Debt



	As of September 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	19	56
Short-term borrowings, including amounts due to affiliates⁽¹⁾	73	52
Revolving credit facility⁽²⁾	—	350
Accounts receivable securitization facility⁽³⁾	—	55
Total	92	513

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⁽¹⁾	The weighted average interest rate was 3.0% and 3.3% as of September 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 September 30, 2016		As of December 31, 2015
	(In $ millions)
Long-Term Debt
Senior credit facilities - Term C-2 loan due 2016⁽¹⁾	—		30
Senior credit facilities - Term C-3 loan due 2018⁽²⁾	—		878
Senior unsecured term loan due 2021⁽³⁾	500		—
Senior unsecured notes due 2019, interest rate of 3.250%	335		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
Senior unsecured notes due 2023, interest rate of 1.125%	835		—
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	224		238
Subtotal	2,964		2,542
Unamortized debt issuance costs⁽⁴⁾	(22	)	(18	)
Current installments of long-term debt	(19	)	(56	)
Total	2,923		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⁾	The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR.


⁽⁴⁾	Related to the Company's long-term debt, excluding obligations under capital leases.

Senior Credit Facilities

On July 15, 2016, Celanese, Celanese US and certain subsidiaries entered into a new senior credit agreement ("New Credit Agreement") consisting of a $500 million senior unsecured term loan and a $1.0 billion senior unsecured revolving credit facility (with a letter of credit sublimit), each maturing in 2021. The proceeds from the new senior unsecured term loan and $409 million of borrowings under the new senior unsecured revolving credit facility were used to repay the Company's Term C-2 and C-3 loans under its existing senior secured credit facilities. The New Credit Agreement is guaranteed by Celanese, Celanese US and substantially all of its domestic subsidiaries (the "Subsidiary Guarantors").

In connection with entering into the New Credit Agreement, the Company recorded deferred financing costs of $5 million during the three months ended September 30, 2016, which are being amortized through 2021. The Company accelerated amortization of deferred financing costs and other expenses of $4 million related to the senior secured credit facilities, which are included in Refinancing expense in the unaudited interim consolidated statements of operations during the three months ended September 30, 2016.

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



	As of September 30, 2016
	(In $ millions)
Revolving Credit Facility
Borrowings outstanding⁽¹⁾	—
Letters of credit issued	—
Available for borrowing⁽²⁾	1,000

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⁽¹⁾	The Company borrowed $409 million and repaid $411 million under its new senior unsecured revolving credit facility during the three months ended September 30, 2016. The Company borrowed $245 million and repaid $595 million under its previous secured revolving credit facility during the nine months ended September 30, 2016.


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

Senior Notes

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

On September 26, 2016, Celanese US completed an offering of €750 million in principal amount of 1.125% senior unsecured notes due September 26, 2023 (the "1.125% Notes") in a public offering registered under the Securities Act. The 1.125% Notes were issued under a base indenture dated May 6, 2011. The 1.125% Notes were issued at a discount to par at a price of 99.713%, which is being amortized to Interest expense in the unaudited interim consolidated statements of operations over the term of the 1.125% Notes. Net proceeds from the sale of the 1.125% Notes were used to repay $411 million of outstanding borrowings under the new senior unsecured revolving credit facility and for general corporate purposes. Deferred financing costs of $6 million were recorded during the three months ended September 30, 2016, which are being amortized over the term of the 1.125% Notes.

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 of its domestic 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, was scheduled to expire 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. On July 8, 2016, certain of the Company's subsidiaries entered into an amendment of the accounts receivable securitization facility ("Amendment"), extending its maturity to July 2019 and decreasing the available amount to $120 million.

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



	As of September 30, 2016
	(In $ millions)
Accounts Receivable Securitization Facility
Borrowings outstanding⁽¹⁾	—
Letters of credit issued	52
Available for borrowing	53
Total borrowing base	105

Maximum borrowing base⁽²⁾	120

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


⁽²⁾	Outstanding accounts receivable transferred to the SPE was $154 million.

Covenants

The Company's material financing arrangements contain customary covenants, including the maintenance of certain financial ratios, events of default and change of control provisions. Failure to comply with these covenants, or the occurrence of any other event of default, could result in acceleration of the borrowings and other financial obligations. The Company is in compliance with all of the covenants related to its debt agreements as of September 30, 2016.