Borrowings

The following table is a summary of the Company's borrowings as of September 30, 2015 and December 31, 2014:



In millions	September 30, 2015			December 31, 2014
Commercial paper	$	—		$	685
3.25% senior notes due 2015	—			550
1.2% senior notes due 2016	750			750
6.125% senior notes due 2016	421			421
5.75% senior notes due 2017	1,080			1,080
1.9% senior notes due 2018	2,250			—
2.25% senior notes due 2018	1,250			1,250
2.25% senior notes due 2019	850			850
6.6% senior notes due 2019	394			394
2.8% senior notes due 2020	2,750			—
4.75% senior notes due 2020	450			450
4.125% senior notes due 2021	550			550
2.75% senior notes due 2022	1,250			1,250
3.5% senior notes due 2022	1,500			—
4.75% senior notes due 2022	400			—
4% senior notes due 2023	1,250			1,250
3.375% senior notes due 2024	650			650
5% senior notes due 2024	300			—
3.875% senior notes due 2025	3,000			—
6.25% senior notes due 2027	453			453
3.25% senior debentures due 2035	4			—
3.25% senior exchange debentures due 2035	5			—
4.875% senior notes due 2035	2,000			—
6.125% senior notes due 2039	734			734
5.75% senior notes due 2041	493			493
5.3% senior notes due 2043	750			750
5.125% senior notes due 2045	3,500			—
Capital lease obligations	393			391
Other	28			41
Total debt principal	27,455			12,992
Debt premiums	45			—
Debt discounts and deferred financing costs	(278		)	(102		)
	27,222			12,890
Less:
Short-term debt (commercial paper)	—			(685		)
Current portion of long-term debt	(451		)	(575		)
Long-term debt	$	26,771		$	11,630

On May 20, 2015, in connection with the acquisition of Omnicare, the Company entered into a $13 billion unsecured bridge loan facility. The Company paid approximately $52 million in fees in connection with the facility. The fees were capitalized and amortized as interest expense over the period the bridge facility was outstanding. The bridge loan facility expired on July 20, 2015 upon the Company’s issuance of unsecured senior notes with an aggregate principal of $15 billion as discussed below. The bridge loan facility fees were fully amortized during the nine months ended September 30, 2015.

On July 20, 2015, the Company issued an aggregate of $2.25 billion of 1.9% unsecured senior notes due 2018 (“2018 Notes”), an aggregate of $2.75 billion of 2.8% unsecured senior notes due 2020 (“2020 Notes”), an aggregate of $1.5 billion of 3.5% unsecured senior notes due 2022 (“2022 Notes”), an aggregate of $3 billion of 3.875% unsecured senior notes due 2025 (“2025 Notes”), an aggregate of $2 billion of 4.875% unsecured senior notes due 2035 (“2035 Notes”), and an aggregate of $3.5 billion of 5.125% unsecured senior notes due 2045 (“2045 Notes” and, together with the 2018 Notes, 2020 Notes, 2022 Notes, 2025 Notes and 2035 Notes, the “Notes”) for total proceeds of approximately $14.8 billion, net of discounts and underwriting fees. The Notes pay interest semi-annually and contain redemption terms which allow or require the Company to redeem the Notes at a defined redemption price plus accrued and unpaid interest at the redemption date. The net proceeds of the Notes were used to fund the Omnicare acquisition and will be used to fund the Target Pharmacy Acquisition. Any remaining proceeds will be used for general corporate purposes.

Upon the closing of the Omnicare acquisition in August 2015, the Company assumed the long-term debt of Omnicare that had a fair value of approximately $3.1 billion, $2 billion of which was previously convertible into Omnicare shares that holders were able to redeem subsequent to the acquisition. During the period from August 18, 2015 to September 30, 2015, all but $9 million of the $2 billion of previously convertible debt was redeemed and repaid and approximately $0.4 billion in Omnicare term debt assumed was repaid for total repayments of Omnicare debt of approximately $2.4 billion during the third quarter of 2015. The remaining principal of the Omnicare debt assumed is comprised of senior unsecured notes with an aggregate principal amount of $700 million ($400 million of 4.75% senior notes due 2022 and $300 million of 5% senior notes due 2024). In September 2015, the Company commenced exchange offers for the 4.75% senior notes due 2022 and the 5% senior notes due 2024 to exchange all validly tendered and accepted notes issued by Omnicare for notes to be issued by the Company. This offer expired on October 20, 2015 and the aggregate principal amounts below of each of the Omnicare notes were validly tendered and exchanged for notes issued by the Company.



Interest Rate and Maturity	Aggregate Principal Amount (In Millions)		Percentage of Total Outstanding Principal Amount Exchanged
4.75% senior notes due 2022	$	388	96.8	%
5% senior notes due 2024	296		98.8	%
Total senior notes issued under exchange transaction	$	684

The Company expects to record this exchange transaction as a modification of the original debt instruments. As such, no gain or loss on extinguishment will be recognized in the Company's consolidated income statement as a result of this exchange transaction and issuance costs will be expensed as incurred.

The following is a summary of the Company's required principal debt repayments, excluding unamortized debt discounts, deferred financing costs and debt premiums, due during each of the next five years and thereafter, as of September 30, 2015:



Year Ending December 31:
In millions
2016	$	1,207
2017	1,103
2018	3,526
2019	1,262
2020	3,219
Thereafter	17,138
Total	$	27,455