Debt



	As of June 30, 2016	As of December 31, 2015
	(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt	58	56
Short-term borrowings, including amounts due to affiliates⁽¹⁾	61	52
Revolving credit facility⁽²⁾	—	350
Accounts receivable securitization facility⁽³⁾	—	55
Total	119	513

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⁽¹⁾	The weighted average interest rate was 3.5% and 3.3% as of June 30, 2016 and December 31, 2015, respectively.


⁽²⁾	The weighted average interest rate was 1.8% as of December 31, 2015.


⁽³⁾	The weighted average interest rate was 0.8% as of December 31, 2015.



	As of June 30, 2016		As of December 31, 2015
	(In $ millions)
Long-Term Debt
Senior credit facilities - Term C-2 loan due 2016⁽¹⁾	31		30
Senior credit facilities - Term C-3 loan due 2018⁽²⁾	876		878
Senior unsecured notes due 2019, interest rate of 3.250%	333		327
Senior unsecured notes due 2021, interest rate of 5.875%	400		400
Senior unsecured notes due 2022, interest rate of 4.625%	500		500
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 5.70% to 6.70%	—		169
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%	170		—
Obligations under capital leases due at various dates through 2054	229		238
Subtotal	2,539		2,542
Unamortized debt issuance costs⁽³⁾	(17	)	(18	)
Current installments of long-term debt	(58	)	(56	)
Total	2,464		2,468

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⁽¹⁾	The margin for borrowings under the Term C-2 loan facility was 2.0% above the Euro Interbank Offered Rate ("EURIBOR").


⁽²⁾	The margin for borrowings under the Term C-3 loan facility was 2.25% above LIBOR (for US dollars) and 2.25% above EURIBOR (for Euros), as applicable.


⁽³⁾	Related to the Company's long-term debt, excluding obligations under capital leases.

Senior Notes

The Company has outstanding senior unsecured notes, issued in public offerings registered under the Securities Act of 1933, as amended (collectively, the "Senior Notes"). The Senior Notes were issued by Celanese US and are guaranteed by Celanese and substantially all of its domestic subsidiaries ("Subsidiary Guarantors").

Senior Credit Facilities

In September 2014, Celanese US, Celanese and the Subsidiary Guarantors amended and restated the credit agreement of Celanese US's existing senior secured credit facilities dated September 16, 2013 (as so amended and restated, the "Amended Credit Agreement"). The Amended Credit Agreement consists of the Term C-2 loan facility, the Term C-3 loan facility and a $900 million revolving credit facility. The Amended Credit Agreement is guaranteed by Celanese and the Subsidiary Guarantors and is secured by a lien on substantially all assets of Celanese US and such Subsidiary Guarantors.

The Company's debt balances and amounts available for borrowing under its revolving credit facility expiring October 2018 are as follows:



	As of June 30, 2016
	(In $ millions)
Revolving Credit Facility
Borrowings outstanding⁽¹⁾	—
Letters of credit issued	—
Available for borrowing⁽²⁾	900

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⁽¹⁾	The Company borrowed $245 million and repaid $595 million during the six months ended June 30, 2016.


⁽²⁾	The margin for borrowings under the revolving credit facility was 1.5% above LIBOR.

Pollution Control and Industrial Revenue Bonds

On March 3, 2016, the State of Wisconsin Public Finance Authority completed an offering of pollution control and industrial revenue bonds, the proceeds of which were loaned to Celanese US and used to repay the pollution control and industrial revenue bonds previously issued for the benefit of the Company. In connection with the refinancing, the Company recorded deferred financing costs of $2 million during the three months ended March 31, 2016, which are being amortized over the terms of the Bonds. The Company accelerated amortization of deferred financing costs and other expenses of $2 million related to the refinancing, which are included in Refinancing expense in the unaudited interim consolidated statements of operations.

Accounts Receivable Securitization Facility

The Company has a US accounts receivable securitization facility involving receivables of certain US subsidiaries of the Company transferred to a wholly-owned, "bankruptcy remote" special purpose subsidiary of the Company ("SPE"). The securitization facility, which permits cash borrowings and letters of credit, expires on August 28, 2016, but may be extended for successive one year terms by agreement of the parties. All of the SPE's assets have been pledged to the administrative agent in support of the SPE's obligations under the facility.

The Company's debt balances and amounts available for borrowing under its securitization facility are as follows:



	As of June 30, 2016
	(In $ millions)
Accounts Receivable Securitization Facility
Borrowings outstanding⁽¹⁾	—
Letters of credit issued	52
Available for borrowing	56
Total borrowing base	108

Maximum borrowing base⁽²⁾	120

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⁽¹⁾	The Company repaid $55 million during the six months ended June 30, 2016.


⁽²⁾	Outstanding accounts receivable transferred to the SPE was $145 million.

Covenants

The Company's material financing arrangements contain customary covenants and events of default, including the maintenance of certain financial ratios. Failure to comply with these covenants, or the occurrence of an event of default, could result in acceleration of repayments of the borrowings and other obligations under these financing arrangements.

As a condition to borrowing funds or requesting letters of credit under the revolving credit facility, the Company's first lien senior secured leverage ratio cannot exceed the threshold as specified below. Further, the Company's first lien senior secured leverage ratio must be maintained at or below that threshold while any amounts are outstanding under the revolving credit facility.

The Company's first lien senior secured leverage ratios under the Amended Credit Agreement are as follows:



As of June 30, 2016
Maximum	Estimate	Estimate, If Fully Drawn
3.90	0.65	1.28

The Company is in compliance with all of the covenants related to its debt agreements as of June 30, 2016.