DEBT

The following table summarizes our debt as of the dates presented (in millions, except rates):



	September 30, 2011				December 31, 2010
	Principal Balance		Rates^(A)		Principal Balance		Rates^(A)
U.S. dollar commercial paper	$	—	—	%	$	145	0.3	%
U.S. dollar notes due 2013-2021^(B)	2,289		2.6		1,393		2.4
Euro notes due 2017	468		3.1		468		3.1
Swiss franc notes due 2013^(C)	220		3.8		214		3.8
Capital lease obligations^(D)	57		n/a		66		n/a
Total third party debt^{(E) (F)}	3,034				2,286
Less: current portion of third party debt	18				162
Third party debt, less current portion	$	3,016			$	2,124

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^(A)	These rates represent the weighted average interest rates or effective interest rates on the balances outstanding, as adjusted for the effects of interest rate swap agreements, if applicable.


^(B)	In February 2011, we issued $300 million, 4.5 percent notes due 2021, and $100 million, floating rate notes due 2014. In August 2011, we issued $250 million, 2.0 percent notes due 2016, and $250 million, 3.3 percent notes due 2021.


^(C)	Our Swiss franc notes due 2013 are guaranteed by Legacy CCE, as well as CCE.


^(D)	These amounts represent the present value of our minimum capital lease payments.


^(E)	At September 30, 2011, approximately $257 million of our outstanding third party debt was issued by our subsidiaries and guaranteed by CCE.

^(F)

The total fair value of our outstanding third party debt was $3.1 billion and $2.2 billion at September 30, 2011 and December 31, 2010, respectively. The fair value of our third party debt is determined using quoted market prices for publicly traded instruments, and for non-publicly traded instruments through a variety of valuation techniques depending on the specific characteristics of the debt instrument, taking into account credit risk.

Credit Facilities

We have amounts available to us for borrowing under a $1 billion multi-currency credit facility with a syndicate of eight banks. This credit facility serves as a backstop to our commercial paper program, supports our working capital needs, and matures in 2014. At September 30, 2011, our availability under this credit facility was $1 billion. Based on information currently available to us, we have no indication that the financial institutions syndicated under this facility would be unable to fulfill their commitments to us as of the date of the filing of this report.

Covenants

Our credit facility and outstanding third party notes contain various provisions that, among other things, require limitation of the incurrence of certain liens or encumbrances in excess of defined amounts. Additionally, our credit facility requires that our net debt to total capital ratio does not exceed a defined amount. We were in compliance with these requirements as of September 30, 2011. These requirements currently are not, nor is it anticipated that they will become, restrictive to our liquidity or capital resources.