Credit & Debt Summary

Credit Ratings

Rowan has been assigned credit ratings by the following agencies:

Agency Rating
Moody’s B3
Standard & Poor’s B+

Debt Summary

Bank Revolving Credit Facility

On May 22, 2018, the Company amended the agreement governing its existing revolving credit facility and entered into a new agreement providing for an additional senior unsecured revolving credit facility. The facilities will provide for initial total borrowing capacity of approximately $1.266 billion. The new five-year facility will provide borrowing capacity of $955 million. Rowan will continue to have access to its existing credit facility, which has been amended to provide for availability of approximately $311 million, with step-downs to occur over the next two years. Maturity of the existing credit facility is unchanged at January 2021, while the new credit facility will mature in May 2023.

Long-Term Debt ($ millions)

Outstanding debt notes and maturity date June 30, 2018 Carrying Value
7.875% Senior Notes, due 2019 $201.0
4.875% Senior Notes, due 2022 $624.2
4.75% Senior Notes, due 2024 $396.1
7.375% Senior Notes, due 2025 $497.7
5.4% Senior Notes, due 2042 $395.2
5.85% Senior Notes, due 2044 $396.4
Total long-term debt $2,510.6

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.