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 .
what percent does the unamortized discount and debt issuance costs reduce the carrying amount by?
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 .