Our long-term debt balance consisted of the following:


(in millions)	June 26, 2021			December 26, 2020
Long-term debt, net:
1st Lien USD Term Loan(1)	$	2,690		$	2,701
1st Lien Euro Term Loan(2)		1,269			1,298
Long-term debt, net of unamortized discounts		3,959			3,999
Unamortized deferred financing costs		(11	)		(12	)
Current installments of long-term debt		(44	)		(44	)
Total	$	3,904		$	3,943

(1)

During the six months ended June 26, 2021, the weighted average interest rate was 3.9%

(2)

During the six months ended June 26, 2021, the weighted average interest rate was 3.5%

As of June 26, 2021, the material terms of our outstanding debt remain unchanged from those described in our consolidated financial statements as of December 26, 2020.

Subsequent to the completion of the sale of the Enterprise Business, we notified our lenders of our intent to prepay approximately $1 billion of our indebtedness, which will be completed in August 2021. In connection with this prepayment, we expect to incur a loss on extinguishment of debt in Q3 2021 of approximately $10 million related to recognition of unamortized discount and deferred financing costs (Note 3).

As of June 26, 2021 and December 26, 2020, we had a letter of credit of $4 million issued against the Revolving Credit Facility and $660 million of undrawn capacity under the Revolving Credit Facility, for which our commitment fee on the unused portion was 0.25%.

No event of default had occurred under any of our debt obligations as of June 26, 2021. We were not required to make any additional prepayments above the 0.25% per quarter amortization of the 1st Lien Term Loans during the six months ended June 26, 2021.