the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2010 , 2009 , and 2008 recourse debt as of december 31 , 2010 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .
|december 31,|annual maturities ( in millions )|
|2011|$ 463|
|2012|2014|
|2013|2014|
|2014|497|
|2015|500|
|thereafter|3152|
|total recourse debt|$ 4612|
recourse debt transactions during 2010 , the company redeemed $ 690 million aggregate principal of its 8.75% ( 8.75 % ) second priority senior secured notes due 2013 ( 201cthe 2013 notes 201d ) . the 2013 notes were redeemed at a redemption price equal to 101.458% ( 101.458 % ) of the principal amount redeemed . the company recognized a pre-tax loss on the redemption of the 2013 notes of $ 15 million for the year ended december 31 , 2010 , which is included in 201cother expense 201d in the accompanying consolidated statement of operations . on july 29 , 2010 , the company entered into a second amendment ( 201camendment no . 2 201d ) to the fourth amended and restated credit and reimbursement agreement , dated as of july 29 , 2008 , among the company , various subsidiary guarantors and various lending institutions ( the 201cexisting credit agreement 201d ) that amends and restates the existing credit agreement ( as so amended and restated by amendment no . 2 , the 201cfifth amended and restated credit agreement 201d ) . the fifth amended and restated credit agreement adjusted the terms and conditions of the existing credit agreement , including the following changes : 2022 the aggregate commitment for the revolving credit loan facility was increased to $ 800 million ; 2022 the final maturity date of the revolving credit loan facility was extended to january 29 , 2015 ; 2022 changes to the facility fee applicable to the revolving credit loan facility ; 2022 the interest rate margin applicable to the revolving credit loan facility is now based on the credit rating assigned to the loans under the credit agreement , with pricing currently at libor + 3.00% ( 3.00 % ) ; 2022 there is an undrawn fee of 0.625% ( 0.625 % ) per annum ; 2022 the company may incur a combination of additional term loan and revolver commitments so long as total term loan and revolver commitments ( including those currently outstanding ) do not exceed $ 1.4 billion ; and 2022 the negative pledge ( i.e. , a cap on first lien debt ) of $ 3.0 billion . recourse debt covenants and guarantees certain of the company 2019s obligations under the senior secured credit facility are guaranteed by its direct subsidiaries through which the company owns its interests in the aes shady point , aes hawaii , aes warrior run and aes eastern energy businesses . the company 2019s obligations under the senior secured credit facility are , subject to certain exceptions , secured by : ( i ) all of the capital stock of domestic subsidiaries owned directly by the company and 65% ( 65 % ) of the capital stock of certain foreign subsidiaries owned directly or indirectly by the company ; and .

Question: what is the annual interest cost savings by the company redeeming the 8.75% ( 8.75 % ) second priority senior secured notes?
Answer: 60.38