25 % ) notes due 2021', '750', '-3 ( 3 )', '747', '825'], ['3.375% ( 3.375 % ) notes due 2022', '750', '-3 ( 3 )', '747', '783'], ['3.50% ( 3.50 % ) notes due 2024', '1000', '-3 ( 3 )', '997', '1029'], ['total long-term borrowings', '$ 4950', '$ -12 ( 12 )', '$ 4938', '$ 5309']]
long-term borrowings at december 31 , 2013 had a carrying value of $ 4.939 billion and a fair value of $ 5.284 billion determined using market prices at the end of december 2013 .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 used to refinance certain indebtedness which matured in the fourth quarter of 2014 .interest is payable semi-annually in arrears on march 18 and september 18 of each year , or approximately $ 35 million per year .the 2024 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 2024 notes were issued at a discount of $ 3 million that is being amortized over the term of the notes .the company incurred approximately $ 6 million of debt issuance costs , which are being amortized over the term of the 2024 notes .at december 31 , 2014 , $ 6 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .2015 and 2022 notes .in may 2012 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 1.375% ( 1.375 % ) notes maturing in june 2015 ( the 201c2015 notes 201d ) and $ 750 million of 3.375% ( 3.375 % ) notes maturing in june 2022 ( the 201c2022 notes 201d ) .net proceeds were used to fund the repurchase of blackrock 2019s common stock and series b preferred from barclays and affiliates and for general corporate purposes .interest on the 2015 notes and the 2022 notes of approximately $ 10 million and $ 25 million per year , respectively , is payable semi-annually on june 1 and december 1 of each year , which commenced december 1 , 2012 .the 2015 notes and 2022 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 201cmake-whole 201d redemption price represents a price , subject to the specific terms of the 2015 and 2022 notes and related indenture , that is the greater of ( a ) par value and ( b ) the present value of future payments that will not be paid because of an early redemption , which is discounted at a fixed spread over a comparable treasury security .the 2015 notes and 2022 notes were issued at a discount of $ 5 million that is being amortized over the term of the notes .the company incurred approximately $ 7 million of debt issuance costs , which are being amortized over the respective terms of the 2015 notes and 2022 notes .at december 31 , 2014 , $ 4 million of unamortized debt issuance costs was included in other assets on the consolidated statement of financial condition .2021 notes .in may 2011 , the company issued $ 1.5 billion in aggregate principal amount of unsecured unsubordinated obligations .these notes were issued as two separate series of senior debt securities , including $ 750 million of 4.25% ( 4.25 % ) notes maturing in may 2021 and $ 750 million of floating rate notes ( 201c2013 floating rate notes 201d ) , which were repaid in may 2013 at maturity .net proceeds of this offering were used to fund the repurchase of blackrock 2019s series b preferred from affiliates of merrill lynch & co. , inc .( 201cmerrill lynch 201d ) .interest .

Question: what percent higher is fair value than carrying value?
Answer: 7.51%