LONG-TERM DEBT

A summary of long-term debt is as follows:



(In thousands)	June 30, 2014		September 30, 2013
6.5% Senior Notes due 2020, bearing fixed interest at 6.5% per annum, net of unamortized premium	$	657,406	$	658,232
Revolving credit facility, bearing interest at approximately 2.4%⁽¹⁾ per annum at June 30, 2014 and 3.0%⁽¹⁾ per annum at September 30, 2013	810,000		605,000
	$	1,467,406	$	1,263,232
(1) After the impact of our interest rate swaps.

Revolving Credit Facility

As of June 30, 2014, we had $810 million of outstanding borrowings and $8.2 million letters of credit issued under our senior secured revolving credit facility. On April 10, 2014, we entered into an agreement to amend and restate the credit facility (the "Restatement Agreement"), which increased total commitments to $1.55 billion from $1.1 billion and extended its maturity to May 2018 from 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. Prior to the Restatement Agreement, borrowings under the credit facility bore interest at the Eurodollar rate plus a margin ranging from 2.00% to 2.50%, and the commitment fee on the unused portion of underlying commitments ranged from 0.5% to 1.0% per annum. As a result of the Restatement Agreement, borrowings under the credit facility bear interest at the Eurodollar rate plus a margin ranging from 1.75% to 2.00% and the commitment fee on the unused portion of the underlying commitment ranges from 0.30% to 0.40% per annum, in each case based on our corporate credit ratings. 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 2.4% per annum at June 30, 2014, after considering the impact of our interest rate swaps. As of June 30, 2014, we were in compliance with all financial covenants under the credit facility, and from June 30, 2014 to July 31, 2014, no additional borrowings were made under the credit facility.

In connection with the Restatement Agreement, the Company mortgaged as additional collateral the Atwood Mako and the Atwood Manta. As a result, the revolving credit facility is now secured primarily by first preferred mortgages on nine of our active drilling units (the Atwood Aurora, Atwood Beacon, Atwood Eagle, Atwood Falcon, Atwood Hunter, Atwood Osprey, Atwood Condor, Atwood Mako, and Atwood Manta), as well as liens on the equity interests of our subsidiaries that own, directly or indirectly, such drilling units.