NOTE 8 — LONG-TERM DEBT

A summary of long-term debt at September 30, 2018 and December 31, 2017, including related interest rates at September 30, 2018, follows (dollars in millions):


	September 30, 2018			December 31, 2017
Senior secured asset-based revolving credit facility (effective interest rate of 3.7%)	$	3,350		$	3,680
Senior secured revolving credit facility		—			—
Senior secured term loan facilities (effective interest rate of 3.6%)		3,825			3,891
Senior secured notes (effective interest rate of 5.6%)		13,800			15,300
Other senior secured debt (effective interest rate of 5.8%)		543			599

Senior secured debt		21,518			23,470
Senior unsecured notes (effective interest rate of 6.3%)		11,752			9,752
Net debt issuance costs		(163	)		(164	)

Total debt (average life of 6.6 years, rates averaging 5.4%)		33,107			33,058
Less amounts due within one year		191			200

	$	32,916		$	32,858

During August 2018, we issued $2.000 billion aggregate principal amount of senior notes comprised of $1.000 billion aggregate principal amount of 5.375% notes due 2026 and $1.000 billion aggregate principal amount of 5.625% notes due 2028. We used the net proceeds for general corporate purposes, including funding the purchase of a hospital, and the redemption of all $1.500 billion aggregate principal amount of our existing 3.750% senior secured notes maturing in March 2019. The pretax loss on retirement of debt was $9 million.