LONG-TERM DEBT

A summary of long-term debt is as follows:



(In thousands)	December 31, 2013		September 30, 2013
6.5% Senior Notes due 2020, bearing fixed interest at 6.5% per annum, net of unamortized premium	$	657,961	$	658,232
Revolving Credit Facility, bearing interest at approximately 2.8%⁽¹⁾ per annum at December 31, 2013 and 3.0%⁽¹⁾ per annum at September 30, 2013	945,000		605,000
(1) After the impact of our interest rate swaps.	$	1,602,961	$	1,263,232

Revolving Credit Facility

As of December 31, 2013, we had $945 million of outstanding borrowings under our five-year $1.1 billion senior secured revolving credit facility. The credit facility was entered into in May 2011 and matures in May 2016. Our wholly-owned subsidiary, Atwood Offshore Worldwide Limited, is the borrower under the credit facility, and we and certain of our other subsidiaries are guarantors under the facility. Except as described below, borrowings under the credit facility bear interest at the Eurodollar rate plus a margin ranging from 2.00% to 2.50% based on our corporate credit ratings. Currently, certain borrowings effectively bear interest at a fixed rate due to our interest rate swaps. See Note 6. The average interest rate for borrowings under the credit facility was approximately 2.8% per annum at December 31, 2013, after considering the impact of our interest rate swaps. Subsequent to December 31, 2013, we made $90 million in prepayments and incurred no additional borrowings under the credit facility.

As of December 31, 2013, we were in compliance with all financial covenants under the credit facility.

Subject to the satisfaction of certain conditions precedent and the agreement by the lenders, the credit facility accordion may be exercised to increase commitments by up to an additional $200 million for a total commitment of up to $1.3 billion.