
5.	Debt

Senior notes. On May 15, 2015, we issued $500 million of 4% Series E senior notes due June of 2025 for net proceeds of approximately $495 million. Interest on the Series E senior notes is payable semi-annually in arrears on June 15 and December 15, commencing June 15, 2015. In contemplation of this issuance, we entered into interest rate hedging transactions that reduced our effective interest rate on the 4% Series E senior notes to 3.93%. The net proceeds from the issuance of the Series E senior notes, along with cash on hand, were used on June 15, 2015 to redeem $500 million of 5^7/8% Series X senior notes due 2019 at an aggregate redemption price of $515 million.

Credit facility. During the quarter, we had net borrowings under the revolver portion of our credit facility of $80 million. As of June 30, 2015, we have $730 million of available capacity under the credit facility.