Debt



	As of December 31,
	2017	2016
	(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt	63	27
Short-term borrowings, including amounts due to affiliates⁽¹⁾	86	68
Short-term SOFTER bank loans (Note 4)⁽²⁾	—	23
Revolving credit facility⁽³⁾	97	—
Accounts receivable securitization facility⁽⁴⁾	80	—
Total	326	118

______________________________


⁽¹⁾	The weighted average interest rate was 2.8% and 3.1% as of December 31, 2017 and 2016, respectively.


⁽²⁾	The weighted average interest rate was 1.2% as of December 31, 2016.


⁽³⁾	The weighted average interest rate was 4.1% as of December 31, 2017.


⁽⁴⁾	The weighted average interest rate was 2.1% as of December 31, 2017.



	As of December 31,
	2017		2016
	(In $ millions)
Long-Term Debt
Senior unsecured term loan due 2021⁽¹⁾	494		500
Senior unsecured notes due 2019, interest rate of 3.250%	360		316
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%	897		788
Senior unsecured notes due 2025, interest rate of 1.250%	359		—
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%	169		170
SOFTER bank loans due at various dates through 2021(Note 4)⁽²⁾	—		47
Nilit bank loans due at various dates through 2026 (Note 4)⁽³⁾	11		—
Obligations under capital leases due at various dates through 2054	208		217
Subtotal	3,398		2,938
Unamortized debt issuance costs⁽⁴⁾	(20	)	(21	)
Current installments of long-term debt	(63	)	(27	)
Total	3,315		2,890

______________________________


⁽¹⁾	The margin for borrowings under the senior unsecured term loan due 2021 was 1.5% above LIBOR at current Celanese credit ratings.


⁽²⁾	The weighted average interest rate was 1.6% as of December 31, 2016.


⁽³⁾	The weighted average interest rate was 1.3% as of December 31, 2017.


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

Senior Credit Facilities

In July 2016, Celanese, Celanese US and certain subsidiaries entered into a new senior credit agreement (the "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 Credit Agreement is guaranteed by Celanese, Celanese US and substantially all of its domestic subsidiaries ("the Subsidiary Guarantors").

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



	As of December 31, 2017
	(In $ millions)
Revolving Credit Facility
Borrowings outstanding⁽¹⁾	97
Letters of credit issued	—
Available for borrowing⁽²⁾	903

______________________________


⁽¹⁾	The Company borrowed $528 million and repaid $431 million under its senior unsecured revolving credit facility during the year ended December 31, 2017.


⁽²⁾	The margin for borrowings under the senior unsecured revolving credit facility were 1.5% above LIBOR at current Company credit ratings.

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 on a senior unsecured basis by Celanese and the Subsidiary Guarantors. Celanese US may redeem some or all of each of the Senior Notes, prior to their respective maturity dates, at a redemption price of 100% of the principal amount, plus a "make-whole" premium as specified in the applicable indenture, plus accrued and unpaid interest, if any, to the redemption date.

On December 11, 2017, Celanese US completed an offering of €300 million in principal amount of 1.250% senior unsecured notes due February 11, 2025 (the "1.250% Notes") in a public offering registered under the Securities Act. The 1.250% Notes were issued under a base indenture dated May 6, 2011. The 1.250% Notes were issued at a discount to par at a price of 99.810%, which is being amortized to Interest expense in the consolidated statements of operations over the term of the 1.250% Notes. Commencing November 11, 2024 through the redemption date, February 11, 2025, Celanese US may redeem some or all of the 1.250% Notes at any time and from time to time at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date.

In September 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 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. Commencing June 26, 2023 through the redemption date, September 26, 2023, Celanese US may redeem some or all of the 1.125% Notes at any time and from time to time at a redemption price of 100% of the principal amount, plus accrued and unpaid interest, if any, to the redemption date.

SOFTER Bank Loans

In January 2017, the Company repaid $69 million of the $70 million SOFTER bank loans outstanding at December 31, 2016 with cash on hand.

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, expires in July 2019. 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 December 31, 2017
	(In $ millions)
Accounts Receivable Securitization Facility
Borrowings outstanding⁽¹⁾	80
Letters of credit issued	29
Available for borrowing	11
Total borrowing base	120

Maximum borrowing base⁽²⁾	120

______________________________


⁽¹⁾	The Company borrowed $85 million and repaid $5 million during the year ended December 31, 2017.


⁽²⁾	Outstanding accounts receivable transferred to the SPE was $158 million.

Principal payments scheduled to be made on the Company's debt, including short-term borrowings, are as follows:



	(In $ millions)
2018	326
2019	437
2020	80
2021	794
2022	526
Thereafter	1,498
Total	3,661

Net deferred financing costs are as follows:



	(In $ millions)
As of December 31, 2014	27
Financing costs deferred	—
Accelerated amortization due to refinancing activity	—
Amortization	(5	)
As of December 31, 2015⁽¹⁾	22
Financing costs deferred⁽²⁾	13
Accelerated amortization due to refinancing activity⁽³⁾	(3	)
Amortization	(5	)
As of December 31, 2016⁽¹⁾	27
Financing costs deferred⁽⁴⁾	1
Accelerated amortization due to refinancing activity	—
Amortization	(4	)
As of December 31, 2017⁽¹⁾	24

____________________________


⁽¹⁾	Includes $4 million, $6 million and $4 million as of December 31, 2017, 2016 and 2015, respectively, related to the Company's revolving credit facility and accounts receivables securitization facility, which are included in noncurrent Other assets in the consolidated balance sheets.


⁽²⁾	Includes $5 million, $6 million and $2 million related to the Credit Agreement, the 1.125% Notes and the pollution control and industrial revenue bonds, respectively, all of which are being amortized through the term of the respective financing arrangement.


⁽³⁾	Includes $2 million and $1 million related to the senior secured credit facilities and the pollution control and industrial revenue bonds, respectively, which are included in Refinancing expense in the consolidated statement of operations during the year ended December 31, 2016.


⁽⁴⁾	Related to the 1.250% Notes, which are being amortized through the term of the 1.250% Notes.

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 December 31, 2017.