Credit & Debt Summary

Credit Ratings

Rowan has an investment grade credit rating assigned by the following rating agencies:

Agency Rating
Moody’s B1
Standard & Poor’s BB

Debt Summary

Bank Revolving Credit Facility

On January 25, 2016, the Company amended and restated its $1.5 billion revolving credit agreement to extend the maturity date by one year to January 23, 2021. Availability under the facility declines by $60 million to $1.44 billion from January 23, 2019 through January 23, 2020, and to approximately $1.29 billion through maturity in 2021. There were no amounts drawn under the revolving credit facility as of December 31, 2016.

Long-Term Debt ($ millions)

Outstanding debt notes and maturity date December 31, 2016 Carrying Value
5% Senior Notes, due 2017 $92.0
7.875% Senior Notes, due 2019 $208.9
4.875% Senior Notes, due 2022 $695.4
4.75% Senior Notes, due 2024 $395.6
7.375% Senior Notes, due 2025 $497.2
5.4% Senior Notes, due 2042 $394.9
5.85% Senior Notes, due 2044 $396.2
Total long-term debt $2,680.2

Weighted-average annual interest rate is 5.8%

The Senior Notes are fully and unconditionally guaranteed on a senior and unsecured basis by Rowan Companies plc.

See our press releases dated December 7, 2016 and January 4, 2017 for details of our recent Senior Notes offering and tender offer.

On February 8, 2017 we paid $94.0 million to retire our remaining 5% Senior Notes due 2017.