Debt

The Company's outstanding debt was as follows:



	June 30, 2018						December 31, 2017
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	31		$	31		$	62		$	62

Long-term debt
Senior secured borrowings:
Revolving credit facilities	344			344			$	122		$	122
Term loan facilities
U.S. dollar at LIBOR + 1.75% due 2022	826			821			741			735
U.S. dollar at LIBOR + 2.00% due 2027	1,150			1,126			—			—
Euro at EURIBOR + 1.75% due 2022¹	311			311			324			324
Euro at EURIBOR + 2.375% due 2025²	875			866			—			—
Senior notes and debentures:
€650 at 4.0% due 2022	758			752			781			774
U. S. dollar at 4.50% due 2023	1,000			992			1,000			992
€335 at 2.250% due 2023	391			386			—			—
€600 at 2.625% due 2024	700			693			720			713
€600 at 3.375% due 2025	700			693			720			711
U.S. dollar at 4.25% due 2026	400			394			400			393
U.S. dollar at 4.75% due 2026	875			862			—			—
U.S. dollar at 7.375% due 2026	350			347			350			347
€500 at 2.875% due 2026	583			575			—			—
U.S. dollar at 7.50% due 2096	40			40			40			40
Other indebtedness in various currencies	87			87			101			101
Capital lease obligations	31			31			29			29
Total long-term debt	9,421			9,320			5,328			5,281
Less current maturities	(84		)	(84		)	(64		)	(64		)
Total long-term debt, less current maturities	$	9,337		$	9,236		$	5,264		$	5,217

(1) €266 and €270 at June 30, 2018 and December 31, 2017

(2) €750 at June 30, 2018

The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $9,368 at June 30, 2018 and $5,562 at December 31, 2017.

In January 2018, the Company amended its revolving credit agreements, effective as of April 2018, to provide capacity of $1,650 under the revolving credit facility upon completion of the Signode acquisition, increase total leverage ratios and extend the timetable for compliance with total leverage ratios.

In January 2018, the Company issued $875 principal amount of 4.750% senior unsecured notes due 2026. The notes were issued at par by Crown Americas LLC, a subsidiary of the Company, and are unconditionally guaranteed by the Company and certain of its subsidiaries.

In January 2018, the Company also issued €500 ($583 at June 30, 2018) principal amount of 2.875% senior unsecured notes due 2026 and €335 ($391 at June 30, 2018) principal amount of 2.25% senior unsecured notes due 2023. The notes were issued at par by Crown European Holdings S.A., a subsidiary of the Company and are unconditionally guaranteed by the Company and certain of its subsidiaries.

In April 2018, the Company borrowed $100 Term A loans and $1,150 Term B loans under its U.S. dollar term loan facility and €750 ($875 at June 30, 2018) additional Term B loans under its European term loan facility. The Term B loans mature on April 3, 2025 and interest rates are based on LIBOR or EURIBOR plus a margin of 1.00% up to 2.375%.