Bristol-Myers Squibb  Long-term debt and the current portion of long term debt includes:  $^{ }$Included in the current portion of long-term debt is $50 million of Floating Rate Convertible Senior Debentures due 2023 which can  be redeemed by the holders at par on September 15, 2013 and 2018, or if a fundamental change in ownership occurs. The Debentures  are callable at par at any time by the Company. The Debentures have a current conversion price of $39.99, equal to a conversion rate  of 25.0047 shares for each $1,000 principal amount, subject to certain anti-dilutive adjustments.  $^{ }$During the third quarter 2012, $2.0 billion of senior unsecured notes were issued: $750 million in aggregate principal amount of  0.875% Notes due 2017, $750 million in aggregate principal amount of 2.000% Notes due 2022 and $500 million in aggregate  principal amount of 3.250% Notes due 2042 in a registered public offering. Interest on the notes will be paid semi-annually. The  notes rank equally in right of payment with all of BMS’s existing and future senior unsecured indebtedness. BMS may redeem the  notes, in whole or in part, at any time at a predetermined redemption price. The net proceeds of the note issuances were $1,950  million, which is net of a discount of $36 million and deferred loan issuance costs of $14 million.  The average amount of commercial paper outstanding was $224 million at a weighted-average interest rate of 0.16% during 2012. The  maximum month end amount of commercial paper outstanding was $700 million with no outstanding borrowings at December 31,  2012.  Substantially all of the $2.0 billion debt obligations assumed in the acquisition of Amylin were repaid during the third quarter of 2012,  including a promissory note with Lilly with respect to a revenue sharing obligation and Amylin senior notes due 2014.  $^{ }$The principal value of long-term debt obligations was $6,631 million at December 31, 2012, of which $648 million is due in 2013,  $27 million is due in 2014, $659 million is due in 2016, $750 million is due in 2017 and the remaining $4,547 million is due in 2018  or thereafter. The fair value of long-term debt was $8,285 million and $6,406 million at December 31, 2012 and 2011, respectively,  and was estimated based upon the quoted market prices for the same or similar debt instruments. The fair value of short-term  borrowings approximates the carrying value due to the short maturities of the debt instruments.  $^{ }$Debt repurchase activity was as follows:  52 Dollars in Millions  2012 2011  2010  Principal amount $  2,052  $   71 $  750 Carrying value   2,081   88  849 Repurchase price   2,108   78  855 Notional amount of interest rate swaps terminated   6   34  319 Swap termination proceeds   2   6  48 Total (gain)/loss   27   (10)  6 December 31,  Dollars in Millions 2012 2011 Principal Value: 0.875% Notes due 2017  $   750 $   - 2.000% Notes due 2022  4.375% Euro Notes due 2016   659  652 4.625% Euro Notes due 2021  5.875% Notes due 2036   625  638 5.25% Notes due 2013   597  597 5.45% Notes due 2018   582  600 3.250% Notes due 2042   500  - 6.125% Notes due 2038   480  500 6.80% Debentures due 2026   330  332 7.15% Debentures due 2023   304  304 6.88% Debentures due 2097   260  287 0% - 5.75% Other - maturing 2013 - 2030   135  107 Subtotal   6,631  4,669 Adjustments to Principal Value:  Fair value of interest rate swaps   146  135 Unamortized basis adjustment from swap terminations  509  594 Unamortized bond discounts   (54)  (22) Total  $   7,232 $  5,376 Current portion of long-term debt  $   664 $  - Long-term debt   6,568  5,376