14. Debt and Interest Costs

Long-term debt consisted of the following:


	June 30,		December 31,
($ in millions)	2018		2017

Senior Notes
5.25% due July 2025	$	1,000	$	1,000
4.375% due December 2020		1,000		1,000
4.00% due November 2023		1,000		1,000
4.375%, euro denominated, due December 2023		818		840
5.00% due March 2022		750		750
4.875% due March 2026		750		—
3.50%, euro denominated, due December 2020		467		480
Senior Credit Facilities, due March 2021 (at variable rates)
Term A loan, due June 2021		998		1,313
Multi-currency, U.S. dollar revolver, due March 2021		440		285
Other (including debt issuance costs)		(43)		(37)
		7,180		6,631
Less: Current portion of long-term debt		(9)		(113)
	$	7,171	$	6,518

The senior credit facilities include long-term, multi-currency committed revolving credit facilities that provide the company with up to the U.S. dollar equivalent of $1.5 billion. At June 30, 2018, taking into account outstanding letters of credit, approximately $1 billion was available under existing long-term, revolving credit facilities. In addition to these facilities, the company had approximately $905 million of short-term uncommitted credit facilities available at June 30, 2018, of which $167 million was outstanding and due on demand. At December 31, 2017, the company had $340 million outstanding under short-term uncommitted credit facilities.

In March 2018, Ball issued $750 million of 4.875 percent senior notes and used the proceeds to repay $315 million of its Term A loan and outstanding multi-currency revolver and short-term credit facility borrowings.

The fair value of long-term debt was estimated to be $7.4 billion at June 30, 2018, and $7.0 billion at December 31, 2017. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

Ball provides letters of credit in the ordinary course of business to secure liabilities recorded in connection with certain self-insurance arrangements. Letters of credit outstanding were $28 million at June 30, 2018, and $33 million at December 31, 2017.

The company’s senior notes and senior credit facilities are guaranteed on a full, unconditional and joint and several basis by certain of the company’s material subsidiaries. Each of the guarantor subsidiaries is 100 percent owned by Ball Corporation. These guarantees are required in support of these notes and credit facilities, are coterminous with the terms of the respective note indentures and would require performance upon certain events of default referred to in the respective guarantees. Note 22 includes further details about the company’s debt guarantees and Note 23 contains further details, as well as required unaudited condensed consolidating financial information for the company, segregating the guarantor subsidiaries and non-guarantor subsidiaries as defined in the debt agreements.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The most restrictive covenant is in the company’s bank credit agreement and requires the company to maintain a net leverage ratio (as defined) of no greater than 4.25 times at June 30, 2018. The company was in compliance with all loan agreements and debt covenants at June 30, 2018, and December 31, 2017, and has met all debt payment obligations.