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LONG-TERM DEBT AND CREDIT FACILITIES | 12 Months Ended
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Dec. 31, 2015
LONG-TERM DEBT AND CREDIT FACILITIES |
LONG-TERM DEBT AND CREDIT FACILITIES | 17. LONG-TERM DEBT AND CREDIT FACILITIES Long-term debt obligations are summarized below.
|  | December 31, |
(US$ in millions) |  | 2015 |  | 2014 |
Revolving credit facilities |  | $ | 752 |  | $ | 538 |
Term loan due 2019—three-month Yen LIBOR plus 0.75% (Tranche A) |  |  | 237 |  |  | — |
Term loan due 2019—fixed Yen interest rate of 0.96% (Tranche B) |  |  | 50 |  |  | — |
Term loan due 2019—three-month LIBOR plus 1.30% (Tranche C) |  |  | 85 |  |  | — |
5.10% Senior Notes due 2015 |  |  | — |  |  | 382 |
4.10% Senior Notes due 2016 |  |  | 500 |  |  | 500 |
5.90% Senior Notes due 2017 |  |  | 250 |  |  | 250 |
3.20% Senior Notes due 2017 |  |  | 600 |  |  | 600 |
8.50% Senior Notes due 2019 |  |  | 600 |  |  | 600 |
3.50% Senior Notes due 2020 |  |  | 497 |  |  | — |
Consolidated investment fund debt(1) |  |  | 53 |  |  | 195 |
Other |  |  | 179 |  |  | 198 |
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Subtotal |  |  | 3,803 |  |  | 3,263 |
Less: Current portion of long-term debt |  |  | (869 | ) |  | (408 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total long-term debt |  | $ | 2,934 |  | $ | 2,855 |
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(1)Consolidated investment fund debt matures at various dates through 2018 with no recourse to Bunge. Bunge elected to account for $53 million and $195 million at fair value as of December 31, 2015 and 2014, respectively. The fair values of long-term debt, including current portion, at December 31, 2015 and 2014 were $3,940 million and $3,468 million, respectively, calculated based on interest rates currently available on comparable maturities to companies with credit standing similar to that of Bunge. The carrying amounts and fair values of long-term debt are as follows:
|  | December 31, 2015 |  | December 31, 2014 |
(US$ in millions) |  | Carrying Value |  | Fair Value (Level 2) |  | Fair Value (Level 3) |  | Carrying Value |  | Fair Value (Level 2) |  | Fair Value (Level 3) |
Long-term debt, including current portion |  | $ | 3,803 |  | $ | 3,887 |  | $ | 53 |  | $ | 3,263 |  | $ | 3,273 |  | $ | 195 |
On November 24, 2015, Bunge completed the sale of $500 million aggregate principal amount of unsecured senior notes bearing interest at 3.50% per annum and maturing on November 24, 2020. The senior notes were issued by Bunge's 100% owned finance subsidiary, Bunge Limited Finance Corp., and are fully and unconditionally guaranteed by Bunge Limited. The offering was made pursuant to a registration statement filed with the U.S. Securities and Exchange Commission. The net proceeds of approximately $496 million were used for general corporate purposes, including, but not limited to the repayment of outstanding indebtedness, which includes indebtedness under revolving credit facilities. On August 10, 2015, Bunge entered into an amendment agreement to its unsecured $1,750 million syndicated revolving credit facility, dated March 17, 2014 (the "Facility"). The amendment agreement extends the maturity date of the Facility to August 10, 2018. Bunge has the option to request an extension of the maturity date of the Facility for two additional one-year periods. Each lender in its sole discretion may agree to any such request. The amendment agreement also lowers the range of margin applicable to Bunge's borrowings under the Facility. Borrowings under the Facility will bear interest at LIBOR plus a margin, which will vary from 0.35% to 1.35% per annum, based on the credit ratings of Bunge's senior long-term unsecured debt. Bunge will also pay a fee that varies from 0.10% to 0.40% per annum, based on the utilization of the Facility. Amounts under the Facility that remain undrawn are subject to a commitment fee payable quarterly in arrears at a rate of 35% of the margin specified above, which will vary based on the rating level at each quarterly payment date. Bunge may, from time-to-time, with the consent of the facility agent, request one or more of the existing lenders or new lenders to increase the total commitments under the Facility by up to $250 million pursuant to an accordion provision. At December 31, 2015, Bunge had $277 million of borrowings outstanding under the Facility. At December 31, 2015, Bunge had $4,263 million of unused and available borrowing capacity under its committed long-term credit facilities with a number of lending institutions. Certain land, property, equipment and investments in consolidated subsidiaries having a net carrying value of approximately $130 million at December 31, 2015 have been mortgaged or otherwise collateralized against long-term debt of $58 million at December 31, 2015. Principal Maturities—Principal maturities of long-term debt at December 31, 2015 are as follows:
(US$ in millions) |  |  |
2016 |  | $ | 869 |
2017 |  |  | 937 |
2018 |  |  | 461 |
2019 |  |  | 1,000 |
2020 |  |  | 511 |
Thereafter |  |  | 24 |
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Total(1) |  | $ | 3,802 |
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(1)Excludes unamortized net gains of $4 million related to terminated interest rate swap agreement and unamortized net losses of $3 million related to an open interest rate swap agreement recorded in long-term debt. Bunge's credit facilities and certain senior notes require it to comply with specified financial covenants related to minimum net worth, minimum current ratio, a maximum debt to capitalization ratio and limitations on secured indebtedness. Bunge was in compliance with these covenants at December 31, 2015. During the years ended December 31, 2015, 2014 and 2013, Bunge paid interest, net of interest capitalized, of $227 million, $223 million and $330 million, respectively.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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