DEBT

Amounts related to early debt extinguishment during the three months ended March 31, 2016 and 2015 were as follows:



	Three Months Ended March 31,
In millions	2016		2015
Early debt reductions (a)	$	—	$	217
Pre-tax early debt extinguishment costs	—		1


(a)	Reductions related to notes with interest rates ranging from 5.30% to 6.25% with original maturities from 2015 to 2025 for the three months ended March 31, 2015.

During the first quarter of 2016, International Paper borrowed $400 million under a receivable securitization facility at a rate of 1.22%. The Company repaid $185 million of the borrowings during the first quarter of 2016. Subsequent to March 31, 2016, the Company repaid an additional $100 million of the borrowings outstanding under the receivable facility.

Subsequent to March 31, 2016, International Paper entered into a $250 million contractually committed bank credit facility that expires on December 31, 2016 and has a facility fee of 0.15% payable quarterly. In April 2016, the Company borrowed $230 million on the bank credit facility. The proceeds from this borrowing were used to pay off $261 million of debt maturing in April 2016.

At March 31, 2016, the fair value of International Paper’s $9.4 billion of debt was approximately $10.2 billion. The fair value of the Company’s long-term debt is estimated based on the quoted market prices for the same or similar issues. International Paper’s long-term debt is classified as Level 2 within the fair value hierarchy, which is further defined in Note 14 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Maintaining an investment-grade credit rating is an important element of International Paper’s financing strategy. At March 31, 2016, the Company held long-term credit ratings of BBB (stable outlook) and Baa2 (stable outlook) by S&P and Moody’s, respectively.