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8. DEBT��

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Our outstanding debt, net of debt issuance costs, consisted of the following (dollars in millions):

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Direct and Subsidiary Debt

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Substantially all of our debt, including the facilities described below, has been incurred by our subsidiaries (primarily ������fun88(�й���)�ٷ���վ International). ������fun88(�й���)�ٷ���վ Corporation is not a guarantor of such subsidiary debt.

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Certain of our subsidiaries have third-party debt agreements that contain certain restrictions with regard to dividends, distributions, loans or advances. In certain circumstances, the consent of a third party would be required prior to the transfer of any cash or assets from these subsidiaries to us.

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Revolving Credit Facility

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On May 20, 2022, ������fun88(�й���)�ٷ���վ International entered into a $1.2 billion senior unsecured revolving credit facility (the ��2022 Revolving Credit Facility��). Borrowings��bear interest at the rates specified in the 2022 Revolving Credit Facility, which��vary based on the type of loan and ������fun88(�й���)�ٷ���վ International’s debt ratings. Under the 2022 Revolving Credit Facility, the interest rate margin and the commitment fee rates are also subject to adjustments based on the Company’s performance on specified sustainability target thresholds with respect to annual percentage reduction in operational greenhouse gas emissions intensity and annual percentage reduction in water consumption intensity. Unless previously terminated in accordance with its terms, the 2022 Revolving Credit Facility will mature in May 2027. ������fun88(�й���)�ٷ���վ International may increase the 2022 Revolving Credit Facility commitments up to an additional $500 million, subject to the satisfaction of certain conditions.��

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The following table presents certain amounts under our 2022 Revolving Credit Facility as of�� June 30, 2024��(monetary amounts in millions):

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Senior Notes

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Our senior notes consisted of the following (monetary amounts in millions):��

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A/R Programs

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Our U.S. accounts receivable securitization program (“U.S. A/R Program��) and our European accounts receivable securitization program (“EU A/R Program”��and collectively with the U.S. A/R Program, “A/R Programs��)��are structured so that we transfer certain of our trade receivables to the U.S. special purpose entity (“U.S. SPE��) and the European special purpose entity (“EU SPE��) in transactions intended to be true sales or true contributions. The receivables collateralize debt incurred by the U.S. SPE and the EU SPE.

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On January 22, 2024, we entered into an amendment to our U.S. A/R Program that extended the scheduled maturity date of our U.S. A/R Program from July 2024 to January 2027. In addition, on January 31, 2024, we entered into an amendment to our EU A/R Program, effective as of February 15, 2024, that extended the scheduled maturity date of our EU A/R Program from July 2024 to July 2027. Aside from the extended maturity dates, these amendments to our A/R Programs secured substantially similar terms as those in the prior agreements.

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Information regarding our A/R Programs as of June 30, 2024 was as follows (monetary amounts in millions):

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As of June 30, 2024 and December 31, 2023, $310��million and $224 million, respectively, of accounts receivable were pledged as collateral under our A/R Programs.

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Variable Interest Entity Debt

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��As of�� June 30, 2024, AAC, our consolidated 50%-owned joint venture, had $21��million outstanding under its loan commitments and debt financing arrangements. As of June 30, 2024, we have��$9 million classified as current debt and $12��million as long-term debt on our condensed consolidated balance sheets. We do not guarantee these loan commitments, and AAC is not a guarantor of any of our other debt obligations.

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Note Payable

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During the second quarter of 2024, HPS repaid the remainder of its outstanding note payable to SLIC denominated in Chinese renminbi, the equivalent of $190��million,��related to the separation and acquisition of assets of SLIC. For more information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture.��

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Debt Issuance Costs

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We record debt issuance costs related to a debt liability on the balance sheets as a reduction to the face amount of that debt liability. As of�� June 30, 2024 and December 31, 2023, the amount of debt issuance costs directly reducing the debt liability was $6��million and $7��million, respectively. We amortize debt issuance costs using either a straight line or effective interest method, depending on the debt agreement, and record them as interest expense.��

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Compliance with Covenants

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Our 2022 Revolving Credit Facility contains a financial covenant regarding the leverage ratio of ������fun88(�й���)�ٷ���վ International and its subsidiaries. The 2022 Revolving Credit Facility also contains other customary covenants and events of default for credit facilities of this type. Upon an event of default that is not cured or waived within any applicable cure periods, in addition to other remedies that may be available to the lenders, the obligations under the 2022 Revolving Credit Facility may be accelerated.

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The agreements governing our A/R Programs also contain certain receivable performance metrics. Any material failure to meet the applicable A/R Programs�� metrics could lead to an early termination event under the A/R Programs, which could require us to cease our use of such facilities, prohibiting us from additional borrowings against our receivables or, at the discretion of the lenders, requiring that we repay the A/R Programs in full. An early termination event under the A/R Programs would also constitute an event of default under our 2022 Revolving Credit Facility, which could require us to pay off the balance of the 2022 Revolving Credit Facility in full and could result in the loss of our 2022 Revolving Credit Facility.��

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We believe that we are in compliance with the covenants contained in the agreements governing our material debt instruments, including our 2022 Revolving Credit Facility, our A/R Programs and our senior notes.​��

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