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## 14.  Long-term debt 

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Effective yield to maturity includes the impact of discounts, premiums and debt issuance costs. 1 2 

Redeemable at our option in whole or in part at any time at a redemption price equal to the greater of (i) 100% of the principal amount or (ii) the discounted present value of the notes or debentures, calculated in accordance with the terms of such notes or debentures. 

All outstanding notes and debentures are unsecured and rank equally with one another. 

On September 19, 2019, we issued $1.0 billion of 3.250% Senior Notes due 2049 and $500 million of 2.600% Senior Notes due 2029. On April 9, 2020, we issued $1.2 billion of 3.250% Senior Notes due 2050 and $800 million of 2.600% Senior Notes due 2030. 

Cat Financial’s medium-term notes are offered by prospectus and are issued through agents at fixed and floating rates. Medium-term notes due after one year have a weighted average interest rate of 2.0% with remaining maturities up to 7 years at December 31, 2020. 

The above table includes $56 million of medium-term notes that can be called at par. 

