LONG-TERM DEBT

We provide detail on our long-term debt balances in the following table as of the end of the 2016 second quarter and year-end 2015:



	At Period End
($ in millions)	June 30, 2016			December 31, 2015
Senior Notes:
Series H Notes, interest rate of 6.2%, face amount of $289, matured June 15, 2016 (effective interest rate of 6.3%)	—			289
Series I Notes, interest rate of 6.4%, face amount of $293, maturing June 15, 2017 (effective interest rate of 6.5%)	293			293
Series K Notes, interest rate of 3.0%, face amount of $600, maturing March 1, 2019 (effective interest rate of 4.4%)	596			595
Series L Notes, interest rate of 3.3%, face amount of $350, maturing September 15, 2022 (effective interest rate of 3.4%)	348			348
Series M Notes, interest rate of 3.4%, face amount of $350, maturing October 15, 2020 (effective interest rate of 3.6%)	347			347
Series N Notes, interest rate of 3.1%, face amount of $400, maturing October 15, 2021 (effective interest rate of 3.4%)	395			395
Series O Notes, interest rate of 2.9%, face amount of $450, maturing March 1, 2021 (effective interest rate of 3.1%)	446			446
Series P Notes, interest rate of 3.8%, face amount of $350, maturing October 1, 2025 (effective interest rate of 4.0%)	344			343
Series Q Notes, interest rate of 2.3%, face amount of $750, maturing January 15, 2022 (effective interest rate of 2.5%)	741			—
Series R Notes, interest rate of 3.1%, face amount of $750, maturing June 15, 2026 (effective interest rate of 3.3%)	742			—
Commercial paper	—			938
Credit Facility	—			—
Other	108			113
	4,360			4,107
Less: Current portion of long-term debt	(303		)	(300		)
	$	4,057		$	3,807

All of our long-term debt is recourse to us but unsecured. We paid cash for interest, net of amounts capitalized, of $65 million in the 2016 first half and $54 million in the 2015 first half.

In the 2016 second quarter, we issued $1,500 million aggregate principal amount of 2.300 percent Series Q Notes due 2022 (the “Series Q Notes”) and 3.125 percent Series R Notes due 2026 (the “Series R Notes” and together with the Series Q Notes, the “Notes”). We will pay interest on the Series Q Notes on January 15 and July 15 of each year, commencing on January 15, 2017, and will pay interest on the Series R Notes on June 15 and December 15 of each year, commencing on December 15, 2016. We received net proceeds of approximately $1,485 million from the offering of the Notes, after deducting the underwriting discount and estimated expenses. We expect to use these proceeds, together with borrowings under our Credit Facility, as defined below, to finance the cash component of the consideration to Starwood shareholders and certain fees and expenses we incur in connection with the Starwood Combination or, if the Starwood Combination is not consummated, for general corporate purposes, which may include working capital, capital expenditures, acquisitions, stock repurchases or repayment of outstanding commercial paper or other borrowings.

We issued the Notes under an indenture dated as of November 16, 1998 with The Bank of New York Mellon,

as successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), as trustee. We may

redeem some or all of each series of the Notes prior to maturity under the terms provided in the applicable form of

Note.

In the 2016 second quarter, we amended and restated our multicurrency revolving credit agreement (the “Credit Facility”) to extend the maturity date of the Credit Facility and increase the aggregate amount of available borrowings to up to $4,000 million, up to $2,500 million of which was available to us at the time of the amendment. Upon the closing of the Starwood Combination, which remains subject to the receipt of an additional antitrust approval and other customary closing conditions, the full $4,000 million of aggregate commitments will be available under the Credit Facility. The availability of the Credit Facility supports our commercial paper program and general corporate needs, including working capital, capital expenditures, share repurchases, letters of credit, and acquisitions. In addition, we may use borrowings under the Credit Facility, or commercial paper supported by the Credit Facility, to finance part of the cash component of the consideration to Starwood shareholders and certain fees and expenses we incur in connection with the Starwood Combination. Borrowings under the Credit Facility generally bear interest at LIBOR (the London Interbank Offered Rate) plus a spread, based on our public debt rating. We also pay quarterly fees on the Credit Facility at a rate based on our public debt rating. While any outstanding commercial paper borrowings and/or borrowings under our Credit Facility generally have short-term maturities, we classify the outstanding borrowings as long-term based on our ability and intent to refinance the outstanding borrowings on a long-term basis. The Credit Facility expires on June 10, 2021. See the “Cash Requirements and Our Credit Facilities” caption later in this report in the “Liquidity and Capital Resources” section for information on our available borrowing capacity at June 30, 2016.

The following table presents future principal payments that are due for our debt as of the end of the 2016 second quarter:



Debt Principal Payments (net of unamortized discounts) ($ in millions)	Amount
2016	$	6
2017	302
2018	9
2019	606
2020	358
Thereafter	3,079
Balance at June 30, 2016	$	4,360