The Company’s long-term obligations, the fiscal year in which they mature and their respective interest rates are summarized below:

	September 30
	2018			2017
	(In millions)
Variable Rate Debt:
Revolving Credit Facility, expires fiscal 2023	$	—		$	—
Revolving Credit Facility - Canada, expires fiscal 2021		90			—
Total variable rate debt		90			—
Fixed Rate Debt:
2.55% Notes matured fiscal 2018		—			250
3.7% Notes due fiscal 2022		350			350
3.4% Notes due fiscal 2026		250			250
Medium Term Notes:
Notes due fiscal 2019, 7.42%		30			30
Notes due fiscal 2022, 8.34% — 8.47%		15			15
Notes due fiscal 2028, 6.57% — 7.28%		8			8
Total Medium Term Notes		53			53
Chinese Renminbi Debt, due fiscal 2018, 4.75%		—			5
Chinese Renminbi Debt, due fiscal 2019, 4.35%		4			—
Total fixed rate debt		657			908
Capital lease obligations, due through fiscal 2033		11			13
Unamortized debt issuance costs and debt discount		(4	)		(4	)
Total debt		754			917
Less current portion of long-term debt		(35	)		(256	)
Total long-term debt	$	719		$	661

Revolving Credit Facility, expiring fiscal 2023—The amount available for borrowing under the revolving credit agreement was $751 million as of September 30, 2018. The revolving credit agreement, which matures on October 23, 2022, subsequent to the exercise of the two one-year options to extend the maturity on the first and second anniversaries of the effective date, supports the Company’s commercial paper program. Borrowings may be used for working capital, letters of credit and other general corporate purposes. The revolving credit agreement contains affirmative and negative covenants, a single financial covenant (consolidated total debt to consolidated EBITDA, as defined in the credit agreement) and events of default customary for financings of this type.

Revolving Credit Facility-Canada expiring fiscal 2021—In September 2018, a Canadian subsidiary entered into a revolving credit agreement with a loan commitment not to exceed $100 million United States dollars. The amount available for borrowing under this revolving credit agreement was $10 million as of September 30, 2018. The revolving credit agreement, which matures on September 24, 2021, subject to the right to request a one-year extension, may be used for working capital, capital expenditures and other general corporate purposes. The revolving credit agreement is guaranteed by Cabot Corporation.

Chinese Renminbi Debt—The Company’s consolidated Chinese subsidiaries had $4 million and $5 million of unsecured long-term debt outstanding with a noncontrolling shareholder of a consolidated subsidiary as of September 30, 2018 and 2017, respectively.

2.55% Notes matured fiscal 2018—In July 2012, Cabot issued $250 million in registered notes with a coupon of 2.55% that matured on January 15, 2018. These notes were unsecured and paid interest on January 15 and July 15. The net proceeds of this offering were $248 million after deducting discounts and issuance costs. The discount of less than $1 million was recorded at issuance and was amortized over the life of the notes. The notes were paid in full during the second quarter of fiscal 2018.

3.7% Notes due fiscal 2022—In July 2012, Cabot issued $350 million in registered notes with a coupon of 3.7% that mature on July 15, 2022. These notes are unsecured and pay interest on January 15 and July 15. The net proceeds of this offering were $347 million after deducting discounts and issuance costs. The discount of less than $1 million was recorded at issuance and is being amortized over the life of the notes.

3.4% Notes due fiscal 2026—In September 2016, Cabot issued $250 million in registered notes with a coupon of 3.4% that mature on September 15, 2026. These notes are unsecured and pay interest on March 15 and September 15. The net proceeds of this offering were $248 million after deducting discounts and issuance costs. The discount of less than $1 million was recorded at issuance and is being amortized over the life of the notes.

Medium Term Notes—At both September 30, 2018 and 2017, there were $53 million of unsecured medium term notes outstanding issued to numerous lenders with various fixed interest rates and maturity dates. The weighted average maturity of the total outstanding medium term notes is 3 years with a weighted average interest rate of 7.65%.

Capital Lease Obligations—Cabot had capital lease obligations for certain equipment and buildings with a recorded value of $11 million and $13 million at September 30, 2018 and 2017, respectively. Cabot will make payments totaling $17 million over the next 15 years, including $6 million of imputed interest. At both September 30, 2018 and 2017, the original cost of capital lease assets was $20 million. At September 30, 2018 and 2017, the associated accumulated depreciation of assets under capital leases was $13 million and $12 million, respectively. The amortization related to those assets under capital lease is included in depreciation expense.

The aggregate principal amounts of long-term debt and capital lease obligations due in each of the five years from fiscal 2019 through 2023 and thereafter are as follows:

Years Ending September 30	Principal Payments on Long-Term Debt		Payments on Capital Lease Obligations			Total
	(In millions)
2019	$	34	$	1		$	35
2020		—		2			2
2021		90		2			92
2022		365		2			367
2023		—		2			2
Thereafter		258		8			266
Less: Interest		—		(6	)		(6	)
Total	$	747	$	11		$	758

Standby letters of credit—At September 30, 2018, the Company had provided standby letters of credit that were outstanding and not drawn totaling $7 million, which expire through fiscal 2019.

Commercial Paper—The Company has a commercial paper program and the maximum aggregate balance of commercial paper notes outstanding and the amounts borrowed under the revolving credit facility may not exceed the borrowing capacity of $1 billion under the revolving credit facility. The proceeds from the issuance of the commercial paper have been used for general corporate purposes, which may include working capital, refinancing existing indebtedness, capital expenditures, share repurchases, and acquisitions. The revolving credit facility is available to repay the outstanding commercial paper, if necessary.

There was an outstanding balance of commercial paper of $249 million as of September 30, 2018 with a weighted average interest rate of 2.36% and no balance outstanding as of September 30, 2017.

Short-term Notes Payable—The Company had unsecured notes with maturities of less than one year of $7 million at September 30, 2017, with a weighted-average interest rate of 8.1%. There were no short term notes payable as of September 30, 2018.

In November 2013, the Company purchased all of its joint venture partner’s common stock in the former NHUMO, S.A. de C.V. (“NHUMO”) joint venture. At the close of the transaction, NHUMO issued redeemable preferred stock to the joint venture partner with a repurchase value of $25 million and a fixed dividend rate of 6% per annum. In November 2018, the Company repurchased the preferred stock for $25 million and paid a final dividend payment of approximately $1.4 million. The preferred stock was accounted for as a financing obligation and has been separately presented in the Consolidated Balance Sheets as a current liability as of September 30, 2018 and as a long-term liability as of September 30, 2017.