in march 2000 , the company entered into an $ 850 million revolving credit agreement with a syndicate of banks , which provides for a combination of either loans or letters of credit up to the maximum borrowing capacity .
loans under the facility bear interest at either prime plus a spread of 0.50% ( 0.50 % ) or libor plus a spread of 2% ( 2 % ) .
such spreads are subject to adjustment based on the company 2019s credit ratings and the term remaining to maturity .
this facility replaced the company 2019s then existing separate $ 600 million revolving credit facility and $ 250 million letter of credit facilities .
as of december 31 , 2001 , $ 496 million was available .
commitment fees on the facility at december 31 , 2001 were .50% ( .50 % ) per annum .
the company 2019s recourse debt borrowings are unsecured obligations of the company .
in may 2001 , the company issued $ 200 million of remarketable or redeemable securities ( 2018 2018roars 2019 2019 ) .
the roars are scheduled to mature on june 15 , 2013 , but such maturity date may be adjusted to a date , which shall be no later than june 15 , 2014 .
on the first remarketing date ( june 15 , 2003 ) or subsequent remarketing dates thereafter , the remarketing agent , or the company , may elect to redeem the roars at 100% ( 100 % ) of the aggregate principal amount and unpaid interest , plus a premium in certain circumstances .
the company at its option , may also redeem the roars subsequent to the first remarketing date at any time .
interest on the roars accrues at 7.375% ( 7.375 % ) until the first remarketing date , and thereafter is set annually based on market rate bids , with a floor of 5.5% ( 5.5 % ) .
the roars are senior notes .
the junior subordinate debentures are convertible into common stock of the company at the option of the holder at any time at or before maturity , unless previously redeemed , at a conversion price of $ 27.00 per share .
future maturities of debt 2014scheduled maturities of total debt at december 31 , 2001 , are ( in millions ) : .

2002
$ 2672
2003
2323
2004
1255
2005
1819
2006
1383
thereafter
12806
total
$ 22258

covenants 2014the terms of the company 2019s recourse debt , including the revolving bank loan , senior and subordinated notes contain certain restrictive financial and non-financial covenants .
the financial covenants provide for , among other items , maintenance of a minimum consolidated net worth , minimum consolidated cash flow coverage ratio and minimum ratio of recourse debt to recourse capital .
the non-financial covenants include limitations on incurrence of additional debt and payments of dividends to stockholders .
in addition , the company 2019s revolver contains provisions regarding events of default that could be caused by events of default in other debt of aes and certain of its significant subsidiaries , as defined in the agreement .
the terms of the company 2019s non-recourse debt , which is debt held at subsidiaries , include certain financial and non-financial covenants .
these covenants are limited to subsidiary activity and vary among the subsidiaries .
these covenants may include but are not limited to maintenance of certain reserves , minimum levels of working capital and limitations on incurring additional indebtedness .
as of december 31 , 2001 , approximately $ 442 million of restricted cash was maintained in accordance with certain covenants of the debt agreements , and these amounts were included within debt service reserves and other deposits in the consolidated balance sheets .
various lender and governmental provisions restrict the ability of the company 2019s subsidiaries to transfer retained earnings to the parent company .
such restricted retained earnings of subsidiaries amounted to approximately $ 6.5 billion at december 31 , 2001. .

Question: prior to the first remarketing date , what is the annual interest cost on the remarketable or redeemable securities ( 2018 2018roars 2019 2019 ) ?
Answer: 18525000
Calculation: multiply(200, const_1000000), multiply(#0, 7.375%)