notes to the consolidated financial statements 50 2016 ppg annual report and form 10-k loans will bear interest at rates based , at the company 2019s option , on one of two specified base rates plus a margin based on certain formulas defined in the credit agreement .additionally , the credit agreement contains a commitment fee , as defined in the credit agreement , on the amount of unused commitments under the credit agreement ranging from 0.080% ( 0.080 % ) to 0.225% ( 0.225 % ) per annum .the average commitment fee in 2016 was 0.09% ( 0.09 % ) , and ppg is committed to pay 0.09% ( 0.09 % ) in 2017 .the credit agreement also supports the company 2019s commercial paper borrowings .as a result , the commercial paper borrowings as of december 31 , 2015 were classified as long- term debt based on ppg 2019s intent and ability to refinance these borrowings on a long-term basis .there were no commercial paper borrowings outstanding as of december 31 , 2016 .the credit agreement contains usual and customary restrictive covenants for facilities of its type , which include , with specified exceptions , limitations on the company 2019s ability to create liens or other encumbrances , to enter into sale and leaseback transactions and to enter into consolidations , mergers or transfers of all or substantially all of its assets .the credit agreement maintains the same restrictive covenant as the prior credit agreement whereby the company must maintain a ratio of total indebtedness to total capitalization , as defined in the credit agreement , of 60% ( 60 % ) or less .as of december 31 , 2016 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization .the credit agreement also contains customary events of default , including the failure to make timely payments when due under the credit agreement or other material indebtedness , the failure to satisfy covenants contained in the credit agreement , a change in control of the company and specified events of bankruptcy and insolvency that would permit the lenders to accelerate the repayment of any loans .in june 2015 , ppg 2019s 20ac300 million 3.875% ( 3.875 % ) notes matured , upon which the company paid $ 336 million to settle these obligations .in march 2015 , ppg completed a public offering of 20ac600 million 0.875% ( 0.875 % ) notes due 2022 and 20ac600 million 1.400% ( 1.400 % ) notes due 2027 , or 20ac1.2 billion ( $ 1.26 billion ) in aggregate principal amount .these notes were issued pursuant to ppg 2019s existing shelf registration statement and pursuant to an indenture between the company and the bank of new york mellon trust company , n.a. , as trustee , as supplemented .the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .the company may issue additional debt from time to time pursuant to the indenture .the aggregate cash proceeds from the notes , net of discounts and fees , was $ 1.24 billion .the notes are denominated in euro and have been designated as hedges of net investments in the company 2019s european operations .for more information , refer to note 9 201cfinancial instruments , hedging activities and fair value measurements . 201d 2014 activities in november 2014 , ppg completed a public offering of $ 300 million in aggregate principal amount of its 2.3% ( 2.3 % ) notes due 2019 .these notes were issued pursuant to its existing shelf registration statement and pursuant to an indenture between the company and the bank of new york mellon trust company , n.a. , as trustee , as supplemented .the company may issue additional debt from time to time pursuant to the indenture .the indenture governing these notes contains covenants that limit the company 2019s ability to , among other things , incur certain liens securing indebtedness , engage in certain sale-leaseback transactions , and enter into certain consolidations , mergers , conveyances , transfers or leases of all or substantially all the company 2019s assets .the terms of these notes also require the company to make an offer to repurchase notes upon a change of control triggering event ( as defined in the indenture ) at a price equal to 101% ( 101 % ) of their principal amount plus accrued and unpaid interest .also in november 2014 , the company entered into three euro-denominated borrowings as follows .3-year 20ac500 million bank loan interest on this loan is variable and is based on changes to the euribor interest rate .this loan contains covenants materially consistent with the five-year credit agreement .at december 31 , 2016 , the average interest rate on this borrowing was 0.31% ( 0.31 % ) .15-year 20ac80 million 2.5% ( 2.5 % ) fixed interest and 30-year 20ac120 million 3.0% ( 3.0 % ) fixed interest notes ppg privately placed a 15-year 20ac80 million 2.5% ( 2.5 % ) fixed interest note and a 30-year 20ac120 million 3.0% ( 3.0 % ) fixed interest note .these notes contain covenants materially consistent with the 2.3% ( 2.3 % ) notes discussed above .the cash proceeds related to these borrowings net of discounts and fees were as follows: .
[['( $ in millions )', 'proceeds'], ['3-year variable rate bank loan ( 1 )', '$ 620'], ['2.30% ( 2.30 % ) notes due 2019', '297'], ['15-year 2.5% ( 2.5 % ) fixed rate note ( 1 )', '99'], ['30-year 3.0% ( 3.0 % ) fixed rate note ( 1 )', '142'], ['total cash proceeds', '$ 1158']]
( 1 ) these debt arrangements are denominated in euro and have been designated as net investment hedges of the company 2019s european operations .for more information refer to note 9 201cfinancial instruments , hedging activities and fair value measurements . 201d in december 2014 , ppg completed a debt refinancing which included redeeming approximately $ 1.5 billion of public notes and a tender offer for any and all of its outstanding 9% ( 9 % ) debentures , due 2021 and the 7.70% ( 7.70 % ) notes , due 2038 ( together , the 201coffers 201d ) .the consideration for each $ 1000 principal amount of the 2021 debentures was $ 1334 and was $ 1506 for the 2038 notes .after the expiration of the offers , ppg accepted for purchase all of the securities that were validly tendered .an aggregate principal amount of $ 90 million was redeemed .

Question: how much annual interest expense did ppg save by retiring it's 3.875% ( 3.875 % ) notes , in million euros?
Answer: 11.6