S. I/A Table of Contents Over the past few yearn we completed various amendments and modifications to certain of our debt agreements in an effort to extend our debt maturities and lower interest rates. Details regarding our debt structure am provided in the "Borrowings- notes to our consolidated financial statements included elsewhere in this prospectus. On July 11. 2014. FDH, ow direct parent. completed the issuance of $3.5 billion of its Class 13 common equity in a private placement. Approximately $2.5 billion of the net proceeds from the private placement were contributed to us as a capital contribution and the funds were used to repay approximately $2.2 billion of debt and $214 million in call premiums. Additionally. on July 18, 2014, we repriced approximately $5.7 billion of 2018 term loans. reducing the interest rate by 50 basis points, resulting in a decrease in annual interest expense of over $25 million. We estimate that the debt pay down from the equity contribution proceeds, combined with the repricing and other actions by us, has lowered annual cash interest payments by approximately $228 million per annum. We also plan to repay certain indebtedness with the proceeds of this offering. See "Use of Prowals.- On June 2, 2015. we terminated and replaced our previous $1.0 billion senior secured revolving credit facility maturing September 24, 2016 with a new $1.25 billion senior screwed revolving credit facility maturing on June 2, 2020. The following events occurred subsequent to June 30, 2015: On July 10, 2015, we entered into an agreement to amend our senior secured credit facilities providing for incremental term loans of $725 million and 6250 million ($276 million) at LIBOR plus 3.75%, the proceeds of which will be used to redeem $955 million of our 7.375% senior secured rust lien notes due 2019. This action is estimated to reduce annual cash interest payments by an incremental $30 million per annum based on rates as of July 10, 2015. O