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.