Short-Term Borrowings and Long-Term Debt

Short-term borrowings

Legg Mason maintains an unsecured credit agreement (as amended from time to time, the "Credit Agreement") which provides for a $500,000 multi-currency revolving credit facility. The revolving credit facility may be increased by an aggregate amount of up to $500,000, subject to the approval of the lenders, expires in December 2020, and outstanding borrowings, if any, can be repaid at any time. This revolving credit facility is available to fund working capital needs and for general corporate purposes.

In September 2018, Legg Mason repaid the entire $125,500 of then outstanding borrowings under the Credit Agreement. As of December 31, 2018, there were no borrowings outstanding under the Credit Agreement. As of March 31, 2018, Legg Mason had $125,500 of borrowings outstanding under the Credit Agreement. The effective interest rate on the outstanding borrowings was 2.95% as of March 31, 2018.

Long-term debt

Long-term debt, net, consists of the following:



	December 31, 2018															March 31, 2018
	Carrying Value			Fair Value Hedge Adjustment			Unamortized Discount (Premium)			Unamortized Debt Issuance Costs			Maturity Amount			Carrying Value
2.7% Senior Notes due July 2019	$	250,636		$	(902	)	$	59		$	207		$	250,000		$	251,641
3.95% Senior Notes due July 2024	248,680			—			252			1,068			250,000			248,502
4.75% Senior Notes due March 2026	447,432			—			—			2,568			450,000			447,166
5.625% Senior Notes due January 2044	548,000			—			(3,060		)	5,060			550,000			547,940
6.375% Junior Notes due March 2056	242,411			—			—			7,589			250,000			242,258
5.45% Junior Notes due September 2056	484,608			—			—			15,392			500,000			484,303
Subtotal	2,221,767			(902		)	(2,749		)	31,884			2,250,000			2,221,810
Less: Current portion	(250,636		)	902			(59		)	(207		)	(250,000		)	—
Total	$	1,971,131		$	—		$	(2,808	)	$	31,677		$	2,000,000		$	2,221,810

As of December 31, 2018, $250,000 of Legg Mason's long-term debt matures in fiscal 2020, and $2,000,000 matures after fiscal 2023.

As of December 31, 2018, the estimated fair value of long-term debt was $2,143,373. The fair value of debt was estimated using publicly quoted market prices and was classified as Level 2 in the fair value hierarchy.