Fees are an important part of the total cost of corporate borrowing. More than 80% of US syndicated loans contain at least one fee type and payments from fees can easily exceed interest payments. We find that the scope of relationship benefits extend beyond spreads, in particular, relationship loans are associated with lower upfront fees and lower letter of credit fees and these relationship benefits are similar in magnitude to those observed for spreads. We also find evidence consistent with a liquidity insurance view of lines of credit where relationship banking facilitates the smoothing of payments between no-liquidity-shock states and liquidity-shock states. Importantly, we propose a new measure for the total cost of corporate borrowing that accounts for fees and the fact that most loans are not immediately drawn down at origination. This measure produces higher costs of borrowing than has hitherto been recognized in the academic literature to date.