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