Debt



	As of June 30, 2018	As of December 31, 2017
	(In $ millions)
Short-Term Borrowings and Current Installments of Long-Term Debt - Third Party and Affiliates
Current installments of long-term debt	68	63
Short-term borrowings, including amounts due to affiliates⁽¹⁾	96	86
Revolving credit facility⁽²⁾	125	97
Accounts receivable securitization facility⁽³⁾	77	80
Total	366	326

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⁽¹⁾	The weighted average interest rate was 3.5% and 3.4% as of June 30, 2018 and December 31, 2017, respectively.


⁽²⁾	The weighted average interest rate was 3.5% and 4.1% as of June 30, 2018 and December 31, 2017, respectively.


⁽³⁾	The weighted average interest rate was 2.8% and 2.1% as of June 30, 2018 and December 31, 2017, respectively.



	As of June 30, 2018		As of December 31, 2017
	(In $ millions)
Long-Term Debt
Senior unsecured term loan due 2021⁽¹⁾	481		494
Senior unsecured notes due 2019, interest rate of 3.250%	349		360
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%	872		897
Senior unsecured notes due 2025, interest rate of 1.250%	349		359
Pollution control and industrial revenue bonds due at various dates through 2030, interest rates ranging from 4.05% to 5.00%	169		169
Nilit bank loans due at various dates through 2026⁽²⁾	11		11
Obligations under capital leases due at various dates through 2054	182		208
Subtotal	3,313		3,398
Unamortized debt issuance costs⁽³⁾	(17	)	(20	)
Current installments of long-term debt	(68	)	(63	)
Total	3,228		3,315

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


⁽²⁾	The weighted average interest rate was 1.3% and 1.3% as of June 30, 2018 and December 31, 2017, respectively.


⁽³⁾	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 ("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 June 30, 2018
	(In $ millions)
Revolving Credit Facility
Borrowings outstanding⁽¹⁾	125
Letters of credit issued	—
Available for borrowing⁽²⁾	875

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⁽¹⁾	The Company borrowed $535 million and repaid $507 million under its senior unsecured revolving credit facility during the six months ended June 30, 2018.


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

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 June 30, 2018
	(In $ millions)
Accounts Receivable Securitization Facility
Borrowings outstanding⁽¹⁾	77
Letters of credit issued	29
Available for borrowing	14
Total borrowing base	120

Maximum borrowing base⁽²⁾	120

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⁽¹⁾	The Company borrowed $25 million and repaid $28 million during the six months ended June 30, 2018.


⁽²⁾	Outstanding accounts receivable transferred to the SPE was $176 million.

Other Financing Arrangements

During the three months ended June 30, 2018, the Company entered into a factoring agreement with a global financial institution to sell certain accounts receivable on a non-recourse basis. These transactions are treated as a sale and are accounted for as a reduction in accounts receivable because the agreement transfers effective control over and risk related to the receivables to the buyer. The Company has no continuing involvement in the transferred receivables, other than collection and administrative responsibilities and, once sold, the accounts receivable are no longer available to satisfy creditors in the event of bankruptcy. The Company de-recognized $40 million of accounts receivable as of June 30, 2018.

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 covenants related to its debt agreements as of June 30, 2018.