Debt

6 Months Ended

Jun. 30, 2019

Rowan Transaction

As a result of the Rowan Transaction, we assumed the following debt from Rowan: (1) $201.4 million in aggregate principal amount of 7.875% unsecured senior notes due 2019, (2) $620.8 million in aggregate principal amount of 4.875% unsecured senior notes due 2022, (3) $398.1 million in aggregate principal amount of 4.75% unsecured senior notes due 2024, (4) $500.0 million in aggregate principal amount of 7.375% unsecured senior notes due 2025, (5) $400.0 million in aggregate principal amount of 5.4% unsecured senior notes due 2042 and (6) $400.0 million in aggregate principal amount of 5.85% unsecured senior notes due 2044. Upon closing of the Rowan Transaction, we terminated Rowan's outstanding credit facilities.

Effective upon closing of the Rowan Transaction, we amended our credit facility to, among other changes, increase the borrowing capacity. Previously, our borrowing capacity was $2.0 billion through September 2019, $1.3 billion through September 2020 and $1.2 billion through September 2022. Subsequent to the amendment, our borrowing capacity is $2.3 billion through September 2019 and $1.7 billion through September 2022. The credit agreement governing the credit facility includes an accordion feature allowing us to increase future commitments up to an aggregate amount not to exceed $250.0 million.

Revolving Credit Facility

We had no amounts outstanding under our credit facility as of June 30, 2019 and December 31, 2018. On July 29, 2019, we borrowed $125.0 million under our credit facility to partially fund the maturity of our 7.875% senior notes due in August 2019.

Tender Offers

On June 25, 2019, we commenced cash tender offers for up to $600 million aggregate purchase price, exclusive of accrued interest, for certain series of senior notes issued by us and by Ensco International Incorporated and Rowan Companies, Inc., our wholly-owned subsidiaries. On July 10, 2019, we announced the early results of the tender offers and also announced that the maximum aggregate purchase price, exclusive of accrued interest, was increased from $600 million to $724.1 million and that the early settlement date would be July 12, 2019. The tender offers expired on July 23, 2019, and we repurchased $951.8 million aggregate principal amount of notes.

The following table sets forth the total principal amounts repurchased and purchase price paid in the tender offers (in millions):



	Aggregate Principal Amount Repurchased		Aggregate Repurchase Price⁽¹⁾
4.50% Senior notes due 2024	$	320.0	$	240.0
5.20% Senior notes due 2025	335.5		250.0
7.20% Senior notes due 2027	37.9		29.9
4.75% Senior notes due 2024	79.5		61.2
7.375% Senior notes due 2025	139.2		109.2
8.00% Senior notes due 2024	39.7		33.8
Total	$	951.8	$	724.1


⁽¹⁾	Excludes accrued interest paid to holders of the repurchased senior notes.

During the third quarter of 2019, we expect to recognize a pre-tax gain from debt extinguishment of approximately $195.7 million related to the tender offers, net of discounts, premiums and transaction costs.